Snap (NYSE:SNAP) Given New $9.50 Price Target at Bank of America

Snap (NYSE:SNAP) had its price objective trimmed by Bank of America from $10.00 to $9.50 in a research note published on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

SNAP has been the subject of several other research reports. UBS Group reissued a “neutral” rating and set a $10.00 price objective (up previously from $9.00) on shares of Snap in a research report on Wednesday, July 16th. Cantor Fitzgerald set a $7.00 price target on shares of Snap and gave the company a “neutral” rating in a research report on Wednesday, April 30th. Loop Capital dropped their price objective on shares of Snap from $16.00 to $12.00 and set a “buy” rating on the stock in a research note on Friday, May 16th. Citizens Jmp reaffirmed a “market perform” rating on shares of Snap in a research note on Wednesday. Finally, Wells Fargo & Company lifted their target price on shares of Snap from $8.00 to $11.00 and gave the company an “equal weight” rating in a report on Tuesday, July 1st. Two research analysts have rated the stock with a sell rating, twenty-three have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Snap currently has an average rating of “Hold” and a consensus target price of $34.16.

Snap Price Performance

Shares of NYSE SNAP opened at $7.79 on Wednesday. Snap has a 1 year low of $7.08 and a 1 year high of $13.28. The stock has a market capitalization of $13.01 billion, a P/E ratio of -24.33 and a beta of 0.62. The company’s 50-day moving average is $8.92 and its 200 day moving average is $9.16. The company has a debt-to-equity ratio of 1.55, a current ratio of 4.30 and a quick ratio of 4.30.

Snap (NYSE:SNAP) last posted its earnings results on Tuesday, August 5th. The company reported ($0.16) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.16). The firm had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.34 billion. Snap had a negative return on equity of 22.68% and a negative net margin of 9.69%. The business’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.15) EPS. On average, sell-side analysts expect that Snap will post -0.3 earnings per share for the current year.

Insider Buying and Selling at Snap

In other Snap news, CFO Derek Andersen sold 33,886 shares of the company’s stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $8.04, for a total value of $272,443.44. Following the completion of the sale, the chief financial officer owned 3,204,418 shares in the company, valued at $25,763,520.72. This represents a 1.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, General Counsel Michael J. O’sullivan sold 24,000 shares of the firm’s stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $9.57, for a total value of $229,680.00. Following the completion of the transaction, the general counsel directly owned 486,984 shares in the company, valued at $4,660,436.88. This trade represents a 4.70% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 667,802 shares of company stock worth $5,813,801. 22.68% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Snap

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. NBC Securities Inc. increased its stake in shares of Snap by 154,650.0% in the first quarter. NBC Securities Inc. now owns 3,095 shares of the company’s stock worth $26,000 after purchasing an additional 3,093 shares in the last quarter. Signaturefd LLC boosted its holdings in Snap by 169.9% in the 2nd quarter. Signaturefd LLC now owns 2,942 shares of the company’s stock worth $26,000 after buying an additional 1,852 shares during the period. Raiffeisen Bank International AG purchased a new stake in Snap in the 4th quarter worth $30,000. Rakuten Securities Inc. raised its holdings in Snap by 155.4% during the first quarter. Rakuten Securities Inc. now owns 3,489 shares of the company’s stock valued at $30,000 after acquiring an additional 2,123 shares during the period. Finally, Quarry LP bought a new stake in Snap during the first quarter valued at about $34,000. Institutional investors own 47.52% of the company’s stock.

About Snap

Snap Inc operates as a technology company in North America, Europe, and internationally. The company offers Snapchat, a visual messaging application with various tabs, such as camera, visual messaging, snap map, stories, and spotlight that enable people to communicate visually through short videos and images.