Snap (NYSE:SNAP) Price Target Cut to $10.00 by Analysts at B. Riley

Snap (NYSE:SNAP) had its price target cut by B. Riley from $12.00 to $10.00 in a research note released on Wednesday,Benzinga reports. They currently have a neutral rating on the stock.

SNAP has been the topic of a number of other research reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $12.00 target price on shares of Snap in a research note on Wednesday. Rosenblatt Securities decreased their target price on Snap from $12.00 to $9.00 and set a “neutral” rating for the company in a report on Wednesday. Piper Sandler reduced their target price on Snap from $13.00 to $10.00 and set a “neutral” rating on the stock in a report on Thursday, April 10th. Morgan Stanley lowered their price target on shares of Snap from $10.00 to $8.00 and set an “equal weight” rating for the company in a research report on Thursday, April 17th. Finally, Bank of America cut their price objective on shares of Snap from $14.50 to $10.50 and set a “neutral” rating on the stock in a research report on Wednesday, April 9th. One investment analyst has rated the stock with a sell rating, twenty-three have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $35.92.

Snap Trading Down 12.4 %

Shares of Snap stock opened at $7.96 on Wednesday. The stock has a market capitalization of $13.50 billion, a P/E ratio of -18.95 and a beta of 0.92. The company has a debt-to-equity ratio of 1.47, a quick ratio of 3.95 and a current ratio of 3.95. The stock’s 50-day simple moving average is $8.78 and its 200 day simple moving average is $10.43. Snap has a 52-week low of $7.08 and a 52-week high of $17.33.

Snap (NYSE:SNAP) last posted its earnings results on Tuesday, April 29th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.12). Snap had a negative return on equity of 25.67% and a negative net margin of 13.02%. The firm had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. During the same quarter in the prior year, the company earned $0.03 earnings per share. The business’s revenue for the quarter was up 14.1% compared to the same quarter last year. As a group, research analysts anticipate that Snap will post -0.3 EPS for the current year.

Insider Transactions at Snap

In other news, General Counsel Michael J. O’sullivan sold 24,000 shares of the firm’s stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $8.60, for a total transaction of $206,400.00. Following the transaction, the general counsel now directly owns 507,660 shares of the company’s stock, valued at approximately $4,365,876. This trade represents a 4.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Derek Andersen sold 61,334 shares of Snap stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $10.84, for a total value of $664,860.56. Following the sale, the chief financial officer now directly owns 3,564,235 shares of the company’s stock, valued at approximately $38,636,307.40. This trade represents a 1.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,356,523 shares of company stock worth $12,710,077. 22.68% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. NBC Securities Inc. increased its holdings in Snap by 154,650.0% during the first quarter. NBC Securities Inc. now owns 3,095 shares of the company’s stock valued at $26,000 after buying an additional 3,093 shares during the period. Mountain Hill Investment Partners Corp. bought a new stake in Snap during the 4th quarter valued at $27,000. Raiffeisen Bank International AG bought a new stake in Snap during the 4th quarter valued at $30,000. Rakuten Securities Inc. raised its position in shares of Snap by 155.4% in the 1st quarter. Rakuten Securities Inc. now owns 3,489 shares of the company’s stock worth $30,000 after acquiring an additional 2,123 shares in the last quarter. Finally, Comprehensive Financial Planning Inc. PA purchased a new stake in shares of Snap during the 4th quarter worth $32,000. Hedge funds and other 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.