Rosenblatt Securities Cuts Snap (NYSE:SNAP) Price Target to $6.00

Snap (NYSE:SNAP) had its price target decreased by Rosenblatt Securities from $6.40 to $6.00 in a research report released on Tuesday morning,Benzinga reports. Rosenblatt Securities currently has a neutral rating on the stock.

Other equities research analysts have also issued research reports about the stock. Wells Fargo & Company lowered their price target on shares of Snap from $7.00 to $5.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 7th. Wall Street Zen downgraded shares of Snap from a “buy” rating to a “hold” rating in a report on Sunday, July 26th. KeyCorp upgraded shares of Snap from a “sector weight” rating to an “overweight” rating in a research report on Monday, April 27th. UBS Group lowered their target price on shares of Snap from $7.00 to $5.00 and set a “neutral” rating on the stock in a research note on Monday, July 13th. Finally, Freedom Capital lowered shares of Snap from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-four have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $7.65.

Snap Price Performance

Shares of NYSE:SNAP opened at $5.21 on Tuesday. The firm has a market capitalization of $8.81 billion, a PE ratio of -28.97 and a beta of 1.03. The company has a current ratio of 2.94, a quick ratio of 3.53 and a debt-to-equity ratio of 1.75. Snap has a 1-year low of $3.81 and a 1-year high of $9.28. The business’s 50 day moving average is $4.93 and its 200-day moving average is $5.29.

Snap (NYSE:SNAP) last issued its earnings results on Monday, August 3rd. The company reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.02. The business had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.54 billion. Snap had a negative return on equity of 14.61% and a negative net margin of 4.90%.Snap’s revenue was up 18.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.16) earnings per share. Sell-side analysts predict that Snap will post -0.07 earnings per share for the current year.

Insider Activity

In other news, General Counsel Zachary M. Briers sold 129,493 shares of the company’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $5.60, for a total value of $725,160.80. Following the sale, the general counsel owned 2,644,538 shares of the company’s stock, valued at approximately $14,809,412.80. This represents a 4.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Rebecca Morrow sold 16,729 shares of the stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $5.60, for a total transaction of $93,682.40. Following the sale, the chief accounting officer owned 512,811 shares of the company’s stock, valued at $2,871,741.60. This trade represents a 3.16% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 2,868,059 shares of company stock valued at $15,855,631. 22.68% of the stock is owned by company insiders.

Institutional Trading of Snap

Several hedge funds have recently modified their holdings of the company. Allworth Financial LP boosted its stake in Snap by 92.3% in the third quarter. Allworth Financial LP now owns 3,293 shares of the company’s stock worth $25,000 after purchasing an additional 1,581 shares in the last quarter. Oak Harvest Investment Services acquired a new stake in shares of Snap in the fourth quarter valued at $26,000. Arax Advisory Partners raised its holdings in shares of Snap by 220.0% in the fourth quarter. Arax Advisory Partners now owns 3,309 shares of the company’s stock valued at $27,000 after buying an additional 2,275 shares during the last quarter. V Square Quantitative Management LLC bought a new position in shares of Snap in the fourth quarter valued at about $29,000. Finally, EverSource Wealth Advisors LLC lifted its position in Snap by 561.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 3,618 shares of the company’s stock worth $29,000 after buying an additional 3,071 shares in the last quarter. Institutional investors and hedge funds own 47.52% of the company’s stock.

Trending Headlines about Snap

Here are the key news stories impacting Snap this week:

• Positive Sentiment: Better-than-expected Q2 results support turnaround hopes. Snap reported adjusted EPS of $(0.10), ahead of the $(0.12) consensus estimate, while revenue of $1.60 billion exceeded forecasts and increased 18.9% year over year. The results have strengthened the case that advertising and user-growth improvements could support a recovery. Snap: Strong Q2 Earnings Bolster Hopes Of A Turnaround
• Positive Sentiment: Several analysts see upside. Cantor Fitzgerald issued a bullish forecast, Wells Fargo said the stock is expected to rise, and Citigroup raised its price target to $6.75. Heavy trading in Snap call options also indicates increased speculative interest following the earnings report. Cantor Fitzgerald Forecasts Strong Price Appreciation Wells Fargo Analyst Forecast Citigroup Raises Price Target
• Neutral Sentiment: Analyst views remain divided. Citizens JMP reiterated a Market Perform rating, suggesting the earnings improvement may already be reflected in the stock. A speculative article about a possible future acquisition of Snap offers no confirmed transaction or takeover discussions. Citizens JMP Reiterates Market Perform Who Might Buy Snap If Its Founders Ever Decide to Sell
• Negative Sentiment: Bearish ratings are limiting enthusiasm. Rosenblatt Securities issued a pessimistic forecast, while Zacks Research downgraded Snap to “Strong Sell.” Snap also remains unprofitable, with analysts expecting a loss for the full year, and its shares are near the 200-day moving average after retreating from the post-earnings surge. Rosenblatt Pessimistic Forecast Zacks Downgrade

About Snap

Snap Inc is a camera and social media company best known for developing and operating Snapchat, a multimedia messaging application that allows users to send photos, videos and messages that disappear after being viewed. In addition to its core messaging service, Snap offers a suite of augmented reality (AR) tools, including custom Lenses and Filters, that enable users and third-party developers to create interactive and immersive experiences. The company also provides advertising solutions that allow brands to engage audiences through Snap Ads, Sponsored Lenses and Discover content on the platform.

Founded in 2011 by Evan Spiegel and Bobby Murphy, Snap has continually focused on innovation in camera technology and AR.