Snap Inc. (NYSE:SNAP – Get Free Report) gapped down prior to trading on Wednesday after UBS Group lowered their price target on the stock from $14.00 to $12.00. The stock had previously closed at $12.51, but opened at $10.36. Snap shares last traded at $10.13, with a volume of 69,239,277 shares changing hands.
Several other brokerages have also recently issued reports on SNAP. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $9.00 target price on shares of Snap in a report on Wednesday. Truist Financial dropped their target price on shares of Snap from $8.00 to $7.00 in a research report on Friday, April 28th. Barclays lifted their price objective on shares of Snap from $11.00 to $15.00 in a research report on Wednesday. Deutsche Bank Aktiengesellschaft dropped their price target on Snap from $9.00 to $8.00 in a research report on Friday, April 28th. Finally, Royal Bank of Canada reduced their price objective on Snap from $10.00 to $9.00 in a research report on Friday, April 28th. Two analysts have rated the stock with a sell rating, twenty-two have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Snap currently has a consensus rating of “Hold” and an average price target of $10.48.
Insider Transactions at Snap
In related news, COO Jerry James Hunter sold 64,409 shares of the business’s stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $8.51, for a total transaction of $548,120.59. Following the completion of the transaction, the chief operating officer now directly owns 4,701,927 shares of the company’s stock, valued at approximately $40,013,398.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Derek Andersen sold 4,952 shares of the firm’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $13.16, for a total transaction of $65,168.32. Following the completion of the sale, the chief financial officer now owns 2,412,393 shares in the company, valued at $31,747,091.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Jerry James Hunter sold 64,409 shares of the business’s stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $8.51, for a total transaction of $548,120.59. Following the sale, the chief operating officer now owns 4,701,927 shares in the company, valued at approximately $40,013,398.77. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,435,158 shares of company stock worth $14,269,446.
Institutional Trading of Snap
A number of institutional investors have recently modified their holdings of the business. Acadian Asset Management LLC grew its position in shares of Snap by 72.6% in the first quarter. Acadian Asset Management LLC now owns 8,456 shares of the company’s stock valued at $304,000 after purchasing an additional 3,556 shares during the last quarter. Raymond James Trust N.A. lifted its holdings in Snap by 28.6% in the first quarter. Raymond James Trust N.A. now owns 8,708 shares of the company’s stock valued at $313,000 after buying an additional 1,936 shares during the period. Cibc World Market Inc. grew its position in Snap by 9.4% in the 1st quarter. Cibc World Market Inc. now owns 23,977 shares of the company’s stock worth $863,000 after purchasing an additional 2,061 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Snap by 0.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 786,417 shares of the company’s stock valued at $28,305,000 after buying an additional 5,182 shares in the last quarter. Finally, Lord Abbett & CO. LLC bought a new position in shares of Snap during the 1st quarter valued at $3,216,000. 41.79% of the stock is currently owned by hedge funds and other institutional investors.
Snap Stock Performance
The business’s 50-day moving average is $11.10 and its 200-day moving average is $10.57. The company has a debt-to-equity ratio of 1.45, a quick ratio of 4.71 and a current ratio of 4.71. The company has a market capitalization of $16.27 billion, a PE ratio of -11.64 and a beta of 1.23.
Snap (NYSE:SNAP – Get Free Report) last announced its earnings results on Thursday, April 27th. The company reported ($0.19) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.04. The company had revenue of $988.61 million during the quarter, compared to analysts’ expectations of $1.01 billion. Snap had a negative net margin of 30.89% and a negative return on equity of 33.79%. On average, research analysts anticipate that Snap Inc. will post -0.79 earnings per share for the current year.
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.