JPMorgan Chase & Co. Cuts Snap (NYSE:SNAP) Price Target to $8.00

Snap (NYSE:SNAP) had its target price decreased by JPMorgan Chase & Co. from $10.00 to $8.00 in a research note issued to investors on Tuesday,Benzinga reports. JPMorgan Chase & Co. currently has an underweight rating on the stock.

Several other research firms also recently issued reports on SNAP. Wells Fargo & Company decreased their price target on Snap from $11.00 to $9.00 and set an “equal weight” rating for the company in a research note on Monday, March 31st. Bank of America increased their price target on Snap from $14.00 to $14.50 and gave the company a “neutral” rating in a report on Wednesday, February 5th. Barclays restated an “overweight” rating on shares of Snap in a research note on Wednesday, February 5th. Susquehanna raised their target price on shares of Snap from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Finally, JMP Securities reissued a “market outperform” rating and set a $16.00 target price on shares of Snap in a research report on Monday, January 27th. One research analyst has rated the stock with a sell rating, twenty-four have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $36.73.

Snap Stock Down 6.7 %

SNAP stock opened at $7.22 on Tuesday. The firm’s 50-day moving average is $9.72 and its two-hundred day moving average is $10.73. The company has a current ratio of 3.95, a quick ratio of 3.95 and a debt-to-equity ratio of 1.47. The company has a market capitalization of $12.24 billion, a price-to-earnings ratio of -17.18 and a beta of 0.92. Snap has a 52 week low of $7.08 and a 52 week high of $17.33.

Snap (NYSE:SNAP) last released its earnings results on Tuesday, February 4th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.13). Snap had a negative return on equity of 25.67% and a negative net margin of 13.02%. On average, analysts forecast that Snap will post -0.3 earnings per share for the current fiscal year.

Insider Activity at Snap

In other Snap news, General Counsel Michael J. O’sullivan sold 18,000 shares of the business’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $11.49, for a total value of $206,820.00. Following the sale, the general counsel now directly owns 480,498 shares in the company, valued at $5,520,922.02. The trade was a 3.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Robert C. Murphy sold 1,000,000 shares of the company’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $9.04, for a total transaction of $9,040,000.00. Following the sale, the chief technology officer now directly owns 55,818,548 shares in the company, valued at approximately $504,599,673.92. This trade represents a 1.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,356,523 shares of company stock valued at $12,710,077. 22.68% of the stock is owned by insiders.

Hedge Funds Weigh In On Snap

A number of large investors have recently modified their holdings of SNAP. Mountain Hill Investment Partners Corp. bought a new stake in shares of Snap during the 4th quarter valued at about $27,000. Raiffeisen Bank International AG bought a new position in shares of Snap in the 4th quarter worth $30,000. Comprehensive Financial Planning Inc. PA purchased a new stake in shares of Snap during the 4th quarter valued at $32,000. Osterweis Capital Management Inc. bought a new stake in shares of Snap during the 4th quarter worth $43,000. Finally, Blue Trust Inc. grew its position in Snap by 128.0% in the fourth quarter. Blue Trust Inc. now owns 4,370 shares of the company’s stock worth $47,000 after acquiring an additional 2,453 shares in the last quarter. 47.52% of the stock is currently owned by institutional investors.

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.