Piper Sandler Cuts Snap (NYSE:SNAP) Price Target to $10.00

Snap (NYSE:SNAP) had its target price lowered by research analysts at Piper Sandler from $13.00 to $10.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Piper Sandler’s price target indicates a potential upside of 25.23% from the stock’s current price.

SNAP has been the subject of a number of other research reports. BMO Capital Markets reissued an “outperform” rating and issued a $16.00 price objective (down previously from $18.00) on shares of Snap in a research note on Wednesday, January 15th. Citigroup lifted their price target on shares of Snap from $13.00 to $13.50 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. Wells Fargo & Company lowered their price objective on shares of Snap from $11.00 to $9.00 and set an “equal weight” rating on the stock in a report on Monday, March 31st. Barclays reiterated an “overweight” rating on shares of Snap in a report on Wednesday, February 5th. Finally, Susquehanna boosted their target price on shares of Snap from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, twenty-four have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Snap has a consensus rating of “Hold” and a consensus target price of $36.32.

Snap Stock Performance

SNAP stock opened at $7.99 on Thursday. The firm has a market cap of $13.55 billion, a PE ratio of -19.01 and a beta of 0.92. 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 stock has a 50-day moving average price of $9.55 and a 200-day moving average price of $10.68. Snap has a 1-year low of $7.08 and a 1-year high of $17.33.

Snap (NYSE:SNAP) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.13). Snap had a negative return on equity of 25.67% and a negative net margin of 13.02%. As a group, equities research analysts expect that Snap will post -0.3 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Derek Andersen sold 61,334 shares of the firm’s stock in a transaction that occurred 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 $38,636,307.40. This trade represents a 1.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel Michael J. O’sullivan sold 24,000 shares of Snap stock in a transaction on Monday, March 31st. The stock was sold at an average price of $8.60, for a total transaction of $206,400.00. Following the sale, the general counsel now directly owns 507,660 shares of the company’s stock, valued at $4,365,876. This represents a 4.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,356,523 shares of company stock worth $12,710,077 in the last three months. 22.68% of the stock is currently owned by corporate insiders.

Institutional Trading of Snap

Hedge funds and other institutional investors have recently bought and sold shares of the company. Capital World Investors grew its holdings in shares of Snap by 38.9% during the 4th quarter. Capital World Investors now owns 84,137,317 shares of the company’s stock valued at $906,161,000 after purchasing an additional 23,569,522 shares during the last quarter. SRS Investment Management LLC increased its holdings in shares of Snap by 1.4% in the fourth quarter. SRS Investment Management LLC now owns 73,723,115 shares of the company’s stock worth $793,998,000 after buying an additional 1,001,632 shares during the period. Capital International Investors bought a new stake in shares of Snap in the 4th quarter valued at about $422,049,000. Geode Capital Management LLC boosted its holdings in Snap by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 11,831,472 shares of the company’s stock valued at $127,078,000 after acquiring an additional 134,017 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Snap by 13.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,075,318 shares of the company’s stock worth $76,201,000 after acquiring an additional 828,285 shares during the last quarter. 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.