Snap (NYSE:SNAP) Price Target Cut to $10.50 by Analysts at Bank of America

Snap (NYSE:SNAP) had its price objective cut by Bank of America from $14.50 to $10.50 in a report issued on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

SNAP has been the topic of a number of other reports. Barclays reaffirmed an “overweight” rating on shares of Snap in a research note on Wednesday, February 5th. Susquehanna lifted their price target on shares of Snap from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. JMP Securities reissued a “market outperform” rating and set a $16.00 price target on shares of Snap in a research note on Monday, January 27th. Citigroup raised their price objective on Snap from $13.00 to $13.50 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $16.00 target price (down from $18.00) on shares of Snap in a research report on Wednesday, January 15th. One equities research analyst has rated the stock with a sell rating, twenty-four have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $36.32.

Snap Price Performance

Shares of NYSE:SNAP opened at $7.99 on Wednesday. The company has a quick ratio of 3.95, a current ratio of 3.95 and a debt-to-equity ratio of 1.47. The company has a 50-day moving average price of $9.55 and a 200 day moving average price of $10.68. Snap has a 52 week low of $7.08 and a 52 week high of $17.33. The company has a market cap of $13.55 billion, a P/E ratio of -19.01 and a beta of 0.92.

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

Insider Buying and Selling

In other Snap news, General Counsel Michael J. O’sullivan sold 18,000 shares of the business’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $11.49, for a total transaction of $206,820.00. Following the completion of the sale, the general counsel now owns 480,498 shares of the company’s stock, valued at approximately $5,520,922.02. The trade was a 3.61 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Derek Andersen sold 22,720 shares of Snap stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $8.58, for a total value of $194,937.60. Following the completion of the transaction, the chief financial officer now directly owns 3,541,515 shares in the company, valued at $30,386,198.70. This represents a 0.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,356,523 shares of company stock valued at $12,710,077. Insiders own 22.68% of the company’s stock.

Institutional Investors Weigh In On Snap

Large investors have recently made changes to their positions in the business. Checchi Capital Advisers LLC lifted its position in Snap by 3.0% during the 4th quarter. Checchi Capital Advisers LLC now owns 31,126 shares of the company’s stock worth $335,000 after acquiring an additional 901 shares in the last quarter. HCR Wealth Advisors lifted its position in shares of Snap by 3.9% during the fourth quarter. HCR Wealth Advisors now owns 25,016 shares of the company’s stock worth $269,000 after purchasing an additional 934 shares in the last quarter. Captrust Financial Advisors lifted its position in shares of Snap by 8.0% during the fourth quarter. Captrust Financial Advisors now owns 13,918 shares of the company’s stock worth $150,000 after purchasing an additional 1,030 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Snap by 1.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 61,365 shares of the company’s stock valued at $661,000 after purchasing an additional 1,033 shares during the period. Finally, Empowered Funds LLC grew its holdings in Snap by 3.1% during the 4th quarter. Empowered Funds LLC now owns 35,639 shares of the company’s stock valued at $384,000 after purchasing an additional 1,055 shares in the last quarter. Institutional investors and hedge funds own 47.52% of the company’s stock.

Snap Company Profile

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.