Snap (NYSE:SNAP) Given New $10.00 Price Target at Piper Sandler

Snap (NYSE:SNAP) had its target price reduced by Piper Sandler from $13.00 to $10.00 in a report released on Thursday morning,Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

Other research analysts have also issued reports about the stock. Citizens Jmp upgraded shares of Snap from a “hold” rating to a “strong-buy” rating in a report on Friday, March 28th. BMO Capital Markets reiterated an “outperform” rating and issued a $16.00 price target (down previously from $18.00) on shares of Snap in a research note on Wednesday, January 15th. Barclays reaffirmed an “overweight” rating on shares of Snap in a research report on Wednesday, February 5th. JMP Securities reaffirmed a “market outperform” rating and issued a $16.00 price objective on shares of Snap in a report on Monday, January 27th. Finally, JPMorgan Chase & Co. reduced their price objective on Snap from $10.00 to $8.00 and set an “underweight” rating for the company in a research note on Tuesday. One research analyst has rated the stock with a sell rating, twenty-four have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $36.47.

Snap Stock Down 11.3 %

SNAP stock opened at $7.83 on Thursday. The stock’s fifty day simple moving average is $9.55 and its two-hundred day simple moving average is $10.68. The company has a current ratio of 3.95, a quick ratio of 3.95 and a debt-to-equity ratio of 1.47. Snap has a 1-year low of $7.08 and a 1-year high of $17.33. The stock has a market cap of $13.27 billion, a P/E ratio of -18.63 and a beta of 0.92.

Snap (NYSE:SNAP) last posted its quarterly earnings data 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%. Analysts expect that Snap will post -0.3 EPS for the current year.

Insider Buying and Selling at Snap

In other news, General Counsel Michael J. O’sullivan sold 18,000 shares of the business’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $11.49, for a total transaction of $206,820.00. Following the transaction, 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 legal filing with the SEC, which is available through this link. Also, SVP Eric Young sold 102,152 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $10.84, for a total value of $1,107,327.68. Following the transaction, the senior vice president now directly owns 3,443,419 shares of the company’s stock, valued at approximately $37,326,661.96. This trade represents a 2.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,356,523 shares of company stock worth $12,710,077 over the last 90 days. Corporate insiders own 22.68% of the company’s stock.

Institutional Trading of Snap

Institutional investors have recently bought and sold shares of the company. Capital World Investors lifted its position in shares of Snap by 38.9% in the fourth quarter. Capital World Investors now owns 84,137,317 shares of the company’s stock valued at $906,161,000 after acquiring an additional 23,569,522 shares in the last quarter. SRS Investment Management LLC lifted its holdings in Snap by 1.4% in the 4th quarter. SRS Investment Management LLC now owns 73,723,115 shares of the company’s stock valued at $793,998,000 after purchasing an additional 1,001,632 shares in the last quarter. Capital International Investors acquired a new stake in shares of Snap during the 4th quarter worth about $422,049,000. Geode Capital Management LLC raised its position in shares of Snap by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 11,831,472 shares of the company’s stock valued at $127,078,000 after buying an additional 134,017 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Snap by 13.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,075,318 shares of the company’s stock valued at $76,201,000 after buying an additional 828,285 shares during the last quarter. 47.52% of the stock is currently owned by hedge funds and other 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.