Stifel Nicolaus Cuts Snap (NYSE:SNAP) Price Target to $8.00

Snap (NYSE:SNAP) had its price target trimmed by Stifel Nicolaus from $11.00 to $8.00 in a research note released on Wednesday morning, MarketBeat Ratings reports. The firm currently has a hold rating on the stock.

A number of other analysts also recently weighed in on the company. Citizens Jmp upgraded Snap from a “hold” rating to a “strong-buy” rating in a report on Friday, March 28th. Bank of America cut their price objective on Snap from $14.50 to $10.50 and set a “neutral” rating on the stock in a research note on Wednesday, April 9th. Piper Sandler decreased their target price on shares of Snap from $13.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, April 10th. Morgan Stanley dropped their price target on shares of Snap from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 17th. Finally, Citigroup cut their price target on shares of Snap from $13.50 to $9.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. One equities research analyst has rated the stock with a sell rating, twenty-four have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $35.49.

Snap Trading Up 2.3 %

Shares of SNAP stock opened at $8.52 on Wednesday. The stock’s fifty day simple moving average is $8.90 and its 200 day simple moving average is $10.48. Snap has a twelve month low of $7.08 and a twelve month high of $17.33. The firm has a market capitalization of $14.45 billion, a P/E ratio of -20.29 and a beta of 0.92. The company has a quick ratio of 3.95, a current ratio of 3.95 and a debt-to-equity ratio of 1.47.

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

Insider Activity at Snap

In other Snap news, General Counsel Michael J. O’sullivan sold 24,000 shares of the company’s stock in a transaction on Monday, March 31st. The stock was sold at an average price of $8.60, for a total value of $206,400.00. Following the completion of the transaction, the general counsel now owns 507,660 shares in the company, valued at $4,365,876. This represents a 4.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Robert C. Murphy sold 1,000,000 shares of Snap stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $9.04, for a total value of $9,040,000.00. Following the sale, the chief technology officer now owns 55,818,548 shares in the company, valued at $504,599,673.92. The trade was a 1.76 % 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 valued at $12,710,077 over the last ninety days. Corporate insiders own 22.68% of the company’s stock.

Institutional Investors Weigh In On Snap

Several large investors have recently modified their holdings of SNAP. Checchi Capital Advisers LLC increased its position in Snap by 3.0% in the fourth quarter. Checchi Capital Advisers LLC now owns 31,126 shares of the company’s stock worth $335,000 after buying an additional 901 shares during the last quarter. HCR Wealth Advisors grew its stake in shares of Snap by 3.9% during the 4th quarter. HCR Wealth Advisors now owns 25,016 shares of the company’s stock worth $269,000 after acquiring an additional 934 shares during the period. Captrust Financial Advisors increased its holdings in Snap by 8.0% in the 4th quarter. Captrust Financial Advisors now owns 13,918 shares of the company’s stock worth $150,000 after acquiring an additional 1,030 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in Snap by 1.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 61,365 shares of the company’s stock valued at $661,000 after acquiring an additional 1,033 shares during the period. Finally, Empowered Funds LLC raised its stake in Snap by 3.1% in the 4th quarter. Empowered Funds LLC now owns 35,639 shares of the company’s stock valued at $384,000 after acquiring an additional 1,055 shares during the period. Hedge funds and other institutional investors 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.