BMO Capital Markets Has Lowered Expectations for Snap (NYSE:SNAP) Stock Price

Snap (NYSE:SNAP) had its price objective dropped by BMO Capital Markets from $16.00 to $13.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. BMO Capital Markets’ target price indicates a potential upside of 66.13% from the stock’s previous close.

Several other brokerages have also recently issued reports on SNAP. Piper Sandler decreased their price target 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. Citizens Jmp upgraded shares of Snap from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 28th. Susquehanna upped 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. UBS Group decreased their price target on shares of Snap from $14.00 to $9.00 and set a “neutral” rating for the company in a research report on Friday, April 11th. Finally, Wells Fargo & Company decreased their price target on shares of Snap from $11.00 to $9.00 and set an “equal weight” rating for the company in a research report on Monday, March 31st. One analyst has rated the stock with a sell rating, twenty-three have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $35.58.

Snap Stock Performance

NYSE:SNAP opened at $7.83 on Wednesday. The stock’s 50-day simple moving average is $8.73 and its 200 day simple moving average is $10.41. The firm has a market capitalization of $13.27 billion, a PE ratio of -18.63 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 has a twelve month low of $7.08 and a twelve month high of $17.33.

Snap (NYSE:SNAP) last announced its quarterly earnings results on Tuesday, April 29th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.12). Snap had a negative net margin of 13.02% and a negative return on equity of 25.67%. The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same period in the previous year, the business posted $0.03 earnings per share. The business’s revenue for the quarter was up 14.1% compared to the same quarter last year. On average, analysts anticipate that Snap will post -0.3 EPS for the current fiscal year.

Insider Buying and Selling at Snap

In other Snap news, CTO Robert C. Murphy sold 1,000,000 shares of the firm’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $9.04, for a total value of $9,040,000.00. Following the transaction, the chief technology officer now directly owns 55,818,548 shares of the company’s stock, valued at approximately $504,599,673.92. This trade represents a 1.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Eric Young sold 102,152 shares of the firm’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $10.84, for a total transaction of $1,107,327.68. Following the completion of the transaction, the senior vice president now directly owns 3,443,419 shares in the company, valued at $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. Over the last three months, insiders have sold 1,362,523 shares of company stock valued at $12,689,017. Corporate insiders own 22.68% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SNAP. Charles Schwab Investment Management Inc. raised its holdings in shares of Snap by 6.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,601,172 shares of the company’s stock valued at $71,095,000 after purchasing an additional 389,812 shares during the last quarter. Patriot Financial Group Insurance Agency LLC purchased a new stake in shares of Snap in the fourth quarter valued at about $289,000. Bank of New York Mellon Corp raised its holdings in shares of Snap by 2.0% in the fourth quarter. Bank of New York Mellon Corp now owns 1,538,111 shares of the company’s stock valued at $16,565,000 after purchasing an additional 29,526 shares during the last quarter. Empowered Funds LLC raised its holdings in shares of Snap by 3.1% in the fourth 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 during the last quarter. Finally, Sei Investments Co. purchased a new stake in shares of Snap in the fourth quarter valued at about $158,000. 47.52% of the stock is owned by institutional investors.

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.