Canaccord Genuity Group Issues Pessimistic Forecast for Snap (NYSE:SNAP) Stock Price

Snap (NYSE:SNAP) had its price objective reduced by analysts at Canaccord Genuity Group from $10.00 to $9.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “hold” rating on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 15.02% from the company’s previous close.

Several other research analysts have also weighed in on the stock. Stifel Nicolaus lowered their target price on shares of Snap from $11.00 to $8.00 and set a “hold” rating for the company in a research note on Wednesday, April 23rd. Wells Fargo & Company lowered their target price on shares of Snap from $9.00 to $8.00 and set an “equal weight” rating for the company in a research note on Wednesday. JMP Securities set a $12.00 target price on shares of Snap in a research note on Friday, April 25th. B. Riley lowered their target price on shares of Snap from $12.00 to $10.00 and set a “neutral” rating for the company in a research note on Wednesday. Finally, BMO Capital Markets lowered their target price on shares of Snap from $16.00 to $13.00 and set an “outperform” rating for the company in a research note on Wednesday. One analyst has rated the stock with a sell rating, twenty-three have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $35.58.

Snap Trading Down 1.7 %

Shares of SNAP opened at $7.83 on Wednesday. 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 12-month low of $7.08 and a 12-month high of $17.33. The firm has a 50-day moving average price of $8.73 and a 200 day moving average price of $10.41. The firm has a market capitalization of $13.27 billion, a P/E ratio of -18.63 and a beta of 0.92.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Tuesday, April 29th. The company reported ($0.08) earnings per share (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 during the quarter, compared to analysts’ expectations of $1.35 billion. During the same period in the prior year, the company posted $0.03 EPS. The company’s revenue for the quarter was up 14.1% compared to the same quarter last year. Sell-side analysts forecast that Snap will post -0.3 EPS for the current year.

Insider Activity at Snap

In other news, CTO Robert C. Murphy sold 1,000,000 shares of the stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $9.04, for a total transaction of $9,040,000.00. Following the completion of the sale, the chief technology officer now owns 55,818,548 shares in the company, valued at approximately $504,599,673.92. This represents a 1.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Michael J. O’sullivan sold 24,000 shares of the stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $7.74, for a total transaction of $185,760.00. Following the sale, the general counsel now owns 483,660 shares of the company’s stock, valued at $3,743,528.40. This trade represents a 4.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,362,523 shares of company stock worth $12,689,017 in the last 90 days. 22.68% of the stock is owned by insiders.

Institutional Investors Weigh In On Snap

Several hedge funds have recently made changes to their positions in the business. Capital International Investors acquired a new stake in Snap in the fourth quarter valued at about $422,049,000. Capital World Investors lifted its position in 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 purchasing an additional 23,569,522 shares during the period. Assenagon Asset Management S.A. lifted its position in Snap by 121.9% in the first quarter. Assenagon Asset Management S.A. now owns 6,848,370 shares of the company’s stock valued at $59,649,000 after purchasing an additional 3,761,629 shares during the period. Norges Bank acquired a new stake in Snap in the fourth quarter valued at about $30,162,000. Finally, Renaissance Technologies LLC acquired a new stake in Snap in the fourth quarter valued at about $27,713,000. Institutional investors and hedge funds 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.