Stifel Nicolaus Cuts Snap (NYSE:SNAP) Price Target to $11.00

Snap (NYSE:SNAP) had its target price reduced by Stifel Nicolaus from $13.00 to $11.00 in a research report released on Monday, Benzinga reports. They currently have a hold rating on the stock.

A number of other brokerages have also weighed in on SNAP. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $14.00 price target on shares of Snap in a research note on Wednesday, September 18th. B. Riley began coverage on Snap in a research report on Friday, September 20th. They issued a “neutral” rating and a $11.00 target price on the stock. Wells Fargo & Company dropped their target price on Snap from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Friday, October 4th. Piper Sandler reiterated a “neutral” rating and issued a $12.00 target price (down previously from $15.00) on shares of Snap in a research report on Friday, August 2nd. Finally, Susquehanna dropped their target price on Snap from $15.00 to $12.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, twenty-four have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $13.77.

Snap Price Performance

SNAP opened at $10.46 on Monday. The business’s 50-day moving average is $9.80 and its two-hundred day moving average is $12.71. Snap has a 1 year low of $8.29 and a 1 year high of $17.90. The company has a debt-to-equity ratio of 1.74, a current ratio of 3.98 and a quick ratio of 3.98. The firm has a market capitalization of $17.17 billion, a PE ratio of -12.91 and a beta of 1.01.

Snap (NYSE:SNAP) last posted its earnings results on Thursday, August 1st. The company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.02. Snap had a negative return on equity of 42.84% and a negative net margin of 23.49%. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.25 billion. Research analysts anticipate that Snap will post -0.47 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Rebecca Morrow sold 8,923 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $9.10, for a total transaction of $81,199.30. Following the completion of the transaction, the chief accounting officer now directly owns 472,405 shares in the company, valued at $4,298,885.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CTO Robert C. Murphy sold 1,000,000 shares of Snap stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $8.69, for a total value of $8,690,000.00. Following the completion of the transaction, the chief technology officer now owns 58,553,813 shares in the company, valued at approximately $508,832,634.97. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Rebecca Morrow sold 8,923 shares of Snap stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.10, for a total value of $81,199.30. Following the completion of the transaction, the chief accounting officer now owns 472,405 shares of the company’s stock, valued at $4,298,885.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,510,352 shares of company stock valued at $13,446,353. 22.68% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Snap

Several institutional investors have recently added to or reduced their stakes in the business. V Square Quantitative Management LLC purchased a new stake in Snap during the third quarter worth approximately $29,000. Avaii Wealth Management LLC lifted its stake in Snap by 271.9% during the third quarter. Avaii Wealth Management LLC now owns 43,037 shares of the company’s stock worth $461,000 after purchasing an additional 31,465 shares during the last quarter. nVerses Capital LLC lifted its stake in Snap by 277.2% during the third quarter. nVerses Capital LLC now owns 81,100 shares of the company’s stock worth $868,000 after purchasing an additional 59,600 shares during the last quarter. Vontobel Holding Ltd. increased its position in Snap by 17.0% during the third quarter. Vontobel Holding Ltd. now owns 327,705 shares of the company’s stock worth $3,506,000 after buying an additional 47,717 shares during the period. Finally, Paladin Wealth LLC acquired a new position in Snap during the third quarter worth approximately $30,000. 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.