JPMorgan Chase & Co. Has Lowered Expectations for Snap (NYSE:SNAP) Stock Price

Snap (NYSE:SNAP) had its price target cut by analysts at JPMorgan Chase & Co. from $10.00 to $8.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential downside of 9.85% from the stock’s current price.

A number of other research firms have also commented on SNAP. Barclays restated an “overweight” rating on shares of Snap in a research report on Wednesday, February 5th. Citigroup increased their price target on Snap from $13.00 to $13.50 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. BMO Capital Markets reaffirmed an “outperform” rating and set a $16.00 price objective (down previously from $18.00) on shares of Snap in a report on Wednesday, January 15th. Wells Fargo & Company reduced their price objective on Snap from $11.00 to $9.00 and set an “equal weight” rating on the stock in a report on Monday, March 31st. Finally, Guggenheim reaffirmed a “neutral” rating on shares of Snap in a report on Wednesday, April 2nd. One equities 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. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $36.58.

Snap Trading Up 22.7 %

SNAP stock opened at $8.87 on Tuesday. Snap has a 1-year low of $7.08 and a 1-year high of $17.33. The firm has a market cap of $15.05 billion, a P/E ratio of -21.13 and a beta of 0.92. The business’s 50 day moving average is $9.62 and its 200-day moving average is $10.70. 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 (NYSE:SNAP) last released its quarterly earnings results on Tuesday, February 4th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.13). Snap had a negative return on equity of 25.67% and a negative net margin of 13.02%. Equities analysts anticipate that Snap will post -0.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Snap news, General Counsel Michael J. O’sullivan sold 18,000 shares of the stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $11.49, for a total transaction of $206,820.00. Following the completion of the transaction, the general counsel now owns 480,498 shares in the company, valued at approximately $5,520,922.02. This represents a 3.61 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Derek Andersen sold 33,618 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $8.83, for a total value of $296,846.94. Following the transaction, the chief financial officer now owns 3,507,897 shares of the company’s stock, valued at approximately $30,974,730.51. This trade represents a 0.95 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,356,523 shares of company stock worth $12,710,077. Corporate insiders own 22.68% of the company’s stock.

Hedge Funds Weigh In On Snap

A number of institutional investors have recently added to or reduced their stakes in the company. Checchi Capital Advisers LLC boosted its stake in shares of Snap by 3.0% in the fourth quarter. Checchi Capital Advisers LLC now owns 31,126 shares of the company’s stock valued at $335,000 after buying an additional 901 shares during the period. HCR Wealth Advisors boosted its stake in shares of Snap by 3.9% in the fourth quarter. HCR Wealth Advisors now owns 25,016 shares of the company’s stock valued at $269,000 after buying an additional 934 shares during the period. Captrust Financial Advisors lifted its stake in Snap by 8.0% during the fourth quarter. Captrust Financial Advisors now owns 13,918 shares of the company’s stock worth $150,000 after purchasing an additional 1,030 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Snap by 1.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 61,365 shares of the company’s stock worth $661,000 after purchasing an additional 1,033 shares during the last quarter. Finally, Empowered Funds LLC lifted its stake in Snap by 3.1% during the fourth quarter. Empowered Funds LLC now owns 35,639 shares of the company’s stock worth $384,000 after purchasing an additional 1,055 shares during the last quarter. 47.52% of the stock is currently owned by institutional investors and hedge funds.

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.