Snap (NYSE:SNAP) Price Target Cut to $17.00 by Analysts at Royal Bank of Canada

Snap (NYSE:SNAPGet Rating) had its price objective trimmed by Royal Bank of Canada from $35.00 to $17.00 in a research note issued to investors on Tuesday, The Fly reports.

A number of other brokerages have also commented on SNAP. The Goldman Sachs Group restated a buy rating and issued a $65.00 target price on shares of Snap in a research note on Friday, February 4th. KeyCorp lowered their price target on Snap from $45.00 to $27.00 and set an overweight rating on the stock in a research report on Tuesday. Wolfe Research lowered their price target on Snap from $31.00 to $22.00 and set an outperform rating on the stock in a research report on Tuesday. Truist Financial lowered their price target on Snap from $75.00 to $65.00 in a research report on Wednesday, January 26th. Finally, Citigroup upgraded Snap from a neutral rating to a buy rating and upped their price target for the company from $41.00 to $50.00 in a research report on Wednesday, April 20th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Buy and an average price target of $39.73.

Shares of NYSE SNAP opened at $15.58 on Tuesday. The business has a fifty day simple moving average of $29.43 and a 200 day simple moving average of $37.33. The company has a current ratio of 7.19, a quick ratio of 7.19 and a debt-to-equity ratio of 1.05. The firm has a market capitalization of $25.49 billion, a price-to-earnings ratio of -43.28 and a beta of 1.18. Snap has a one year low of $12.55 and a one year high of $83.34.

Snap (NYSE:SNAPGet Rating) last issued its earnings results on Thursday, April 21st. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.03). The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.07 billion. Snap had a negative net margin of 12.71% and a negative return on equity of 16.37%. The business’s revenue for the quarter was up 38.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.19) earnings per share. On average, research analysts anticipate that Snap will post -0.43 earnings per share for the current fiscal year.

In other news, VP Jerry James Hunter sold 42,105 shares of the firm’s stock in a transaction dated Monday, May 23rd. The stock was sold at an average price of $22.67, for a total transaction of $954,520.35. Following the sale, the vice president now owns 665,813 shares of the company’s stock, valued at $15,093,980.71. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CTO Robert C. Murphy sold 900,000 shares of the firm’s stock in a transaction dated Monday, April 25th. The stock was sold at an average price of $29.55, for a total value of $26,595,000.00. Following the sale, the chief technology officer now directly owns 75,110,002 shares in the company, valued at approximately $2,219,500,559.10. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,555,687 shares of company stock worth $44,789,003.

Several large investors have recently bought and sold shares of SNAP. AdvisorNet Financial Inc grew its holdings in shares of Snap by 198.7% during the first quarter. AdvisorNet Financial Inc now owns 708 shares of the company’s stock worth $25,000 after buying an additional 471 shares in the last quarter. FNY Investment Advisers LLC bought a new position in shares of Snap during the first quarter worth about $27,000. GHP Investment Advisors Inc. bought a new position in shares of Snap during the first quarter worth about $28,000. Manchester Capital Management LLC grew its holdings in shares of Snap by 64.7% during the fourth quarter. Manchester Capital Management LLC now owns 621 shares of the company’s stock worth $29,000 after buying an additional 244 shares in the last quarter. Finally, Meeder Asset Management Inc. grew its holdings in shares of Snap by 1,189.2% during the first quarter. Meeder Asset Management Inc. now owns 838 shares of the company’s stock worth $30,000 after buying an additional 773 shares in the last quarter. Institutional investors and hedge funds own 53.88% of the company’s stock.

Snap Company Profile (Get Rating)

Snap Inc operates as a camera company in North America, Europe, and internationally. The company offers Snapchat, a camera application with various functionalities, such as Camera, Communication, Snap Map, Stories, and Spotlight that enable people to communicate visually through short videos and images.

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