Snap (NYSE:SNAP) Price Target Cut to $22.00

Snap (NYSE:SNAPGet Rating) had its price target decreased by Wolfe Research from $31.00 to $22.00 in a research note issued to investors on Tuesday morning, The Fly reports. Wolfe Research currently has an outperform rating on the stock.

A number of other equities analysts also recently issued reports on SNAP. JMP Securities cut their price target on shares of Snap from $65.00 to $50.00 and set a market outperform rating for the company in a report on Friday, April 22nd. Canaccord Genuity Group dropped their target price on shares of Snap from $46.00 to $40.00 and set a hold rating for the company in a report on Friday, April 22nd. Bank of America upgraded shares of Snap from a neutral rating to a buy rating and set a $55.00 target price for the company in a report on Friday, February 4th. Royal Bank of Canada dropped their target price on shares of Snap from $42.00 to $35.00 and set a sector perform rating for the company in a report on Friday, April 22nd. Finally, Susquehanna dropped their target price on shares of Snap from $42.00 to $34.00 and set a neutral rating for the company in a report on Friday, April 22nd. One equities research 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 stock. According to MarketBeat.com, the company presently has a consensus rating of Buy and an average price target of $39.73.

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

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

In other news, CAO Rebecca Morrow sold 8,405 shares of Snap stock in a transaction that occurred on Monday, April 18th. The shares were sold at an average price of $32.25, for a total transaction of $271,061.25. Following the sale, the chief accounting officer now owns 229,383 shares in the company, valued at $7,397,601.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Robert C. Murphy sold 900,000 shares of Snap stock in a transaction that occurred on Monday, April 25th. The shares were sold at an average price of $29.55, for a total transaction of $26,595,000.00. Following the sale, the chief technology officer now 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. Insiders have sold 1,555,687 shares of company stock worth $44,789,003 in the last quarter.

Large investors have recently modified their holdings of the stock. Assetmark Inc. increased its stake in shares of Snap by 305.8% in the third quarter. Assetmark Inc. now owns 418 shares of the company’s stock worth $31,000 after buying an additional 315 shares during the last quarter. Center for Financial Planning Inc. bought a new stake in shares of Snap in the third quarter worth $41,000. Migdal Insurance & Financial Holdings Ltd. increased its stake in Snap by 80.7% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 618 shares of the company’s stock valued at $46,000 after purchasing an additional 276 shares during the last quarter. Manchester Capital Management LLC increased its stake in Snap by 64.7% during the fourth quarter. Manchester Capital Management LLC now owns 621 shares of the company’s stock valued at $29,000 after purchasing an additional 244 shares during the last quarter. Finally, Jacobi Capital Management LLC bought a new stake in Snap during the third quarter valued at $47,000. Institutional investors and hedge funds own 53.88% of the company’s stock.

About Snap (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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