Truist Financial Cuts Snap (NYSE:SNAP) Price Target to $7.00

Snap (NYSE:SNAP) had its price objective trimmed by Truist Financial from $8.00 to $7.00 in a report published on Tuesday morning,Benzinga reports. The firm currently has a hold rating on the stock.

SNAP has been the topic of a number of other research reports. UBS Group set a $6.00 price target on Snap in a report on Tuesday. Mizuho increased their price objective on Snap from $5.00 to $6.00 and gave the stock a “neutral” rating in a report on Tuesday. Susquehanna restated a “neutral” rating on shares of Snap in a research report on Tuesday. KeyCorp raised Snap from a “sector weight” rating to an “overweight” rating in a research note on Monday, April 27th. Finally, Wall Street Zen lowered Snap from a “buy” rating to a “hold” rating in a research report on Sunday, July 26th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-four have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $7.65.

Snap Stock Down 2.2%

SNAP stock opened at $5.21 on Tuesday. The stock has a market cap of $8.81 billion, a PE ratio of -28.97 and a beta of 1.03. The firm’s 50-day simple moving average is $4.93 and its 200 day simple moving average is $5.29. Snap has a fifty-two week low of $3.81 and a fifty-two week high of $9.28. The company has a quick ratio of 3.53, a current ratio of 2.94 and a debt-to-equity ratio of 1.75.

Snap (NYSE:SNAP) last posted its earnings results on Monday, August 3rd. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.02. Snap had a negative net margin of 4.90% and a negative return on equity of 14.61%. The firm had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same period in the previous year, the business posted ($0.16) EPS. Snap’s revenue was up 18.9% on a year-over-year basis. As a group, sell-side analysts predict that Snap will post -0.07 EPS for the current year.

Insider Transactions at Snap

In other news, General Counsel Zachary M. Briers sold 11,958 shares of the business’s stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $6.00, for a total value of $71,748.00. Following the sale, the general counsel owned 2,560,835 shares of the company’s stock, valued at approximately $15,365,010. The trade was a 0.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Douglas Hott sold 114,702 shares of the company’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $5.67, for a total value of $650,360.34. Following the completion of the sale, the chief financial officer owned 2,456,447 shares of the company’s stock, valued at approximately $13,928,054.49. This trade represents a 4.46% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 2,868,059 shares of company stock valued at $15,855,631 over the last three months. 22.68% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SNAP. Saba Capital Management L.P. grew its holdings in shares of Snap by 232.5% in the 1st quarter. Saba Capital Management L.P. now owns 4,727,808 shares of the company’s stock worth $21,748,000 after acquiring an additional 3,306,024 shares during the last quarter. Empyrean Capital Partners LP purchased a new stake in shares of Snap during the first quarter valued at $25,300,000. Leonteq Securities AG purchased a new stake in shares of Snap during the fourth quarter valued at $1,620,000. Eurizon Capital SGR S.p.A. acquired a new position in shares of Snap in the 4th quarter valued at $1,629,000. Finally, Marsico Capital Management LLC acquired a new position in shares of Snap in the 4th quarter valued at $5,620,000. 47.52% of the stock is owned by institutional investors and hedge funds.

Trending Headlines about Snap

Here are the key news stories impacting Snap this week:

• Positive Sentiment: Better-than-expected Q2 results support turnaround hopes. Snap reported adjusted EPS of $(0.10), ahead of the $(0.12) consensus estimate, while revenue of $1.60 billion exceeded forecasts and increased 18.9% year over year. The results have strengthened the case that advertising and user-growth improvements could support a recovery. Snap: Strong Q2 Earnings Bolster Hopes Of A Turnaround
• Positive Sentiment: Several analysts see upside. Cantor Fitzgerald issued a bullish forecast, Wells Fargo said the stock is expected to rise, and Citigroup raised its price target to $6.75. Heavy trading in Snap call options also indicates increased speculative interest following the earnings report. Cantor Fitzgerald Forecasts Strong Price Appreciation Wells Fargo Analyst Forecast Citigroup Raises Price Target
• Neutral Sentiment: Analyst views remain divided. Citizens JMP reiterated a Market Perform rating, suggesting the earnings improvement may already be reflected in the stock. A speculative article about a possible future acquisition of Snap offers no confirmed transaction or takeover discussions. Citizens JMP Reiterates Market Perform Who Might Buy Snap If Its Founders Ever Decide to Sell
• Negative Sentiment: Bearish ratings are limiting enthusiasm. Rosenblatt Securities issued a pessimistic forecast, while Zacks Research downgraded Snap to “Strong Sell.” Snap also remains unprofitable, with analysts expecting a loss for the full year, and its shares are near the 200-day moving average after retreating from the post-earnings surge. Rosenblatt Pessimistic Forecast Zacks Downgrade

Snap Company Profile

Snap Inc is a camera and social media company best known for developing and operating Snapchat, a multimedia messaging application that allows users to send photos, videos and messages that disappear after being viewed. In addition to its core messaging service, Snap offers a suite of augmented reality (AR) tools, including custom Lenses and Filters, that enable users and third-party developers to create interactive and immersive experiences. The company also provides advertising solutions that allow brands to engage audiences through Snap Ads, Sponsored Lenses and Discover content on the platform.

Founded in 2011 by Evan Spiegel and Bobby Murphy, Snap has continually focused on innovation in camera technology and AR.