Bank of America Lowers Snap (NYSE:SNAP) Price Target to $9.50

Key Points

• Bank of America has lowered the price target for Snap (NYSE:SNAP) from $10.00 to $9.50, maintaining a "neutral" rating on the stock.
• Snap's stock is currently valued at around $9.40 and has seen a 52-week high of $13.28 and a low of $7.08.
• Despite varied analyst ratings, the consensus rating for Snap remains a "hold" with an average target price of $34.60, significantly higher than the current price.

Snap (NYSE:SNAP - Get Free Report) had its target price reduced by analysts at Bank of America from $10.00 to $9.50 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the stock. Bank of America's price objective suggests a potential upside of 27.86% from the stock's previous close.

Other equities analysts also recently issued research reports about the company. Stifel Nicolaus cut their price objective on Snap from $11.00 to $8.00 and set a "hold" rating for the company in a research report on Wednesday, April 23rd. Rosenblatt Securities cut their price target on Snap from $12.00 to $9.00 and set a "neutral" rating for the company in a report on Wednesday, April 30th. Sanford C. Bernstein lifted their price target on Snap from $9.00 to $10.00 and gave the company a "market perform" rating in a report on Tuesday, July 22nd. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $12.00 target price on shares of Snap in a research note on Wednesday, April 30th. Finally, Piper Sandler dropped their target price on shares of Snap from $13.00 to $10.00 and set a "neutral" rating for the company in a research note on Thursday, April 10th. Two research analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Snap has a consensus rating of "Hold" and an average price target of $34.16.

Snap Price Performance

Shares of NYSE SNAP traded down $0.11 during midday trading on Wednesday, reaching $7.43. 49,673,172 shares of the company traded hands, compared to its average volume of 49,837,988. The firm has a market cap of $12.42 billion, a PE ratio of -23.22 and a beta of 0.62. The stock's 50-day simple moving average is $8.89 and its 200-day simple moving average is $9.11. Snap has a 12 month low of $7.08 and a 12 month high of $13.28. The company has a debt-to-equity ratio of 1.73, a quick ratio of 4.30 and a current ratio of 3.88.

Snap (NYSE:SNAP - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported ($0.16) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.16). Snap had a negative net margin of 9.69% and a negative return on equity of 23.32%. The company had revenue of $1.34 billion during the quarter, compared to analysts' expectations of $1.34 billion. During the same quarter in the previous year, the company posted ($0.15) earnings per share. Snap's quarterly revenue was up 8.7% compared to the same quarter last year. As a group, equities analysts anticipate that Snap will post -0.3 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Snap news, insider Ajit Mohan sold 28,201 shares of the company's stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $9.40, for a total value of $265,089.40. Following the completion of the sale, the insider owned 5,676,293 shares of the company's stock, valued at approximately $53,357,154.20. This represents a 0.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Eric Young sold 117,592 shares of the company's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $8.59, for a total transaction of $1,010,115.28. Following the completion of the sale, the senior vice president owned 3,348,290 shares of the company's stock, valued at approximately $28,761,811.10. This represents a 3.39% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 667,802 shares of company stock valued at $5,813,801. Insiders own 22.68% of the company's stock.

Hedge Funds Weigh In On Snap

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Snap by 6.7% during the 1st quarter. Vanguard Group Inc. now owns 109,483,491 shares of the company's stock worth $953,601,000 after acquiring an additional 6,921,841 shares during the period. Capital World Investors increased its position in Snap by 38.9% during the 4th quarter. Capital World Investors now owns 84,137,317 shares of the company's stock valued at $906,161,000 after purchasing an additional 23,569,522 shares during the period. SRS Investment Management LLC grew its holdings in Snap by 1.4% during the 4th quarter. SRS Investment Management LLC now owns 73,723,115 shares of the company's stock worth $793,998,000 after acquiring an additional 1,001,632 shares during the period. Capital International Investors acquired a new stake in Snap during the fourth quarter worth approximately $422,049,000. Finally, Geode Capital Management LLC grew its holdings in Snap by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 11,831,472 shares of the company's stock worth $127,078,000 after purchasing an additional 134,017 shares during the period. 47.52% of the stock is owned by institutional investors.

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.