Snap (NYSE:SNAP) Price Target Lowered to $9.00 at Rosenblatt Securities

Snap (NYSE:SNAP - Free Report) had its target price lowered by Rosenblatt Securities from $12.00 to $9.00 in a report published on Wednesday,Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other analysts also recently weighed in on the stock. Susquehanna raised their price target on shares of Snap from $12.00 to $13.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 5th. Canaccord Genuity Group lowered their price objective on Snap from $13.00 to $10.00 and set a "hold" rating for the company in a report on Thursday, April 17th. Stifel Nicolaus lowered their price target on Snap from $11.00 to $8.00 and set a "hold" rating for the company in a report on Wednesday, April 23rd. Citigroup reaffirmed an "outperform" rating on shares of Snap in a report on Friday, April 25th. Finally, BMO Capital Markets restated an "outperform" rating and issued a $16.00 price target (down from $18.00) on shares of Snap in a research report on Wednesday, January 15th. One equities research analyst has rated the stock with a sell rating, twenty-three have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $35.58.

Snap Stock Up 7.8 %

Shares of SNAP stock traded up $0.61 during trading hours on Wednesday, reaching $8.44. The company had a trading volume of 79,060,303 shares, compared to its average volume of 28,369,816. The company has a market capitalization of $14.32 billion, a P/E ratio of -20.09 and a beta of 0.92. The company has a debt-to-equity ratio of 1.47, a quick ratio of 3.95 and a current ratio of 3.95. Snap has a twelve month low of $7.08 and a twelve month high of $17.33. The stock's fifty day simple moving average is $8.69 and its 200 day simple moving average is $10.39.

Snap (NYSE:SNAP - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.12). The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Snap had a negative net margin of 13.02% and a negative return on equity of 25.67%. The firm's revenue was up 14.1% compared to the same quarter last year. During the same period last year, the business earned $0.03 EPS. As a group, sell-side analysts expect that Snap will post -0.3 earnings per share for the current fiscal year.

Insider Activity

In other Snap news, CTO Robert C. Murphy sold 1,000,000 shares of the business's stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $9.04, for a total value of $9,040,000.00. Following the transaction, the chief technology officer now owns 55,818,548 shares in the company, valued at $504,599,673.92. The trade was a 1.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel Michael J. O'sullivan sold 24,000 shares of Snap stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $7.74, for a total value of $185,760.00. Following the sale, the general counsel now owns 483,660 shares of the company's stock, valued at approximately $3,743,528.40. This represents a 4.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,362,523 shares of company stock worth $12,689,017 over the last quarter. Corporate insiders own 22.68% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Charles Schwab Investment Management Inc. boosted its stake in shares of Snap by 6.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,601,172 shares of the company's stock worth $71,095,000 after acquiring an additional 389,812 shares in the last quarter. Patriot Financial Group Insurance Agency LLC bought a new position in Snap in the 4th quarter worth approximately $289,000. Bank of New York Mellon Corp grew its stake in shares of Snap by 2.0% in the fourth quarter. Bank of New York Mellon Corp now owns 1,538,111 shares of the company's stock worth $16,565,000 after acquiring an additional 29,526 shares during the last quarter. Empowered Funds LLC raised its stake in Snap by 3.1% during the 4th quarter. Empowered Funds LLC now owns 35,639 shares of the company's stock valued at $384,000 after purchasing an additional 1,055 shares during the last quarter. Finally, Sei Investments Co. acquired a new position in shares of Snap in the fourth quarter valued at $158,000. Institutional investors and hedge funds own 47.52% of the company's stock.

About Snap

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.