Snap (NYSE:SNAP) Given New $6.00 Price Target at The Goldman Sachs Group

Key Points

• Goldman Sachs lowered Snap’s price target from $7.00 to $6.00 while keeping a neutral rating, implying about 29% upside from the prior close.
• Snap shares fell 2.2% to open at $4.64, with the stock trading below both its 50-day and 200-day moving averages.
• Latest earnings were mixed: Snap reported a smaller-than-expected loss of $0.05 per share, matched revenue estimates at $1.53 billion, and posted 12.2% year-over-year revenue growth.

Snap (NYSE:SNAP - Get Free Report) had its target price lowered by stock analysts at The Goldman Sachs Group from $7.00 to $6.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. The Goldman Sachs Group's price objective would indicate a potential upside of 29.17% from the company's previous close.

A number of other research analysts also recently commented on SNAP. Benchmark reaffirmed a "hold" rating on shares of Snap in a research report on Wednesday, June 17th. HSBC downgraded shares of Snap from a "hold" rating to a "hold" rating in a research note on Monday, April 27th. Truist Financial set a $8.00 target price on Snap in a research report on Wednesday, June 17th. Weiss Ratings reissued a "sell (e+)" rating on shares of Snap in a report on Monday, April 20th. Finally, BMO Capital Markets raised their price target on Snap from $13.00 to $15.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, twenty-four have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $7.48.

Snap Stock Down 2.2%

Shares of NYSE SNAP opened at $4.64 on Wednesday. The business has a 50-day moving average of $5.39 and a two-hundred day moving average of $5.80. The company has a market capitalization of $7.85 billion, a price-to-earnings ratio of -19.35 and a beta of 1.05. Snap has a 1 year low of $3.81 and a 1 year high of $10.41. The company has a debt-to-equity ratio of 1.67, a current ratio of 3.53 and a quick ratio of 3.53.

Snap (NYSE:SNAP - Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.14). The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.53 billion. Snap had a negative return on equity of 18.92% and a negative net margin of 6.72%.Snap's revenue was up 12.2% on a year-over-year basis. During the same period last year, the business posted ($0.08) EPS. On average, analysts forecast that Snap will post -0.07 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Snap news, CAO Rebecca Morrow sold 16,729 shares of Snap stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.60, for a total value of $93,682.40. Following the transaction, the chief accounting officer directly owned 512,811 shares in the company, valued at approximately $2,871,741.60. This trade represents a 3.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Robert C. Murphy sold 343,945 shares of the business's stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $5.88, for a total value of $2,022,396.60. Following the completion of the transaction, the chief technology officer directly owned 4,963,581 shares in the company, valued at approximately $29,185,856.28. The trade was a 6.48% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 2,907,554 shares of company stock valued at $16,093,619.

Hedge Funds Weigh In On Snap

A number of hedge funds and other institutional investors have recently bought and sold shares of SNAP. Allworth Financial LP lifted its stake in shares of Snap by 92.3% in the 3rd quarter. Allworth Financial LP now owns 3,293 shares of the company's stock worth $25,000 after acquiring an additional 1,581 shares during the period. Oak Harvest Investment Services acquired a new position in shares of Snap during the fourth quarter worth about $26,000. Arax Advisory Partners increased its stake in shares of Snap by 220.0% during the fourth quarter. Arax Advisory Partners now owns 3,309 shares of the company's stock worth $27,000 after acquiring an additional 2,275 shares during the period. V Square Quantitative Management LLC purchased a new position in Snap during the fourth quarter worth about $29,000. Finally, EverSource Wealth Advisors LLC raised its holdings in Snap by 561.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 3,618 shares of the company's stock worth $29,000 after purchasing an additional 3,071 shares in the last quarter. 47.52% of the stock is currently owned by hedge funds and other institutional investors.

About Snap

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.