Guggenheim Cuts Snap (NYSE:SNAP) Price Target to $8.00

Key Points

• Guggenheim has decreased Snap's price target from $9.00 to $8.00, maintaining a "neutral" rating, suggesting a potential upside of 3.01% from its current price.
• Snap's stock has dropped 17.3% recently, trading at $7.77 with a market cap of $12.98 billion.
• Several analysts have set varying price targets on Snap, with the average price target among them being $34.25 despite the stock's recent struggles.

Snap (NYSE:SNAP - Get Free Report) had its price objective dropped by analysts at Guggenheim from $9.00 to $8.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the stock. Guggenheim's price target would indicate a potential upside of 7.74% from the stock's previous close.

SNAP has been the topic of several other research reports. Canaccord Genuity Group lowered their price objective on shares of Snap from $10.00 to $9.00 and set a "hold" rating on the stock in a research note on Wednesday, April 30th. Truist Financial decreased their target price on shares of Snap from $11.00 to $10.00 and set a "hold" rating for the company in a research note on Wednesday. Royal Bank Of Canada restated a "sector perform" rating and set a $12.00 price target on shares of Snap in a research note on Wednesday, April 30th. Rosenblatt Securities decreased their price objective on shares of Snap from $12.00 to $9.00 and set a "neutral" rating for the company in a report on Wednesday, April 30th. Finally, Stifel Nicolaus lowered their target price on shares of Snap from $11.00 to $8.00 and set a "hold" rating on the stock in a research note on Wednesday, April 23rd. Two investment analysts have rated the stock with a sell rating, twenty-three have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $34.16.

Snap Stock Performance

Shares of NYSE:SNAP traded down $0.12 on Wednesday, reaching $7.43. 14,820,184 shares of the company's stock were exchanged, compared to its average volume of 36,095,176. The business's 50-day moving average is $8.91 and its two-hundred day moving average is $9.13. The company has a quick ratio of 4.30, a current ratio of 4.30 and a debt-to-equity ratio of 1.55. Snap has a fifty-two week low of $7.08 and a fifty-two week high of $13.28. The firm has a market capitalization of $12.41 billion, a price-to-earnings ratio of -23.20 and a beta of 0.62.

Snap (NYSE:SNAP - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported ($0.16) earnings per share for the quarter, meeting the consensus estimate of ($0.16). The firm had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.34 billion. Snap had a negative net margin of 9.69% and a negative return on equity of 22.68%. Snap's quarterly revenue was up 8.7% compared to the same quarter last year. During the same period last year, the firm posted ($0.15) EPS. As a group, equities research analysts forecast that Snap will post -0.3 EPS for the current year.

Insider Activity at Snap

In related news, insider Ajit Mohan sold 28,201 shares of the business'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 transaction, the insider owned 5,676,293 shares in the company, valued at $53,357,154.20. The trade was a 0.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Derek Andersen sold 208,525 shares of the stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $9.03, for a total value of $1,882,980.75. Following the completion of the transaction, the chief financial officer owned 3,299,372 shares in the company, valued at $29,793,329.16. The trade was a 5.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 667,802 shares of company stock valued at $5,813,801. Insiders own 22.68% of the company's stock.

Institutional Trading of Snap

Institutional investors and hedge funds have recently made changes to their positions in the business. Capital International Investors bought a new stake in shares of Snap in the fourth quarter worth about $422,049,000. Capital World Investors raised its stake in shares of Snap by 38.9% during the 4th quarter. Capital World Investors now owns 84,137,317 shares of the company's stock worth $906,161,000 after purchasing an additional 23,569,522 shares in the last quarter. Vanguard Group Inc. increased its position in Snap by 6.7% during the first quarter. Vanguard Group Inc. now owns 109,483,491 shares of the company's stock worth $953,601,000 after buying an additional 6,921,841 shares during the last quarter. AQR Capital Management LLC raised its position in shares of Snap by 110.4% in the first quarter. AQR Capital Management LLC now owns 11,300,874 shares of the company's stock valued at $95,549,000 after purchasing an additional 5,930,766 shares during the period. Finally, Assenagon Asset Management S.A. lifted its holdings in Snap by 121.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 6,848,370 shares of the company's stock worth $59,649,000 after purchasing an additional 3,761,629 shares during the last quarter. Institutional investors own 47.52% of the company's stock.

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.