Snap (NYSE:SNAP) Given New $12.00 Price Target at BMO Capital Markets

Key Points

• BMO Capital Markets has reduced its price target for Snap (NYSE:SNAP) from $13.00 to $12.00, while maintaining an "outperform" rating, suggesting a potential upside of 57.25% from the previous close.
• Shares of Snap have dropped 18.7% to $7.63, with the stock trading well below its fifty-two week high of $13.28.
• Despite the price target cuts, Snap maintains an average rating of "Hold" but with an average target price of $34.41, reflecting inconsistencies in market sentiment.

Snap (NYSE:SNAP - Free Report) had its target price cut by BMO Capital Markets from $13.00 to $12.00 in a report published on Wednesday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other brokerages have also recently commented on SNAP. Susquehanna reduced their target price on Snap from $13.00 to $8.00 and set a "neutral" rating for the company in a report on Wednesday, April 30th. Cantor Fitzgerald set a $7.00 price target on Snap and gave the company a "neutral" rating in a research note on Wednesday, April 30th. Morgan Stanley boosted their price target on Snap from $6.50 to $8.50 and gave the company an "equal weight" rating in a research report on Monday, July 21st. Piper Sandler decreased their price target on Snap from $13.00 to $10.00 and set a "neutral" rating on the stock in a research note on Thursday, April 10th. Finally, Canaccord Genuity Group cut their price objective on Snap from $10.00 to $9.00 and set a "hold" rating for the company in a research report on Wednesday, April 30th. 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, the stock presently has a consensus rating of "Hold" and a consensus target price of $34.16.

Snap Stock Down 1.5%

SNAP stock traded down $0.11 on Wednesday, hitting $7.43. 49,673,172 shares of the company's stock were exchanged, compared to its average volume of 49,837,988. Snap has a 12-month low of $7.08 and a 12-month high of $13.28. The firm has a 50 day moving average price of $8.89 and a two-hundred day moving average price of $9.11. The company has a debt-to-equity ratio of 1.73, a quick ratio of 4.30 and a current ratio of 3.88. The stock has a market cap of $12.42 billion, a P/E ratio of -23.22 and a beta of 0.62.

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

Insider Buying and Selling at Snap

In other Snap news, 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 sale, the chief financial officer owned 3,299,372 shares in the company, valued at $29,793,329.16. This trade represents a 5.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Michael J. O'sullivan sold 68,845 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $8.59, for a total transaction of $591,378.55. Following the sale, the general counsel owned 2,173,950 shares of the company's stock, valued at approximately $18,674,230.50. This represents a 3.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 667,802 shares of company stock worth $5,813,801 in the last three months. 22.68% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Snap

Several hedge funds have recently bought and sold shares of the company. Rockefeller Capital Management L.P. increased its position in Snap by 49.9% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 157,172 shares of the company's stock worth $1,366,000 after purchasing an additional 52,330 shares in the last quarter. Cetera Investment Advisers boosted its stake in Snap by 54.6% during the second quarter. Cetera Investment Advisers now owns 100,384 shares of the company's stock worth $872,000 after acquiring an additional 35,466 shares in the last quarter. SG Americas Securities LLC raised its holdings in Snap by 4,603.7% during the second quarter. SG Americas Securities LLC now owns 3,006,711 shares of the company's stock worth $26,128,000 after buying an additional 2,942,789 shares during the last quarter. Candriam S.C.A. raised its holdings in Snap by 6.2% during the second quarter. Candriam S.C.A. now owns 61,076 shares of the company's stock worth $531,000 after buying an additional 3,563 shares during the last quarter. Finally, Quinn Opportunity Partners LLC raised its holdings in shares of Snap by 71.2% in the second quarter. Quinn Opportunity Partners LLC now owns 949,560 shares of the company's stock valued at $8,252,000 after purchasing an additional 395,000 shares during the last quarter. 47.52% of the stock is owned by institutional investors.

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.