Snap (NYSE:SNAP) Price Target Cut to $8.70 by Analysts at Rosenblatt Securities

Key Points

• Rosenblatt Securities has reduced Snap's (NYSE:SNAP) price target from $9.00 to $8.70, while maintaining a "neutral" rating, indicating a potential upside of 11.75% from its current price.
• Snap's stock experienced a significant decline of 17.1%, trading at $7.79 following the price target adjustment.
• Several other analysts also lowered their ratings and price targets for Snap, with Citigroup downgrading it from "outperform" to "negative" and Stifel Nicolaus reducing their target to $8.00.

Snap (NYSE:SNAP - Get Free Report) had its price objective lowered by investment analysts at Rosenblatt Securities from $9.00 to $8.70 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the stock. Rosenblatt Securities' target price suggests a potential upside of 11.75% from the stock's current price.

SNAP has been the topic of a number of other research reports. Citigroup lowered shares of Snap from an "outperform" rating to a "negative" rating in a research report on Tuesday, July 15th. UBS Group lowered their price target on shares of Snap from $10.00 to $9.00 and set a "neutral" rating on the stock in a report on Wednesday. Stifel Nicolaus lowered their price target on shares of Snap from $11.00 to $8.00 and set a "hold" rating on the stock in a report on Wednesday, April 23rd. The Goldman Sachs Group lowered their price target on shares of Snap from $9.50 to $8.50 and set a "neutral" rating on the stock in a report on Wednesday, April 30th. Finally, Wells Fargo & Company boosted their price target on shares of Snap from $8.00 to $11.00 and gave the company an "equal weight" rating in a report on Tuesday, July 1st. Two equities 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $34.16.

Snap Stock Down 17.1%

NYSE SNAP traded down $1.61 during trading on Wednesday, reaching $7.79. The company's stock had a trading volume of 185,191,453 shares, compared to its average volume of 35,934,223. The company has a current ratio of 4.30, a quick ratio of 4.30 and a debt-to-equity ratio of 1.55. The stock has a market capitalization of $13.01 billion, a PE ratio of -25.11 and a beta of 0.62. The business has a 50-day moving average price of $8.93 and a 200-day moving average price of $9.17. Snap has a 1-year low of $7.08 and a 1-year high of $13.28.

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, hitting analysts' consensus estimates of ($0.16). Snap had a negative net margin of 9.63% and a negative return on equity of 21.53%. The business had revenue of $1.34 billion during the quarter, compared to analysts' expectations of $1.34 billion. During the same period in the previous year, the company earned ($0.15) earnings per share. Snap's revenue for the quarter was up 8.7% on a year-over-year basis. On average, research analysts forecast that Snap will post -0.3 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, General Counsel Michael J. O'sullivan sold 68,845 shares of the business's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $8.59, for a total value of $591,378.55. Following the completion of the transaction, the general counsel owned 2,173,950 shares of the company's stock, valued at $18,674,230.50. The trade was a 3.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Ajit Mohan sold 28,201 shares of the business's stock in a transaction dated 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 directly owned 5,676,293 shares of the company's stock, valued at approximately $53,357,154.20. This trade represents a 0.49% decrease in their position. The disclosure for this sale can be found here. Insiders sold 667,802 shares of company stock worth $5,813,801 in the last ninety days.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Savant Capital LLC grew its position in Snap by 1.5% in the second quarter. Savant Capital LLC now owns 293,337 shares of the company's stock valued at $2,549,000 after acquiring an additional 4,395 shares during the last quarter. Resona Asset Management Co. Ltd. grew its position in Snap by 1.1% in the second quarter. Resona Asset Management Co. Ltd. now owns 317,661 shares of the company's stock valued at $2,762,000 after acquiring an additional 3,347 shares during the last quarter. Bryce Point Capital LLC grew its position in Snap by 95.3% in the second quarter. Bryce Point Capital LLC now owns 20,625 shares of the company's stock valued at $179,000 after acquiring an additional 10,063 shares during the last quarter. Bank of New York Mellon Corp grew its position in Snap by 1.0% in the second quarter. Bank of New York Mellon Corp now owns 1,528,236 shares of the company's stock valued at $13,280,000 after acquiring an additional 15,192 shares during the last quarter. Finally, Tredje AP fonden grew its position in Snap by 117.0% in the second quarter. Tredje AP fonden now owns 173,575 shares of the company's stock valued at $1,508,000 after acquiring an additional 93,598 shares during the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.