Snap (NYSE:SNAP) Price Target Cut to $9.00 by Analysts at Piper Sandler

Key Points

• Piper Sandler has lowered its price target for Snap (NYSE:SNAP) from $10.00 to $9.00, maintaining a "neutral" rating on the stock, which suggests a potential upside of 16.05% from its current price.
• Other analysts have also reduced their price targets, with Stifel Nicolaus setting a new target of $8.00, and Citigroup downgrading the stock from "outperform" to "negative."
• Snap's stock is currently trading at $7.76, with a 52-week range of $7.08 to $13.28, and recent trading activity shows significant volume with over 136 million shares exchanged.

Snap (NYSE:SNAP - Get Free Report) had its price target decreased by stock analysts at Piper Sandler from $10.00 to $9.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Piper Sandler's price objective points to a potential upside of 21.05% from the stock's previous close.

Several other equities research analysts have also recently issued reports on the stock. JMP Securities reaffirmed a "market perform" rating on shares of Snap in a research note on Wednesday. B. Riley lowered their price objective on shares of Snap from $12.00 to $10.00 and set a "neutral" rating for the company in a research note on Wednesday, April 30th. Wells Fargo & Company boosted their price target on Snap from $8.00 to $11.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 1st. Susquehanna cut their price objective on Snap from $13.00 to $8.00 and set a "neutral" rating on the stock in a report on Wednesday, April 30th. Finally, Loop Capital decreased their target price on Snap from $16.00 to $12.00 and set a "buy" rating for the company in a report on Friday, May 16th. Two equities research analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Snap currently has an average rating of "Hold" and a consensus target price of $34.16.

Snap Price Performance

Shares of SNAP traded down $0.11 during mid-day trading on Wednesday, reaching $7.44. 26,571,573 shares of the company's stock were exchanged, compared to its average volume of 36,170,441. 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 52-week low of $7.08 and a 52-week high of $13.28. The company has a market cap of $12.43 billion, a price-to-earnings ratio of -23.20 and a beta of 0.62. The company has a 50-day simple moving average of $8.91 and a two-hundred day simple moving average of $9.13.

Snap (NYSE:SNAP - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported ($0.16) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.16). The company had revenue of $1.34 billion during the quarter, compared to analysts' expectations of $1.34 billion. Snap had a negative return on equity of 22.68% and a negative net margin of 9.69%. The business's revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.15) earnings per share. On average, sell-side analysts predict that Snap will post -0.3 EPS for the current fiscal year.

Insider Activity at Snap

In other news, SVP Eric Young sold 117,592 shares of the business's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $8.59, for a total value of $1,010,115.28. Following the sale, the senior vice president owned 3,348,290 shares of the company's stock, valued at $28,761,811.10. The trade was a 3.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Derek Andersen sold 208,525 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at $29,793,329.16. The trade was a 5.94% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 667,802 shares of company stock valued at $5,813,801 in the last quarter. 22.68% of the stock is currently owned by company insiders.

Institutional Trading of Snap

Institutional investors and hedge funds have recently bought and sold shares of the business. Candriam S.C.A. raised its holdings in Snap by 6.2% in the 2nd quarter. Candriam S.C.A. now owns 61,076 shares of the company's stock valued at $531,000 after acquiring an additional 3,563 shares during the period. Quinn Opportunity Partners LLC increased its stake in 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 acquiring an additional 395,000 shares during the last quarter. Westbourne Investment Advisors Inc. raised its holdings in shares of Snap by 3.9% during the 2nd quarter. Westbourne Investment Advisors Inc. now owns 380,687 shares of the company's stock worth $3,308,000 after buying an additional 14,174 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Snap by 19.5% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,456,073 shares of the company's stock worth $12,653,000 after acquiring an additional 237,856 shares during the last quarter. Finally, Prospera Financial Services Inc acquired a new stake in Snap in the second quarter valued at approximately $102,000. 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.