Snap (NYSE:SNAP) Given New $10.00 Price Target at Truist Financial

Key Points

• Truist Financial has lowered its price target for Snap (NYSE:SNAP) from $11.00 to $10.00, maintaining a "hold" rating on the stock that indicates a potential upside of 6.38% from current levels.
• Other analysts have also revised their targets downwards, with Goldman Sachs reducing theirs from $9.50 to $8.50 and B. Riley from $12.00 to $10.00, reflecting a consensus "neutral" rating.
• Snap's recent performance showed a quarterly revenue of $1.34 billion with earnings per share at ($0.16), consistent with analysts' expectations but indicating challenges in profitability.

Snap (NYSE:SNAP - Get Free Report) had its price target lowered by Truist Financial from $11.00 to $10.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a "hold" rating on the stock. Truist Financial's price objective would suggest a potential upside of 34.59% from the company's current price.

A number of other equities analysts have also recently issued reports on SNAP. 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 report on Wednesday, April 30th. Wells Fargo & Company increased their target price on shares of Snap from $8.00 to $11.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 1st. Piper Sandler dropped their price objective on shares of Snap from $13.00 to $10.00 and set a "neutral" rating on the stock in a research note on Thursday, April 10th. Stifel Nicolaus dropped their price objective 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. Finally, Rosenblatt Securities lowered their target price 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. Two research analysts have rated the stock with a sell rating, twenty-three have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $34.16.

Snap Stock Performance

Shares of SNAP traded down $0.11 during midday trading on Wednesday, reaching $7.43. The stock had a trading volume of 49,673,172 shares, compared to its average volume of 49,837,988. The firm has a market cap of $12.42 billion, a PE ratio of -23.22 and a beta of 0.62. The company has a current ratio of 3.88, a quick ratio of 4.30 and a debt-to-equity ratio of 1.73. The firm has a 50 day simple moving average of $8.89 and a 200-day simple moving average of $9.11. Snap has a one year low of $7.08 and a one year high of $13.28.

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

Insider Buying and Selling at Snap

In other news, insider Ajit Mohan sold 28,201 shares of the firm'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 directly owned 5,676,293 shares in the company, valued at approximately $53,357,154.20. This trade represents a 0.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Eric Young sold 117,592 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $8.59, for a total transaction of $1,010,115.28. Following the completion of the transaction, the senior vice president owned 3,348,290 shares of the company's stock, valued at $28,761,811.10. This trade represents a 3.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 667,802 shares of company stock worth $5,813,801 over the last three months. Company insiders own 22.68% of the company's stock.

Institutional Investors Weigh In On Snap

Hedge funds have recently bought and sold shares of the stock. Sei Investments Co. bought a new stake in shares of Snap in the 4th quarter worth approximately $158,000. National Bank of Canada FI increased its position in Snap by 32.2% during the 4th quarter. National Bank of Canada FI now owns 20,302 shares of the company's stock valued at $219,000 after purchasing an additional 4,944 shares during the period. Geode Capital Management LLC increased its position in Snap by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 11,831,472 shares of the company's stock valued at $127,078,000 after purchasing an additional 134,017 shares during the period. Prudential PLC boosted its holdings in shares of Snap by 181.6% during the 4th quarter. Prudential PLC now owns 42,045 shares of the company's stock valued at $453,000 after buying an additional 27,113 shares in the last quarter. Finally, Resona Asset Management Co. Ltd. bought a new stake in shares of Snap during the 4th quarter valued at $3,216,000. 47.52% of the stock is currently owned by institutional investors.

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.