JMP Securities Cuts Snap (NYSE:SNAP) Price Target to $16.00

Snap (NYSE:SNAP) had its price target trimmed by JMP Securities from $17.00 to $16.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a market outperform rating on the stock.

SNAP has been the subject of several other reports. Wolfe Research initiated coverage on Snap in a research report on Tuesday, July 16th. They issued a “peer perform” rating for the company. Morgan Stanley upgraded Snap from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $12.00 to $16.00 in a research note on Tuesday, July 23rd. Truist Financial upped their price objective on Snap from $13.00 to $14.00 and gave the stock a “hold” rating in a research note on Wednesday. Bank of America upped their price objective on Snap from $13.00 to $14.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, Cantor Fitzgerald upped their price objective on Snap from $8.00 to $9.00 and gave the stock a “neutral” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $14.25.

Snap Stock Performance

Shares of Snap stock opened at $12.53 on Wednesday. The company has a quick ratio of 3.98, a current ratio of 4.04 and a debt-to-equity ratio of 1.63. The stock has a 50 day moving average price of $10.12 and a two-hundred day moving average price of $12.69. Snap has a 12-month low of $8.29 and a 12-month high of $17.90.

Snap (NYSE:SNAP) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.03. Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. The firm had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.36 billion. During the same period in the prior year, the company posted ($0.21) earnings per share. The business’s revenue for the quarter was up 15.4% compared to the same quarter last year. As a group, equities analysts predict that Snap will post -0.47 EPS for the current year.

Insider Buying and Selling

In related news, Director Joanna Coles sold 6,434 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $12.00, for a total transaction of $77,208.00. Following the completion of the sale, the director now owns 54,761 shares of the company’s stock, valued at $657,132. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Snap news, CTO Robert C. Murphy sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $8.69, for a total value of $8,690,000.00. Following the completion of the sale, the chief technology officer now owns 58,553,813 shares of the company’s stock, valued at approximately $508,832,634.97. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Joanna Coles sold 6,434 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $12.00, for a total value of $77,208.00. Following the completion of the sale, the director now directly owns 54,761 shares of the company’s stock, valued at $657,132. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,497,051 shares of company stock valued at $13,261,098 over the last 90 days. Company insiders own 22.68% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. GraniteShares Advisors LLC boosted its position in shares of Snap by 2.5% during the second quarter. GraniteShares Advisors LLC now owns 38,154 shares of the company’s stock valued at $634,000 after buying an additional 941 shares during the last quarter. Charles Schwab Investment Advisory Inc. boosted its position in shares of Snap by 2.7% during the first quarter. Charles Schwab Investment Advisory Inc. now owns 35,807 shares of the company’s stock valued at $411,000 after buying an additional 956 shares during the last quarter. Concurrent Investment Advisors LLC boosted its position in shares of Snap by 4.0% during the second quarter. Concurrent Investment Advisors LLC now owns 26,998 shares of the company’s stock valued at $448,000 after buying an additional 1,048 shares during the last quarter. DMC Group LLC boosted its position in shares of Snap by 10.5% during the second quarter. DMC Group LLC now owns 15,583 shares of the company’s stock valued at $259,000 after buying an additional 1,477 shares during the last quarter. Finally, Blue Trust Inc. lifted its holdings in Snap by 354.1% during the second quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock worth $36,000 after acquiring an additional 1,682 shares during the period. Hedge funds and other 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.