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

Snap (NYSE:SNAP) had its price objective lowered by JMP Securities from $17.00 to $16.00 in a research note released on Wednesday, Benzinga reports. JMP Securities currently has a market outperform rating on the stock.

Several other equities research analysts also recently issued reports on SNAP. Stifel Nicolaus reduced their price objective on Snap from $13.00 to $11.00 and set a “hold” rating for the company in a research note on Monday, October 14th. Hsbc Global Res downgraded Snap from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 2nd. Susquehanna cut their price target on Snap from $15.00 to $12.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Piper Sandler reaffirmed a “neutral” rating and set a $13.00 price target (up from $12.00) on shares of Snap in a research note on Wednesday. Finally, UBS Group raised their price target on Snap from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Snap has a consensus rating of “Hold” and a consensus target price of $14.25.

Snap Stock Up 15.7 %

Shares of Snap stock opened at $12.60 on Wednesday. The stock has a 50-day moving average price of $9.99 and a 200 day moving average price of $12.69. The company has a market cap of $20.68 billion, a P/E ratio of -15.56 and a beta of 1.01. The company has a current ratio of 3.98, a quick ratio of 3.98 and a debt-to-equity ratio of 1.74. Snap has a 1 year low of $8.29 and a 1 year high of $17.90.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Thursday, August 1st. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.02. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.25 billion. Snap had a negative return on equity of 42.84% and a negative net margin of 23.49%. As a group, analysts expect that Snap will post -0.47 EPS for the current fiscal year.

Insider Buying and Selling at Snap

In other Snap news, General Counsel Michael J. O’sullivan sold 18,000 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $10.81, for a total value of $194,580.00. Following the sale, the general counsel now owns 489,058 shares of the company’s stock, valued at $5,286,716.98. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, CFO Derek Andersen sold 97,608 shares of Snap stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $9.29, for a total transaction of $906,778.32. Following the sale, the chief financial officer now owns 2,287,970 shares of the company’s stock, valued at approximately $21,255,241.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $10.81, for a total value of $194,580.00. Following the transaction, the general counsel now owns 489,058 shares of the company’s stock, valued at $5,286,716.98. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,490,617 shares of company stock valued at $13,183,890 in the last 90 days. 22.68% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Snap

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