Snap (NYSE:SNAP) Price Target Lowered to $88.00 at Credit Suisse Group

Snap (NYSE:SNAP – Get Rating) had its price target dropped by stock analysts at Credit Suisse Group from $93.00 to $88.00 in a report released on Tuesday, The Fly reports. Credit Suisse Group’s price objective indicates a potential upside of 169.61% from the stock’s previous close.

Several other research analysts also recently issued reports on SNAP. Deutsche Bank Aktiengesellschaft started coverage on Snap in a research report on Friday, March 11th. They set a “buy” rating and a $45.00 price objective for the company. Truist Financial cut their price target on Snap from $75.00 to $65.00 in a report on Wednesday, January 26th. Jefferies Financial Group boosted their price target on Snap from $55.00 to $60.00 and gave the company a “buy” rating in a report on Friday, February 4th. The Goldman Sachs Group reiterated a “buy” rating and issued a $65.00 price target on shares of Snap in a report on Friday, February 4th. Finally, Susquehanna Bancshares cut their price target on Snap from $60.00 to $42.00 in a report on Friday, February 4th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty-three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $56.94.

Shares of Snap stock opened at $32.64 on Tuesday. The company has a debt-to-equity ratio of 0.59, a current ratio of 5.70 and a quick ratio of 5.70. Snap has a 1 year low of $24.32 and a 1 year high of $83.34. The company has a market capitalization of $53.02 billion, a P/E ratio of -98.91 and a beta of 1.09. The business has a 50 day moving average price of $35.95 and a 200 day moving average price of $45.10.

Snap (NYSE:SNAP – Get Rating) last issued its quarterly earnings data on Thursday, February 3rd. The company reported $0.01 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.10) by $0.11. Snap had a negative return on equity of 16.48% and a negative net margin of 11.85%. The firm had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same period in the previous year, the firm posted ($0.07) EPS. As a group, research analysts expect that Snap will post -0.29 EPS for the current fiscal year.

In other news, insider Jeremi Gorman sold 10,285 shares of the company’s stock in a transaction dated Friday, February 4th. The shares were sold at an average price of $40.00, for a total value of $411,400.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Jerry James Hunter sold 63,623 shares of the company’s stock in a transaction dated Wednesday, February 16th. The shares were sold at an average price of $39.86, for a total transaction of $2,536,012.78. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,185,874 shares of company stock valued at $45,164,778.

Several institutional investors have recently modified their holdings of the company. AdvisorNet Financial Inc raised its stake in Snap by 198.7% during the first quarter. AdvisorNet Financial Inc now owns 708 shares of the company’s stock worth $25,000 after acquiring an additional 471 shares during the period. Manchester Capital Management LLC raised its stake in Snap by 64.7% during the fourth quarter. Manchester Capital Management LLC now owns 621 shares of the company’s stock worth $29,000 after acquiring an additional 244 shares during the period. Assetmark Inc. raised its stake in Snap by 305.8% during the third quarter. Assetmark Inc. now owns 418 shares of the company’s stock worth $31,000 after acquiring an additional 315 shares during the period. Selective Wealth Management Inc. acquired a new stake in Snap during the fourth quarter worth about $33,000. Finally, Cornerstone Advisory LLC acquired a new stake in Snap during the fourth quarter worth about $33,000. Institutional investors and hedge funds own 54.85% of the company’s stock.

About Snap (Get Rating)

Snap Inc operates as a camera company in North America, Europe, and internationally. The company offers Snapchat, a camera application with various functionalities, such as Camera, Communication, Snap Map, Stories, and Spotlight that enable people to communicate visually through short videos and images.

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