Atlantic Securities Cuts Snap (NYSE:SNAP) Price Target to $26.00

Snap (NYSE:SNAPGet Rating) had its target price dropped by research analysts at Atlantic Securities to $26.00 in a report issued on Tuesday, Stock Target Advisor reports. The firm presently has a “na” rating on the stock. Atlantic Securities’ price target indicates a potential upside of 98.17% from the company’s current price.

A number of other research analysts also recently commented on the stock. Oppenheimer cut their target price on shares of Snap from $40.00 to $30.00 and set an “outperform” rating on the stock in a research report on Tuesday. Canaccord Genuity Group decreased their price objective on shares of Snap from $46.00 to $40.00 in a research note on Friday, April 22nd. Barclays decreased their price objective on shares of Snap from $77.00 to $42.00 and set an “overweight” rating for the company in a research note on Friday, April 22nd. Loop Capital decreased their target price on shares of Snap from $68.00 to $65.00 in a research note on Friday, March 25th. Finally, Piper Sandler cut their price target on shares of Snap from $50.00 to $30.00 and set an “overweight” rating for the company in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat, Snap currently has a consensus rating of “Buy” and a consensus target price of $43.11.

SNAP traded down $9.35 during trading on Tuesday, hitting $13.12. 9,310,267 shares of the company traded hands, compared to its average volume of 34,454,352. The company has a market cap of $21.47 billion, a PE ratio of -36.42 and a beta of 1.18. The stock’s 50-day simple moving average is $31.06 and its two-hundred day simple moving average is $38.23. Snap has a 1 year low of $20.95 and a 1 year high of $83.34. The company has a current ratio of 7.19, a quick ratio of 7.19 and a debt-to-equity ratio of 1.05.

Snap (NYSE:SNAPGet Rating) last released its quarterly earnings data on Thursday, April 21st. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.03). The business had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.07 billion. Snap had a negative net margin of 12.71% and a negative return on equity of 16.37%. Snap’s revenue for the quarter was up 38.1% compared to the same quarter last year. During the same quarter last year, the business earned ($0.19) EPS. Equities analysts expect that Snap will post -0.43 EPS for the current year.

In other Snap news, CAO Rebecca Morrow sold 8,405 shares of the stock in a transaction that occurred on Monday, April 18th. The shares were sold at an average price of $32.25, for a total value of $271,061.25. Following the transaction, the chief accounting officer now directly owns 229,383 shares in the company, valued at $7,397,601.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Michael J. O’sullivan sold 12,500 shares of the firm’s stock in a transaction that occurred on Monday, February 28th. The stock was sold at an average price of $39.85, for a total transaction of $498,125.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,513,582 shares of company stock worth $43,834,483.

Institutional investors have recently added to or reduced their stakes in the stock. AdvisorNet Financial Inc raised its position in shares of Snap by 198.7% in the 1st quarter. AdvisorNet Financial Inc now owns 708 shares of the company’s stock valued at $25,000 after purchasing an additional 471 shares in the last quarter. FNY Investment Advisers LLC acquired a new position in shares of Snap in the 1st quarter valued at approximately $27,000. GHP Investment Advisors Inc. acquired a new position in shares of Snap in the 1st quarter valued at approximately $28,000. Manchester Capital Management LLC raised its position in shares of Snap by 64.7% in the 4th quarter. Manchester Capital Management LLC now owns 621 shares of the company’s stock valued at $29,000 after purchasing an additional 244 shares in the last quarter. Finally, Meeder Asset Management Inc. raised its position in shares of Snap by 1,189.2% in the 1st quarter. Meeder Asset Management Inc. now owns 838 shares of the company’s stock valued at $30,000 after purchasing an additional 773 shares in the last quarter. 53.88% of the stock is currently owned by hedge funds and other institutional investors.

Snap Company Profile (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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