Snap (NYSE:SNAP) Price Target Cut to $30.00

Snap (NYSE:SNAPGet Rating) had its target price decreased by research analysts at Piper Sandler from $50.00 to $30.00 in a research note issued to investors on Tuesday, The Fly reports. Piper Sandler’s target price would suggest a potential upside of 33.51% from the stock’s previous close.

A number of other equities analysts also recently commented on the stock. MKM Partners reduced their target price on shares of Snap from $47.00 to $41.00 and set a “buy” rating for the company in a report on Friday, April 22nd. Deutsche Bank Aktiengesellschaft started coverage on shares of Snap in a report on Friday, March 11th. They set a “buy” rating and a $45.00 price objective on the stock. Morgan Stanley cut their price objective on shares of Snap from $59.00 to $55.00 and set an “overweight” rating on the stock in a report on Friday, April 22nd. Loop Capital dropped their target price on Snap from $68.00 to $65.00 in a research report on Friday, March 25th. Finally, Susquehanna Bancshares dropped their target price on Snap from $42.00 to $34.00 and set a “neutral” rating on the stock in a research report on Friday, April 22nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $49.74.

Shares of SNAP opened at $22.47 on Tuesday. The firm has a market capitalization of $36.77 billion, a P/E ratio of -62.42 and a beta of 1.18. Snap has a 12-month low of $20.95 and a 12-month 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. The firm has a fifty day moving average price of $31.06 and a 200-day moving average price of $38.23.

Snap (NYSE:SNAPGet Rating) last released its quarterly earnings data on Thursday, April 21st. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.03). The firm had revenue of $1.06 billion during 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%. The business’s revenue was up 38.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.19) earnings per share. Analysts predict that Snap will post -0.43 earnings per share for the current year.

In related news, VP Jerry James Hunter sold 41,961 shares of the firm’s stock in a transaction dated Wednesday, May 18th. The stock was sold at an average price of $24.08, for a total transaction of $1,010,420.88. Following the completion of the transaction, the vice president now directly owns 707,918 shares in the company, valued at approximately $17,046,665.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Robert C. Murphy sold 900,000 shares of the firm’s stock in a transaction dated Monday, April 25th. The shares were sold at an average price of $29.55, for a total value of $26,595,000.00. Following the transaction, the chief technology officer now owns 75,110,002 shares of the company’s stock, valued at $2,219,500,559.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,513,582 shares of company stock valued at $43,834,483.

Institutional investors have recently made changes to their positions in the stock. Assetmark Inc. boosted its stake in shares of Snap by 305.8% in the 3rd quarter. Assetmark Inc. now owns 418 shares of the company’s stock valued at $31,000 after buying an additional 315 shares during the period. Center for Financial Planning Inc. acquired a new stake in shares of Snap during the 3rd quarter worth about $41,000. Migdal Insurance & Financial Holdings Ltd. increased its position in Snap by 80.7% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 618 shares of the company’s stock worth $46,000 after buying an additional 276 shares during the period. Manchester Capital Management LLC increased its position 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 buying an additional 244 shares during the period. Finally, Jacobi Capital Management LLC acquired a new position in Snap during the third quarter worth approximately $47,000. Institutional investors own 53.88% of the company’s stock.

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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