Benchmark Trims Snap (NYSE:SNAP) Target Price to $15.00

Snap (NYSE:SNAPGet Rating) had its price objective decreased by Benchmark from $20.00 to $15.00 in a research report report published on Friday morning, The Fly reports. Benchmark currently has a buy rating on the stock.

A number of other equities analysts have also weighed in on the stock. Jefferies Financial Group lowered their price objective on shares of Snap from $52.00 to $30.00 in a research report on Tuesday, May 24th. Piper Sandler reduced their target price on Snap from $18.00 to $11.00 and set a neutral rating for the company in a report on Friday. Vertical Research downgraded Snap to a buy rating in a report on Tuesday, May 31st. Huber Research downgraded Snap from an overweight rating to an underweight rating in a report on Monday, June 6th. Finally, Wedbush reduced their target price on Snap from $40.00 to $34.00 in a report on Tuesday, April 26th. Two research analysts have rated the stock with a sell rating, twenty have issued a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Hold and an average price target of $21.00.

Snap Stock Performance

Shares of SNAP opened at $9.96 on Friday. The company’s 50 day simple moving average is $15.02 and its 200-day simple moving average is $27.32. Snap has a 12-month low of $9.91 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 market cap of $16.30 billion, a PE ratio of -19.15 and a beta of 1.20.

Snap (NYSE:SNAPGet Rating) last posted its quarterly earnings data on Thursday, April 21st. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.03). Snap had a negative net margin of 18.31% and a negative return on equity of 21.32%. The firm had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.07 billion. During the same quarter last year, the business earned ($0.19) earnings per share. The business’s quarterly revenue was up 38.1% on a year-over-year basis. As a group, equities analysts predict that Snap will post -0.56 EPS for the current year.

Insider Transactions at Snap

In other news, General Counsel Michael J. O’sullivan sold 12,500 shares of the business’s stock in a transaction dated Friday, April 29th. The stock was sold at an average price of $29.38, for a total transaction of $367,250.00. Following the completion of the sale, the general counsel now owns 338,290 shares in the company, valued at approximately $9,938,960.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Rebecca Morrow sold 7,088 shares of the business’s stock in a transaction that occurred on Monday, July 18th. The stock was sold at an average price of $14.05, for a total transaction of $99,586.40. Following the transaction, the chief accounting officer now directly owns 255,314 shares of the company’s stock, valued at approximately $3,587,161.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Michael J. O’sullivan sold 12,500 shares of the business’s stock in a transaction that occurred on Friday, April 29th. The stock was sold at an average price of $29.38, for a total value of $367,250.00. Following the transaction, the general counsel now directly owns 338,290 shares in the company, valued at $9,938,960.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 370,386 shares of company stock worth $7,844,356.

Hedge Funds Weigh In On Snap

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Edgewood Management LLC lifted its position in Snap by 9.0% during the 1st quarter. Edgewood Management LLC now owns 79,851,942 shares of the company’s stock worth $2,873,871,000 after acquiring an additional 6,591,367 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Snap by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 66,340,585 shares of the company’s stock valued at $2,387,598,000 after purchasing an additional 1,117,703 shares in the last quarter. Jennison Associates LLC raised its position in shares of Snap by 0.4% in the 1st quarter. Jennison Associates LLC now owns 34,228,424 shares of the company’s stock valued at $1,231,881,000 after purchasing an additional 120,553 shares in the last quarter. Lone Pine Capital LLC raised its position in shares of Snap by 47.9% in the 4th quarter. Lone Pine Capital LLC now owns 33,478,637 shares of the company’s stock valued at $1,574,500,000 after purchasing an additional 10,839,980 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Snap by 95.8% in the 1st quarter. Wellington Management Group LLP now owns 17,811,242 shares of the company’s stock valued at $641,028,000 after purchasing an additional 8,712,380 shares in the last quarter. 53.88% of the stock is owned by institutional investors and hedge funds.

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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