Snap (NYSE:SNAP) Price Target Cut to $10.00 by Analysts at Royal Bank of Canada

Snap (NYSE:SNAPGet Rating) had its price objective cut by Royal Bank of Canada from $17.00 to $10.00 in a report released on Friday morning, The Fly reports.

Other equities analysts have also recently issued reports about the stock. Stifel Nicolaus cut shares of Snap from a buy rating to a hold rating and cut their target price for the company from $20.00 to $14.00 in a report on Friday. Susquehanna Bancshares cut their target price on shares of Snap from $34.00 to $14.00 and set a neutral rating on the stock in a report on Wednesday, May 25th. Credit Suisse Group cut their target price on shares of Snap from $59.00 to $45.00 and set an outperform rating on the stock in a report on Monday, July 18th. UBS Group dropped their price objective on shares of Snap from $45.00 to $17.00 and set a buy rating on the stock in a research note on Thursday, June 16th. Finally, Wells Fargo & Company dropped their price objective on shares of Snap from $60.00 to $48.00 and set an overweight rating on the stock in a research note on Friday, April 22nd. Two analysts have rated the stock with a sell rating, twenty have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $21.00.

Snap Stock Down 39.1 %

Shares of NYSE:SNAP opened at $9.96 on Friday. The company has a market capitalization of $16.30 billion, a PE ratio of -19.15 and a beta of 1.20. 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 has a twelve month low of $9.91 and a twelve month high of $83.34. The firm has a 50 day simple moving average of $15.02 and a 200-day simple moving average of $27.32.

Snap (NYSE:SNAPGet Rating) last issued 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 company had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.07 billion. Snap had a negative return on equity of 21.32% and a negative net margin of 18.31%. The firm’s quarterly revenue was up 38.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.19) EPS. On average, equities analysts predict that Snap will post -0.56 EPS for the current fiscal year.

Insider Activity

In other news, VP Jerry James Hunter sold 63,913 shares of the company’s stock in a transaction dated Monday, May 16th. The shares were sold at an average price of $23.83, for a total transaction of $1,523,046.79. Following the completion of the transaction, the vice president now owns 1,379,515 shares of the company’s stock, valued at approximately $32,873,842.45. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Snap news, insider Jeremi Gorman sold 34,032 shares of the stock in a transaction that occurred on Monday, July 18th. The shares were sold at an average price of $14.08, for a total value of $479,170.56. Following the completion of the sale, the insider now owns 1,415,146 shares of the company’s stock, valued at $19,925,255.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Jerry James Hunter sold 63,913 shares of the stock in a transaction that occurred on Monday, May 16th. The shares were sold at an average price of $23.83, for a total transaction of $1,523,046.79. Following the completion of the sale, the vice president now directly owns 1,379,515 shares of the company’s stock, valued at approximately $32,873,842.45. The disclosure for this sale can be found here. Insiders sold a total of 370,386 shares of company stock valued at $7,844,356 in the last 90 days.

Institutional Trading of Snap

Several large investors have recently bought and sold shares of SNAP. Manchester Capital Management LLC boosted its stake in shares of Snap by 64.7% during the 4th quarter. Manchester Capital Management LLC now owns 621 shares of the company’s stock valued at $29,000 after buying an additional 244 shares during the last quarter. Magnus Financial Group LLC boosted its stake in shares of Snap by 2.5% during the 4th quarter. Magnus Financial Group LLC now owns 11,591 shares of the company’s stock valued at $545,000 after buying an additional 278 shares during the last quarter. Buckingham Strategic Wealth LLC boosted its stake in shares of Snap by 5.1% during the 4th quarter. Buckingham Strategic Wealth LLC now owns 5,739 shares of the company’s stock valued at $270,000 after buying an additional 280 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its stake in shares of Snap by 7.1% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 4,500 shares of the company’s stock valued at $212,000 after buying an additional 300 shares during the last quarter. Finally, Marcum Wealth LLC boosted its stake in shares of Snap by 5.3% during the 4th quarter. Marcum Wealth LLC now owns 6,064 shares of the company’s stock valued at $285,000 after buying an additional 307 shares during the last quarter. Institutional investors and hedge funds own 53.88% 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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