Snap (NYSE:SNAP) Given New $10.00 Price Target at Morgan Stanley

Snap (NYSE:SNAPGet Rating) had its target price raised by Morgan Stanley from $8.00 to $10.00 in a research note released on Friday morning, The Fly reports. They currently have an underweight rating on the stock.

Several other brokerages also recently commented on SNAP. Jefferies Financial Group reduced their target price on shares of Snap from $25.00 to $20.00 in a research note on Friday, July 22nd. Truist Financial downgraded shares of Snap from a buy rating to a hold rating and reduced their target price for the company from $33.00 to $12.00 in a research note on Friday, July 22nd. Canaccord Genuity Group reduced their target price on shares of Snap from $20.00 to $16.00 in a research note on Friday, July 22nd. Wells Fargo & Company downgraded shares of Snap from an overweight rating to an equal weight rating in a research note on Friday, July 22nd. Finally, Guggenheim downgraded shares of Snap from a buy rating to a neutral rating and reduced their target price for the company from $18.00 to $12.00 in a research note on Friday, July 22nd. Three analysts have rated the stock with a sell rating, twenty-four have given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Hold and a consensus price target of $20.91.

Snap Trading Down 5.0 %

Shares of Snap stock opened at $11.30 on Friday. The firm has a market capitalization of $18.63 billion, a PE ratio of -21.73 and a beta of 0.97. The company has a debt-to-equity ratio of 1.09, a current ratio of 5.65 and a quick ratio of 5.65. The company’s fifty day moving average price is $11.57 and its two-hundred day moving average price is $20.31. Snap has a 52-week low of $9.34 and a 52-week high of $83.34.

Snap (NYSE:SNAPGet Rating) last announced its quarterly earnings results on Thursday, July 21st. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.04). The business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.14 billion. Snap had a negative net margin of 18.31% and a negative return on equity of 21.55%. On average, analysts expect that Snap will post -0.73 EPS for the current year.

Insider Buying and Selling

In related news, General Counsel Michael J. O’sullivan sold 41,929 shares of the stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $12.29, for a total transaction of $515,307.41. Following the completion of the sale, the general counsel now directly owns 696,175 shares of the company’s stock, valued at approximately $8,555,990.75. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, General Counsel Michael J. O’sullivan sold 41,929 shares of the firm’s stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $12.29, for a total transaction of $515,307.41. Following the completion of the transaction, the general counsel now directly owns 696,175 shares of the company’s stock, valued at approximately $8,555,990.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Jerry James Hunter sold 61,101 shares of the firm’s stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $12.28, for a total transaction of $750,320.28. Following the transaction, the vice president now directly owns 1,234,493 shares of the company’s stock, valued at $15,159,574.04. The disclosure for this sale can be found here. In the last three months, insiders sold 1,155,438 shares of company stock valued at $11,957,990.

Hedge Funds Weigh In On Snap

Hedge funds have recently made changes to their positions in the business. Cornerstone Advisory LLC bought a new position in shares of Snap during the 4th quarter worth approximately $33,000. AdvisorNet Financial Inc boosted its holdings 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 buying an additional 471 shares during the last quarter. FNY Investment Advisers LLC acquired a new stake in shares of Snap in the 1st quarter valued at approximately $27,000. GHP Investment Advisors Inc. acquired a new stake in shares of Snap in the 1st quarter valued at approximately $28,000. Finally, Meeder Asset Management Inc. boosted its holdings 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 buying an additional 773 shares during the last quarter. 51.41% of the stock is owned by 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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