Snap (NYSE:SNAP) Given New $9.00 Price Target at Citigroup

Snap (NYSE:SNAP) had its price target cut by Citigroup from $13.50 to $9.00 in a research note issued to investors on Monday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other brokerages also recently commented on SNAP. Bank of America lowered their target price on shares of Snap from $14.50 to $10.50 and set a “neutral” rating for the company in a research note on Wednesday, April 9th. JMP Securities reiterated a “market outperform” rating and issued a $16.00 price target on shares of Snap in a research note on Monday, January 27th. Guggenheim restated a “neutral” rating on shares of Snap in a report on Wednesday, April 2nd. JPMorgan Chase & Co. reduced their price target on shares of Snap from $10.00 to $8.00 and set an “underweight” rating for the company in a research report on Tuesday, April 8th. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $16.00 target price (down previously from $18.00) on shares of Snap in a research report on Wednesday, January 15th. One investment analyst has rated the stock with a sell rating, twenty-four have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Snap currently has a consensus rating of “Hold” and an average target price of $36.00.

Snap Stock Performance

NYSE SNAP opened at $7.89 on Monday. The company has a market cap of $13.38 billion, a P/E ratio of -18.79 and a beta of 0.92. Snap has a 1-year low of $7.08 and a 1-year high of $17.33. The company has a debt-to-equity ratio of 1.47, a current ratio of 3.95 and a quick ratio of 3.95. The stock has a 50-day moving average of $9.43 and a two-hundred day moving average of $10.65.

Snap (NYSE:SNAP) last released its earnings results on Tuesday, February 4th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.13). Snap had a negative net margin of 13.02% and a negative return on equity of 25.67%. As a group, analysts anticipate that Snap will post -0.3 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Derek Andersen sold 22,720 shares of Snap stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $8.58, for a total value of $194,937.60. Following the transaction, the chief financial officer now directly owns 3,541,515 shares of the company’s stock, valued at $30,386,198.70. The trade was a 0.64 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, General Counsel Michael J. O’sullivan sold 24,000 shares of the firm’s stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $8.60, for a total transaction of $206,400.00. Following the completion of the transaction, the general counsel now owns 507,660 shares in the company, valued at $4,365,876. The trade was a 4.51 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,356,523 shares of company stock valued at $12,710,077. Company insiders own 22.68% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Capital International Investors purchased a new position in Snap in the 4th quarter worth approximately $422,049,000. Capital World Investors increased its position in shares of Snap by 38.9% during the fourth quarter. Capital World Investors now owns 84,137,317 shares of the company’s stock worth $906,161,000 after acquiring an additional 23,569,522 shares during the last quarter. Norges Bank purchased a new position in Snap in the fourth quarter valued at about $30,162,000. Renaissance Technologies LLC acquired a new position in shares of Snap in the 4th quarter valued at approximately $27,713,000. Finally, Portolan Capital Management LLC purchased a new position in shares of Snap during the 4th quarter valued at approximately $25,447,000. Institutional investors and hedge funds own 47.52% of the company’s stock.

About Snap

Snap Inc operates as a technology company in North America, Europe, and internationally. The company offers Snapchat, a visual messaging application with various tabs, such as camera, visual messaging, snap map, stories, and spotlight that enable people to communicate visually through short videos and images.