Morgan Stanley Lowers Snap (NYSE:SNAP) Price Target to $6.50

Snap (NYSE:SNAP) had its target price cut by stock analysts at Morgan Stanley from $8.00 to $6.50 in a report released on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective would suggest a potential downside of 22.99% from the stock’s current price.

Other analysts also recently issued reports about the company. Canaccord Genuity Group lowered their target price on Snap from $10.00 to $9.00 and set a “hold” rating for the company in a research note on Wednesday. Susquehanna dropped their price objective on Snap from $13.00 to $8.00 and set a “neutral” rating on the stock in a report on Wednesday. Wells Fargo & Company reduced their target price on Snap from $9.00 to $8.00 and set an “equal weight” rating for the company in a research note on Wednesday. B. Riley dropped their price target on shares of Snap from $12.00 to $10.00 and set a “neutral” rating for the company in a research note on Wednesday. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Snap from $10.00 to $8.00 and set an “underweight” rating on the stock in a research note on Tuesday, April 8th. One analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $35.58.

Snap Price Performance

SNAP stock opened at $8.44 on Thursday. The firm has a market cap of $14.32 billion, a P/E ratio of -20.09 and a beta of 0.92. The company has a debt-to-equity ratio of 1.47, a quick ratio of 3.95 and a current ratio of 3.95. Snap has a 1 year low of $7.08 and a 1 year high of $17.33. The stock has a 50-day simple moving average of $8.69 and a 200-day simple moving average of $10.39.

Snap (NYSE:SNAP) last posted its quarterly earnings data on Tuesday, April 29th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.12). Snap had a negative net margin of 13.02% and a negative return on equity of 25.67%. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. During the same quarter in the prior year, the business earned $0.03 EPS. The company’s revenue for the quarter was up 14.1% on a year-over-year basis. On average, equities analysts predict that Snap will post -0.3 earnings per share for the current fiscal year.

Insider Activity

In other news, General Counsel Michael J. O’sullivan sold 14,183 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $8.83, for a total transaction of $125,235.89. Following the completion of the sale, the general counsel now owns 2,256,101 shares in the company, valued at approximately $19,921,371.83. This represents a 0.62 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Rebecca Morrow sold 8,837 shares of Snap stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $10.84, for a total value of $95,793.08. Following the completion of the transaction, the chief accounting officer now owns 429,892 shares in the company, valued at $4,660,029.28. The trade was a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,362,523 shares of company stock worth $12,689,017 over the last 90 days. 22.68% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Snap

A number of institutional investors have recently bought and sold shares of the stock. Everence Capital Management Inc. purchased a new position in shares of Snap in the fourth quarter worth approximately $437,000. FNY Investment Advisers LLC grew its position in Snap by 1,756.8% during the 4th quarter. FNY Investment Advisers LLC now owns 13,740 shares of the company’s stock worth $147,000 after purchasing an additional 13,000 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in Snap by 51.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 3,086,741 shares of the company’s stock valued at $33,244,000 after purchasing an additional 1,050,501 shares during the period. HCR Wealth Advisors raised its stake in Snap by 3.9% during the 4th quarter. HCR Wealth Advisors now owns 25,016 shares of the company’s stock valued at $269,000 after purchasing an additional 934 shares during the period. Finally, RDA Financial Network purchased a new stake in shares of Snap in the fourth quarter valued at $123,000. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Snap Company Profile

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.