Rosenblatt Securities Cuts Snap (NYSE:SNAP) Price Target to $9.00

Snap (NYSE:SNAP) had its price objective decreased by Rosenblatt Securities from $12.00 to $9.00 in a research report sent to investors on Wednesday morning,Benzinga reports. Rosenblatt Securities currently has a neutral rating on the stock.

Other analysts have also recently issued research reports about the company. JMP Securities set a $12.00 target price on Snap in a research report on Friday, April 25th. Susquehanna lifted their price target on Snap from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. JPMorgan Chase & Co. decreased their price objective on Snap from $10.00 to $8.00 and set an “underweight” rating for the company in a report on Tuesday, April 8th. Piper Sandler cut their target price on shares of Snap from $13.00 to $10.00 and set a “neutral” rating on the stock in a report on Thursday, April 10th. Finally, Canaccord Genuity Group dropped their price target on Snap from $13.00 to $10.00 and set a “hold” rating on the stock in a research report on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $35.58.

Snap Stock Performance

Shares of SNAP opened at $8.44 on Wednesday. The company has a market capitalization of $14.32 billion, a price-to-earnings ratio of -20.09 and a beta of 0.92. Snap has a 52-week low of $7.08 and a 52-week high of $17.33. The company has a quick ratio of 3.95, a current ratio of 3.95 and a debt-to-equity ratio of 1.47. The stock has a 50 day moving average price of $8.69 and a 200 day moving average price of $10.39.

Snap (NYSE:SNAP) last issued its earnings results on Tuesday, April 29th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same quarter in the previous year, the company posted $0.03 EPS. The company’s quarterly revenue was up 14.1% on a year-over-year basis. Research analysts predict that Snap will post -0.3 EPS for the current fiscal year.

Insider Transactions at Snap

In other Snap news, CTO Robert C. Murphy sold 1,000,000 shares of Snap stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $9.04, for a total value of $9,040,000.00. Following the completion of the sale, the chief technology officer now directly owns 55,818,548 shares of the company’s stock, valued at approximately $504,599,673.92. The trade was a 1.76 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Michael J. O’sullivan sold 24,000 shares of the stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $7.74, for a total value of $185,760.00. Following the transaction, the general counsel now directly owns 483,660 shares in the company, valued at approximately $3,743,528.40. This represents a 4.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,362,523 shares of company stock valued at $12,689,017 over the last three months. 22.68% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Snap

Institutional investors have recently added to or reduced their stakes in the business. NBC Securities Inc. boosted its stake in Snap by 154,650.0% in the 1st quarter. NBC Securities Inc. now owns 3,095 shares of the company’s stock worth $26,000 after buying an additional 3,093 shares during the last quarter. Mountain Hill Investment Partners Corp. acquired a new stake in shares of Snap in the fourth quarter worth approximately $27,000. Raiffeisen Bank International AG purchased a new stake in Snap in the fourth quarter valued at approximately $30,000. Rakuten Securities Inc. increased its position in Snap by 155.4% during the first quarter. Rakuten Securities Inc. now owns 3,489 shares of the company’s stock worth $30,000 after purchasing an additional 2,123 shares during the last quarter. Finally, Comprehensive Financial Planning Inc. PA purchased a new position in Snap during the fourth quarter worth approximately $32,000. 47.52% of the stock is currently owned by institutional investors and hedge funds.

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.