Loop Capital Lowers Snap (NYSE:SNAP) Price Target to $12.00

Snap (NYSE:SNAP) had its price objective cut by equities research analysts at Loop Capital from $16.00 to $12.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Loop Capital’s price target indicates a potential upside of 37.32% from the company’s current price.

SNAP has been the subject of several other reports. Guggenheim reiterated a “neutral” rating on shares of Snap in a research note on Wednesday, April 2nd. JPMorgan Chase & Co. dropped their target price 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. Canaccord Genuity Group decreased their target price on Snap from $10.00 to $9.00 and set a “hold” rating on the stock in a report on Wednesday, April 30th. Stifel Nicolaus lowered their price target on shares of Snap from $11.00 to $8.00 and set a “hold” rating for the company in a report on Wednesday, April 23rd. Finally, Bank of America lowered their price target on shares of Snap from $14.50 to $10.50 and set a “neutral” rating for the company in a research report on Wednesday, April 9th. One equities research analyst has rated the stock with a sell rating, twenty-three have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $35.62.

Snap Price Performance

Shares of SNAP opened at $8.74 on Friday. Snap has a fifty-two week low of $7.08 and a fifty-two week 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 company has a market capitalization of $14.60 billion, a price-to-earnings ratio of -20.81 and a beta of 0.61. The business’s 50-day moving average is $8.48 and its 200-day moving average is $10.25.

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

Insider Transactions at Snap

In related news, CAO Rebecca Morrow sold 8,837 shares of Snap stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $10.84, for a total transaction of $95,793.08. Following the completion of the sale, the chief accounting officer now owns 429,892 shares of the company’s stock, valued at approximately $4,660,029.28. The trade was a 2.01% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Derek Andersen sold 61,334 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $10.84, for a total value of $664,860.56. Following the transaction, the chief financial officer now owns 3,564,235 shares in the company, valued at approximately $38,636,307.40. This trade represents a 1.69% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,632,116 shares of company stock valued at $23,127,182 in the last ninety days. 22.68% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Snap

A number of hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. lifted its stake in Snap by 6.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,601,172 shares of the company’s stock worth $71,095,000 after purchasing an additional 389,812 shares during the last quarter. Patriot Financial Group Insurance Agency LLC bought a new position in shares of Snap in the 4th quarter worth about $289,000. Bank of New York Mellon Corp lifted its stake in Snap by 2.0% in the fourth quarter. Bank of New York Mellon Corp now owns 1,538,111 shares of the company’s stock valued at $16,565,000 after buying an additional 29,526 shares during the period. Empowered Funds LLC grew its holdings in Snap by 3.1% in the fourth quarter. Empowered Funds LLC now owns 35,639 shares of the company’s stock worth $384,000 after purchasing an additional 1,055 shares during the period. Finally, Sei Investments Co. bought a new stake in Snap in the 4th quarter valued at about $158,000. 47.52% of the stock is owned by institutional investors.

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.