Snap (NYSE:SNAP) Price Target Cut to $6.00 by Analysts at Citigroup

Snap (NYSE:SNAP) had its price target cut by Citigroup from $10.00 to $6.00 in a report published on Thursday,Benzinga reports. They currently have a neutral rating on the stock.

Several other analysts also recently weighed in on the stock. BNP Paribas Exane assumed coverage on shares of Snap in a research report on Wednesday, January 14th. They set a “strong sell” rating for the company. Evercore reissued a “mixed” rating on shares of Snap in a report on Thursday, February 5th. Piper Sandler reiterated a “neutral” rating on shares of Snap in a research note on Thursday, February 5th. B.Riley Securit raised shares of Snap from a “hold” rating to a “strong-buy” rating in a research report on Thursday, February 5th. Finally, UBS Group set a $7.30 target price on Snap in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-two have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, Snap has a consensus rating of “Hold” and an average target price of $8.48.

Snap Price Performance

Shares of SNAP opened at $4.81 on Thursday. The firm has a market capitalization of $8.27 billion, a price-to-earnings ratio of -17.81 and a beta of 0.83. The firm’s fifty day simple moving average is $7.37 and its 200-day simple moving average is $7.70. Snap has a twelve month low of $4.72 and a twelve month high of $11.26. The company has a current ratio of 3.56, a quick ratio of 3.56 and a debt-to-equity ratio of 1.53.

Snap (NYSE:SNAP) last posted its earnings results on Wednesday, February 4th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.12). Snap had a negative net margin of 7.76% and a negative return on equity of 20.72%. The business had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.70 billion. During the same period last year, the company earned $0.01 EPS. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. Equities analysts forecast that Snap will post -0.3 EPS for the current fiscal year.

Insider Buying and Selling

In other Snap news, CTO Robert C. Murphy sold 1,000,000 shares of the stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $5.36, for a total transaction of $5,360,000.00. Following the sale, the chief technology officer owned 49,313,775 shares in the company, valued at approximately $264,321,834. This represents a 1.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ajit Mohan sold 20,848 shares of the firm’s stock in a transaction dated Friday, January 16th. The stock was sold at an average price of $7.62, for a total transaction of $158,861.76. Following the sale, the insider directly owned 5,277,816 shares in the company, valued at $40,216,957.92. This represents a 0.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 2,376,929 shares of company stock worth $13,661,349 in the last quarter. Corporate insiders own 22.68% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Empowered Funds LLC grew its holdings in shares of Snap by 13.3% during the 1st quarter. Empowered Funds LLC now owns 40,393 shares of the company’s stock worth $352,000 after purchasing an additional 4,754 shares during the period. Blue Trust Inc. lifted its position in Snap by 61.5% during the second quarter. Blue Trust Inc. now owns 6,633 shares of the company’s stock valued at $58,000 after buying an additional 2,525 shares in the last quarter. Apollon Wealth Management LLC grew its stake in Snap by 9.2% during the second quarter. Apollon Wealth Management LLC now owns 15,934 shares of the company’s stock worth $138,000 after buying an additional 1,340 shares during the period. Vanguard Personalized Indexing Management LLC increased its position in shares of Snap by 2.5% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 70,608 shares of the company’s stock worth $614,000 after acquiring an additional 1,743 shares in the last quarter. Finally, CWM LLC raised its stake in shares of Snap by 39.8% in the 2nd quarter. CWM LLC now owns 257,763 shares of the company’s stock valued at $2,240,000 after acquiring an additional 73,393 shares during the period. 47.52% of the stock is owned by hedge funds and other institutional investors.

Snap Company Profile

Snap Inc is a camera and social media company best known for developing and operating Snapchat, a multimedia messaging application that allows users to send photos, videos and messages that disappear after being viewed. In addition to its core messaging service, Snap offers a suite of augmented reality (AR) tools, including custom Lenses and Filters, that enable users and third-party developers to create interactive and immersive experiences. The company also provides advertising solutions that allow brands to engage audiences through Snap Ads, Sponsored Lenses and Discover content on the platform.

Founded in 2011 by Evan Spiegel and Bobby Murphy, Snap has continually focused on innovation in camera technology and AR.