UBS Group Cuts Snap (NYSE:SNAP) Price Target to $9.00

Snap (NYSE:SNAP) had its target price trimmed by UBS Group from $10.00 to $9.00 in a research note published on Wednesday,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other research firms have also commented on SNAP. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $12.00 price target on shares of Snap in a report on Wednesday, April 30th. Canaccord Genuity Group cut their target price on shares of Snap from $10.00 to $9.00 and set a “hold” rating on the stock in a report on Wednesday, April 30th. Bank of America lowered their target price on Snap from $10.00 to $9.50 and set a “neutral” rating for the company in a report on Wednesday. Truist Financial cut their price target on Snap from $11.00 to $10.00 and set a “hold” rating on the stock in a report on Wednesday. Finally, Loop Capital reduced their price objective on Snap from $16.00 to $12.00 and set a “buy” rating for the company in a research report on Friday, May 16th. Two research analysts have rated the stock with a sell rating, twenty-two have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Snap presently has a consensus rating of “Hold” and a consensus target price of $34.16.

Snap Price Performance

Shares of SNAP opened at $7.43 on Wednesday. Snap has a 52 week low of $7.08 and a 52 week high of $13.28. The company has a current ratio of 3.88, a quick ratio of 4.30 and a debt-to-equity ratio of 1.73. The firm has a market cap of $12.42 billion, a price-to-earnings ratio of -23.22 and a beta of 0.62. The stock has a 50 day moving average of $8.89 and a 200-day moving average of $9.11.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($0.16) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.16). Snap had a negative return on equity of 23.32% and a negative net margin of 9.69%. The firm had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same period last year, the business posted ($0.15) earnings per share. The firm’s revenue for the quarter was up 8.7% on a year-over-year basis. As a group, analysts forecast that Snap will post -0.3 EPS for the current year.

Insider Buying and Selling

In other news, CFO Derek Andersen sold 208,525 shares of the firm’s stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $9.03, for a total transaction of $1,882,980.75. Following the completion of the sale, the chief financial officer directly owned 3,299,372 shares of the company’s stock, valued at $29,793,329.16. This trade represents a 5.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Michael J. O’sullivan sold 68,845 shares of Snap stock in a transaction on Friday, May 16th. The stock was sold at an average price of $8.59, for a total value of $591,378.55. Following the completion of the transaction, the general counsel owned 2,173,950 shares in the company, valued at $18,674,230.50. The trade was a 3.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 667,802 shares of company stock worth $5,813,801 over the last three months. Corporate insiders own 22.68% of the company’s stock.

Institutional Trading of Snap

Hedge funds have recently bought and sold shares of the company. Capital International Investors purchased a new stake in shares of Snap in the 4th quarter valued at approximately $422,049,000. Capital World Investors raised its stake in Snap by 38.9% during the 4th quarter. Capital World Investors now owns 84,137,317 shares of the company’s stock valued at $906,161,000 after purchasing an additional 23,569,522 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Snap by 6.7% in the first quarter. Vanguard Group Inc. now owns 109,483,491 shares of the company’s stock valued at $953,601,000 after purchasing an additional 6,921,841 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Snap by 110.4% in the first quarter. AQR Capital Management LLC now owns 11,300,874 shares of the company’s stock worth $95,549,000 after buying an additional 5,930,766 shares during the period. Finally, Assenagon Asset Management S.A. boosted its position in shares of Snap by 121.9% in the first quarter. Assenagon Asset Management S.A. now owns 6,848,370 shares of the company’s stock worth $59,649,000 after buying an additional 3,761,629 shares during the period. 47.52% of the stock is owned by hedge funds and other institutional investors.

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.