Snap (NYSE:SNAP) Given New $5.00 Price Target at JPMorgan Chase & Co.

Snap (NYSE:SNAP) had its price target reduced by JPMorgan Chase & Co. from $6.00 to $5.00 in a report released on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has an underweight rating on the stock.

A number of other brokerages also recently weighed in on SNAP. Citigroup boosted their price target on Snap from $6.50 to $6.75 and gave the stock a “neutral” rating in a research report on Tuesday, August 4th. Citizens Jmp reiterated a “market perform” rating on shares of Snap in a research note on Tuesday, August 4th. BMO Capital Markets reiterated an “outperform” rating on shares of Snap in a research note on Tuesday, August 4th. Susquehanna reissued a “neutral” rating on shares of Snap in a report on Tuesday, August 4th. Finally, Freedom Capital upgraded Snap from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, twenty-two have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $7.36.

Snap Stock Down 14.3%

Snap stock opened at $5.07 on Thursday. The company’s 50-day moving average is $5.75 and its 200-day moving average is $5.41. Snap has a fifty-two week low of $3.81 and a fifty-two week high of $9.13. The company has a debt-to-equity ratio of 1.75, a quick ratio of 2.94 and a current ratio of 2.94.

Snap (NYSE:SNAP) last issued its earnings results on Wednesday, November 4th. The company reported $0.03 earnings per share (EPS) for the quarter. Snap had a negative net margin of 2.30% and a negative return on equity of 7.21%. The company had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same period in the prior year, the firm earned ($0.06) EPS. Snap’s quarterly revenue was up 14.3% compared to the same quarter last year. On average, analysts anticipate that Snap will post -0.03 EPS for the current fiscal year.

Insider Activity at Snap

In other Snap news, insider Ajit Mohan sold 54,608 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $5.20, for a total value of $283,961.60. Following the transaction, the insider directly owned 4,972,097 shares of the company’s stock, valued at $25,854,904.40. This represents a 1.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Zachary M. Briers sold 136,504 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $5.20, for a total value of $709,820.80. Following the sale, the general counsel owned 2,424,331 shares of the company’s stock, valued at approximately $12,606,521.20. This represents a 5.33% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 445,926 shares of company stock worth $2,326,930 in the last quarter. Corporate insiders own 22.68% of the company’s stock.

Hedge Funds Weigh In On Snap

Large investors have recently made changes to their positions in the company. Ritholtz Wealth Management bought a new stake in Snap in the 3rd quarter valued at $130,000. Jacobi Capital Management LLC acquired a new position in Snap in the 3rd quarter valued at $30,000. New York Life Investment Management LLC grew its holdings in Snap by 21.3% in the 3rd quarter. New York Life Investment Management LLC now owns 158,432 shares of the company’s stock valued at $856,000 after buying an additional 27,797 shares in the last quarter. Fulcrum Asset Management LLP bought a new position in Snap during the 3rd quarter worth $1,063,000. Finally, Brighton Jones LLC increased its position in Snap by 6.5% during the 3rd quarter. Brighton Jones LLC now owns 57,178 shares of the company’s stock worth $309,000 after buying an additional 3,511 shares during the period. Institutional investors own 47.52% of the company’s stock.

Key Snap News

Here are the key news stories impacting Snap this week:

• Positive Sentiment: Snapchat+ surpassed 30 million paid subscribers, adding 5 million since February and providing a growing subscription revenue stream. Snapchat surpasses 30M paid subscribers
• Positive Sentiment: The company returned to net profitability and adjusted earnings exceeded expectations; revenue still grew 14% year over year, although it fell short of forecasts. Snap earnings and growth report
• Negative Sentiment: Third-quarter revenue of $1.72 billion missed estimates, as did daily active users. Sluggish ad sales and the user-growth shortfall overshadowed improved earnings and fueled concern about the pace of Snap’s advertising recovery. Snap shares fall as revenue and daily users miss estimates
• Negative Sentiment: Snap also announced a change in how it measures user engagement, which may make performance comparisons less straightforward. Snap tumbles on revenue and user growth miss; announces metric shift
• Negative Sentiment: Several analysts lowered price targets. JPMorgan cut its target to $5 and moved to underweight; Barclays halved its target to $8 but kept an overweight rating, while Cantor Fitzgerald lowered its target to $5 and maintained neutral. JPMorgan analyst recommendations

About Snap

Snap Inc is a technology and social media company best known for Snapchat, a visual messaging and social networking application. Snapchat enables users to communicate through photos, videos, messages and Stories, while offering creative tools such as augmented reality (AR) Lenses and filters. The platform also includes features such as Snap Map, Spotlight and content from publishers and creators.

Snap generates most of its revenue from digital advertising, including video, augmented reality and other advertising formats delivered across Snapchat.