Snap (NYSE:SNAP – Get Rating) had its price target reduced by equities research analysts at Susquehanna Bancshares from $34.00 to $14.00 in a report released on Wednesday, Stock Target Advisor reports. The firm currently has a “neutral” rating on the stock. Susquehanna Bancshares’ price objective indicates a potential downside of 2.44% from the company’s previous close.
A number of other equities analysts have also commented on the stock. Morgan Stanley reduced their target price on shares of Snap from $59.00 to $55.00 and set an “overweight” rating on the stock in a research report on Friday, April 22nd. JMP Securities reduced their price objective on shares of Snap from $50.00 to $45.00 and set a “market outperform” rating for the company in a research note on Tuesday. Royal Bank of Canada lowered their target price on Snap from $35.00 to $17.00 in a report on Tuesday. Stifel Nicolaus reduced their price target on Snap from $50.00 to $45.00 and set a “buy” rating for the company in a research report on Friday, April 22nd. Finally, JPMorgan Chase & Co. dropped their price objective on Snap from $47.00 to $26.00 in a research report on Tuesday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $41.97.
Snap stock traded up $1.56 during midday trading on Wednesday, reaching $14.35. The stock had a trading volume of 3,743,164 shares, compared to its average volume of 37,072,973. The company has a quick ratio of 7.19, a current ratio of 7.19 and a debt-to-equity ratio of 1.05. Snap has a 52-week low of $12.55 and a 52-week high of $83.34. The firm has a market cap of $23.48 billion, a price-to-earnings ratio of -39.97 and a beta of 1.18. The company has a fifty day moving average of $30.66 and a 200 day moving average of $38.05.
In other Snap news, CTO Robert C. Murphy sold 900,000 shares of the company’s stock in a transaction dated Monday, April 25th. The stock was sold at an average price of $29.55, for a total transaction of $26,595,000.00. Following the sale, the chief technology officer now owns 75,110,002 shares in the company, valued at approximately $2,219,500,559.10. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel Michael J. O’sullivan sold 43,701 shares of the company’s stock in a transaction dated Monday, May 16th. The stock was sold at an average price of $23.83, for a total value of $1,041,394.83. Following the sale, the general counsel now owns 774,330 shares in the company, valued at approximately $18,452,283.90. The disclosure for this sale can be found here. Insiders sold 1,513,582 shares of company stock valued at $43,834,483 over the last 90 days.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company increased its holdings in shares of Snap by 0.7% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 31,308 shares of the company’s stock valued at $2,313,000 after acquiring an additional 227 shares during the last quarter. Manchester Capital Management LLC grew its stake in Snap by 64.7% during the 4th quarter. Manchester Capital Management LLC now owns 621 shares of the company’s stock worth $29,000 after buying an additional 244 shares during the last quarter. Samalin Investment Counsel LLC grew its stake in Snap by 45.5% during the 4th quarter. Samalin Investment Counsel LLC now owns 815 shares of the company’s stock worth $38,000 after buying an additional 255 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. grew its stake in Snap by 80.7% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 618 shares of the company’s stock worth $46,000 after buying an additional 276 shares during the last quarter. Finally, Magnus Financial Group LLC grew its stake in Snap by 2.5% during the 4th quarter. Magnus Financial Group LLC now owns 11,591 shares of the company’s stock worth $545,000 after buying an additional 278 shares during the last quarter. Institutional investors and hedge funds own 53.88% of the company’s stock.
About Snap (Get Rating)
Snap Inc operates as a camera company in North America, Europe, and internationally. The company offers Snapchat, a camera application with various functionalities, such as Camera, Communication, Snap Map, Stories, and Spotlight that enable people to communicate visually through short videos and images.
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