Loop Capital Trims Snap (NYSE:SNAP) Target Price to $26.00

Snap (NYSE:SNAPGet Rating) had its price objective reduced by equities research analysts at Loop Capital from $65.00 to $26.00 in a research report issued on Thursday, The Fly reports. Loop Capital’s price objective indicates a potential upside of 83.62% from the company’s previous close.

SNAP has been the topic of several other research reports. JMP Securities lowered their price target on Snap from $50.00 to $45.00 and set a “market outperform” rating on the stock in a report on Tuesday. Wedbush lowered their price target on Snap from $40.00 to $34.00 in a report on Tuesday, April 26th. MKM Partners lowered their price target on Snap from $41.00 to $26.00 and set a “buy” rating on the stock in a report on Tuesday. Wells Fargo & Company lowered their price target on Snap from $60.00 to $48.00 and set an “overweight” rating on the stock in a report on Friday, April 22nd. Finally, KeyCorp lowered their price target on Snap from $45.00 to $27.00 and set an “overweight” rating on the stock in a report on Tuesday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Snap has an average rating of “Buy” and a consensus price target of $40.19.

NYSE:SNAP opened at $14.16 on Thursday. The stock’s 50 day moving average price is $30.26 and its 200 day moving average price is $37.88. Snap has a 52 week low of $12.55 and a 52 week high of $83.34. The company has a market capitalization of $23.17 billion, a P/E ratio of -39.33 and a beta of 1.18. The company has a debt-to-equity ratio of 1.05, a quick ratio of 7.19 and a current ratio of 7.19.

Snap (NYSE:SNAPGet Rating) last released its quarterly earnings data on Thursday, April 21st. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.03). Snap had a negative return on equity of 16.37% and a negative net margin of 12.71%. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.07 billion. During the same quarter in the prior year, the company posted ($0.19) EPS. The company’s quarterly revenue was up 38.1% on a year-over-year basis. As a group, sell-side analysts forecast that Snap will post -0.43 earnings per share for the current fiscal year.

In other news, General Counsel Michael J. O’sullivan sold 12,500 shares of the firm’s stock in a transaction on Monday, February 28th. The stock was sold at an average price of $39.85, for a total value of $498,125.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Jerry James Hunter sold 63,913 shares of the firm’s stock in a transaction on Monday, May 16th. The shares were sold at an average price of $23.83, for a total value of $1,523,046.79. Following the completion of the sale, the vice president now owns 1,379,515 shares of the company’s stock, valued at $32,873,842.45. The disclosure for this sale can be found here. Insiders have sold 1,555,687 shares of company stock valued at $44,789,003 over the last quarter.

Several large investors have recently made changes to their positions in the company. Neuberger Berman Group LLC increased its stake in shares of Snap by 158.7% in the first quarter. Neuberger Berman Group LLC now owns 3,830,524 shares of the company’s stock valued at $137,860,000 after buying an additional 2,349,925 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Snap by 2,103.1% in the first quarter. The Manufacturers Life Insurance Company now owns 708,094 shares of the company’s stock valued at $26,053,000 after buying an additional 675,953 shares in the last quarter. Chicago Partners Investment Group LLC increased its stake in shares of Snap by 27.8% in the first quarter. Chicago Partners Investment Group LLC now owns 15,438 shares of the company’s stock valued at $351,000 after buying an additional 3,355 shares in the last quarter. Capital Group International Inc. CA increased its stake in shares of Snap by 42.2% in the first quarter. Capital Group International Inc. CA now owns 778,686 shares of the company’s stock valued at $28,025,000 after buying an additional 231,196 shares in the last quarter. Finally, Capital International Investors increased its position in Snap by 96.8% in the first quarter. Capital International Investors now owns 5,263,312 shares of the company’s stock worth $189,427,000 after purchasing an additional 2,588,200 shares during the period. Institutional investors own 53.88% of the company’s stock.

Snap Company Profile (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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