Canaccord Genuity Group Issues Pessimistic Forecast for Snap (NYSE:SNAP) Stock Price

Snap (NYSE:SNAP) had its target price lowered by Canaccord Genuity Group from $13.00 to $10.00 in a research report sent to investors on Thursday morning,Benzinga reports. The brokerage currently has a hold rating on the stock.

Other equities research analysts have also recently issued reports about the stock. BMO Capital Markets restated an “outperform” rating and set a $16.00 price target (down from $18.00) on shares of Snap in a report on Wednesday, January 15th. Piper Sandler lowered their target price on Snap from $13.00 to $10.00 and set a “neutral” rating on the stock in a report on Thursday, April 10th. Citizens Jmp upgraded Snap from a “hold” rating to a “strong-buy” rating in a report on Friday, March 28th. JMP Securities reaffirmed a “market outperform” rating and set a $16.00 target price on shares of Snap in a research report on Monday, January 27th. Finally, The Goldman Sachs Group reduced their price target on shares of Snap from $13.50 to $9.50 and set a “neutral” rating for the company in a report on Monday, April 14th. One equities research analyst has rated the stock with a sell rating, twenty-four have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Snap has an average rating of “Hold” and a consensus price target of $35.60.

Snap Stock Performance

SNAP opened at $7.86 on Thursday. The stock has a 50-day moving average of $9.19 and a 200-day moving average of $10.57. The company has a debt-to-equity ratio of 1.47, a quick ratio of 3.95 and a current ratio of 3.95. Snap has a 52-week low of $7.08 and a 52-week high of $17.33. The company has a market cap of $13.34 billion, a PE ratio of -18.72 and a beta of 0.92.

Snap (NYSE:SNAP) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.13). Snap had a negative net margin of 13.02% and a negative return on equity of 25.67%. As a group, equities research analysts forecast that Snap will post -0.3 earnings per share for the current fiscal year.

Insider Transactions at Snap

In related news, General Counsel Michael J. O’sullivan sold 24,000 shares of Snap stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $8.60, for a total transaction of $206,400.00. Following the transaction, the general counsel now owns 507,660 shares of the company’s stock, valued at $4,365,876. This trade represents a 4.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Derek Andersen sold 61,334 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $10.84, for a total transaction of $664,860.56. Following the transaction, the chief financial officer now owns 3,564,235 shares of the company’s stock, valued at approximately $38,636,307.40. This represents a 1.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,356,523 shares of company stock worth $12,710,077 in the last three months. Insiders own 22.68% of the company’s stock.

Hedge Funds Weigh In On Snap

Several institutional investors have recently modified their holdings of SNAP. Rakuten Securities Inc. lifted its stake in Snap by 155.4% in the first quarter. Rakuten Securities Inc. now owns 3,489 shares of the company’s stock valued at $30,000 after buying an additional 2,123 shares in the last quarter. Sowell Financial Services LLC raised its stake in shares of Snap by 223.5% in the 1st quarter. Sowell Financial Services LLC now owns 63,709 shares of the company’s stock valued at $555,000 after purchasing an additional 44,013 shares during the period. Brighton Jones LLC boosted its position in shares of Snap by 13.6% during the first quarter. Brighton Jones LLC now owns 34,298 shares of the company’s stock worth $299,000 after buying an additional 4,115 shares during the period. Exchange Traded Concepts LLC raised its position in Snap by 2.2% in the 1st quarter. Exchange Traded Concepts LLC now owns 703,230 shares of the company’s stock valued at $6,125,000 after buying an additional 15,410 shares during the last quarter. Finally, Tobam boosted its position in Snap by 212.0% during the 1st quarter. Tobam now owns 201,729 shares of the company’s stock worth $1,757,000 after acquiring an additional 137,078 shares during the last quarter. Institutional investors own 47.52% of the company’s stock.

About Snap

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.