Moffett Nathanson Trims Snap (SNAP) Target Price to $6.50

Snap (NYSE:SNAP) had its price objective dropped by equities research analysts at Moffett Nathanson from $8.00 to $6.50 in a research report issued to clients and investors on Tuesday. The firm currently has a “neutral” rating on the stock. Moffett Nathanson’s price target would suggest a potential downside of 10.84% from the stock’s current price.

SNAP has been the topic of a number of other research reports. Citigroup lowered their price objective on Snap from $8.00 to $7.00 and set a “sell” rating on the stock in a report on Thursday, October 4th. Zacks Investment Research raised Snap from a “sell” rating to a “hold” rating and set a $14.00 price objective on the stock in a report on Friday, August 10th. Credit Suisse Group lowered their price objective on Snap from $16.00 to $15.00 and set an “outperform” rating on the stock in a report on Wednesday, August 8th. BTIG Research reaffirmed a “neutral” rating on shares of Snap in a report on Tuesday, August 7th. Finally, Aegis lowered their price objective on Snap from $12.00 to $10.00 and set a “hold” rating on the stock in a report on Friday, September 21st. Ten research analysts have rated the stock with a sell rating, nineteen have given a hold rating and eight have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $14.11.

SNAP stock traded down $0.19 during trading on Tuesday, hitting $7.29. The company had a trading volume of 313,773 shares, compared to its average volume of 25,838,830. The stock has a market capitalization of $10.83 billion, a PE ratio of -3.53 and a beta of -2.59. Snap has a 1-year low of $7.26 and a 1-year high of $21.22.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Tuesday, August 7th. The company reported ($0.14) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.32) by $0.18. Snap had a negative return on equity of 49.79% and a negative net margin of 155.31%. The company had revenue of $262.26 million for the quarter, compared to analyst estimates of $247.24 million. As a group, equities research analysts predict that Snap will post -1.07 earnings per share for the current year.

In related news, CEO Evan Spiegel sold 1,520,640 shares of Snap stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $10.57, for a total transaction of $16,073,164.80. Following the completion of the transaction, the chief executive officer now directly owns 81,400,642 shares in the company, valued at approximately $860,404,785.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mitchell Lasky sold 25,000 shares of Snap stock in a transaction that occurred on Tuesday, July 17th. The stock was sold at an average price of $13.33, for a total value of $333,250.00. The disclosure for this sale can be found here. Insiders have sold a total of 3,596,960 shares of company stock worth $39,834,299 in the last three months.

Several institutional investors have recently modified their holdings of the stock. OppenheimerFunds Inc. raised its position in shares of Snap by 171.4% during the 2nd quarter. OppenheimerFunds Inc. now owns 37,157,073 shares of the company’s stock worth $486,385,000 after purchasing an additional 23,468,531 shares during the last quarter. FMR LLC raised its position in shares of Snap by 18.4% during the 2nd quarter. FMR LLC now owns 24,968,882 shares of the company’s stock worth $326,842,000 after purchasing an additional 3,886,373 shares during the last quarter. Morgan Stanley raised its position in shares of Snap by 15.3% during the 2nd quarter. Morgan Stanley now owns 16,014,841 shares of the company’s stock worth $209,635,000 after purchasing an additional 2,123,727 shares during the last quarter. BlackRock Inc. raised its position in shares of Snap by 22.1% during the 2nd quarter. BlackRock Inc. now owns 15,367,441 shares of the company’s stock worth $201,159,000 after purchasing an additional 2,779,756 shares during the last quarter. Finally, Hillhouse Capital Management Ltd. raised its position in shares of Snap by 81.1% during the 2nd quarter. Hillhouse Capital Management Ltd. now owns 10,989,529 shares of the company’s stock worth $143,853,000 after purchasing an additional 4,921,688 shares during the last quarter. Hedge funds and other institutional investors own 22.29% of the company’s stock.

Snap Company Profile

Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page that allows to creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps to surface the most interesting stories from publishers, creators, and the community, based on a user's subscriptions and interests.

Recommended Story: Terms to Better Understand Call Options

Analyst Recommendations for Snap (NYSE:SNAP)

Receive News & Ratings for Snap Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Snap and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply