Canaccord Genuity Group Has Lowered Expectations for Snap (NYSE:SNAP) Stock Price

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

Several other equities analysts also recently issued reports on SNAP. UBS Group cut their price objective on shares of Snap from $14.00 to $9.00 and set a “neutral” rating on the stock in a report on Friday, April 11th. The Goldman Sachs Group decreased 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. Citizens Jmp raised shares of Snap from a “hold” rating to a “strong-buy” rating in a report on Friday, March 28th. Susquehanna raised their target price on Snap from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $16.00 price target (down previously from $18.00) on shares of Snap in a research note on Wednesday, January 15th. One research analyst has rated the stock with a sell rating, twenty-four have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $35.60.

Snap Stock Performance

SNAP stock opened at $7.86 on Thursday. Snap has a one year low of $7.08 and a one year high of $17.33. The firm has a 50-day simple moving average of $9.31 and a two-hundred day simple moving average of $10.61. The company has a debt-to-equity ratio of 1.47, a quick ratio of 3.95 and a current ratio of 3.95. The firm has a market cap of $13.34 billion, a price-to-earnings ratio of -18.72 and a beta of 0.92.

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

Insider Buying and Selling at Snap

In related news, SVP Eric Young sold 102,152 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $10.84, for a total transaction of $1,107,327.68. Following the completion of the sale, the senior vice president now owns 3,443,419 shares of the company’s stock, valued at approximately $37,326,661.96. This represents a 2.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Rebecca Morrow sold 8,837 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $10.84, for a total transaction of $95,793.08. Following the completion of the transaction, the chief accounting officer now directly owns 429,892 shares in the company, valued at $4,660,029.28. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,356,523 shares of company stock worth $12,710,077. Corporate insiders own 22.68% of the company’s stock.

Institutional Investors Weigh In On Snap

Large investors have recently made changes to their positions in the stock. Capital World Investors boosted its stake in Snap by 38.9% during the fourth quarter. Capital World Investors now owns 84,137,317 shares of the company’s stock worth $906,161,000 after buying an additional 23,569,522 shares during the last quarter. SRS Investment Management LLC boosted its position in shares of Snap by 1.4% during the 4th quarter. SRS Investment Management LLC now owns 73,723,115 shares of the company’s stock valued at $793,998,000 after acquiring an additional 1,001,632 shares during the last quarter. Capital International Investors purchased a new stake in shares of Snap in the fourth quarter valued at about $422,049,000. Geode Capital Management LLC increased its position in Snap by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 11,831,472 shares of the company’s stock worth $127,078,000 after purchasing an additional 134,017 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Snap by 13.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,075,318 shares of the company’s stock worth $76,201,000 after purchasing an additional 828,285 shares during the period. 47.52% of the stock is currently owned by hedge funds and other institutional investors.

Snap Company Profile

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.