Snap (NYSE:SNAP) Price Target Cut to $13.00 by Analysts at Bank of America

Snap (NYSE:SNAP) had its price target cut by research analysts at Bank of America from $16.00 to $13.00 in a research report issued on Friday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Bank of America‘s price objective would indicate a potential upside of 36.55% from the stock’s current price.

Several other equities research analysts also recently issued reports on SNAP. Susquehanna lowered their price target on Snap from $15.00 to $12.00 and set a “neutral” rating on the stock in a research report on Friday. Morgan Stanley upgraded shares of Snap from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $12.00 to $16.00 in a research note on Tuesday, July 23rd. Wolfe Research began coverage on shares of Snap in a research note on Tuesday, July 16th. They set a “peer perform” rating for the company. HSBC cut shares of Snap from a “buy” rating to a “hold” rating in a research note on Friday. Finally, Roth Mkm reiterated a “neutral” rating and issued a $14.00 target price on shares of Snap in a research note on Tuesday, April 23rd. One investment analyst has rated the stock with a sell rating, eighteen have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Snap has a consensus rating of “Hold” and a consensus price target of $14.44.

Snap Stock Performance

Shares of NYSE:SNAP traded down $3.29 during midday trading on Friday, hitting $9.52. The company’s stock had a trading volume of 68,469,661 shares, compared to its average volume of 27,616,578. The stock has a market capitalization of $15.62 billion, a price-to-earnings ratio of -11.64 and a beta of 1.03. The stock’s 50 day simple moving average is $15.33 and its 200 day simple moving average is $13.91. Snap has a fifty-two week low of $8.28 and a fifty-two week high of $17.90. The company has a debt-to-equity ratio of 1.55, a quick ratio of 3.76 and a current ratio of 3.76.

Insider Buying and Selling at Snap

In related news, SVP Eric Young sold 115,915 shares of the firm’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $15.91, for a total transaction of $1,844,207.65. Following the transaction, the senior vice president now directly owns 3,292,657 shares of the company’s stock, valued at $52,386,172.87. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Snap news, SVP Eric Young sold 115,915 shares of Snap stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $15.91, for a total value of $1,844,207.65. Following the sale, the senior vice president now owns 3,292,657 shares of the company’s stock, valued at $52,386,172.87. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Derek Andersen sold 26,682 shares of Snap stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $15.72, for a total transaction of $419,441.04. Following the completion of the transaction, the chief financial officer now owns 2,508,007 shares of the company’s stock, valued at approximately $39,425,870.04. The disclosure for this sale can be found here. Over the last three months, insiders have sold 207,078 shares of company stock valued at $3,279,089. Corporate insiders own 22.68% of the company’s stock.

Hedge Funds Weigh In On Snap

Several hedge funds have recently bought and sold shares of SNAP. Sowell Financial Services LLC grew its stake in Snap by 3.3% in the 4th quarter. Sowell Financial Services LLC now owns 23,139 shares of the company’s stock worth $392,000 after buying an additional 729 shares in the last quarter. Steward Partners Investment Advisory LLC grew its stake in Snap by 2.2% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 41,245 shares of the company’s stock worth $698,000 after buying an additional 891 shares in the last quarter. GraniteShares Advisors LLC lifted its holdings in shares of Snap by 2.5% in the 2nd quarter. GraniteShares Advisors LLC now owns 38,154 shares of the company’s stock worth $634,000 after acquiring an additional 941 shares during the last quarter. Charles Schwab Investment Advisory Inc. lifted its holdings in shares of Snap by 2.7% in the 1st quarter. Charles Schwab Investment Advisory Inc. now owns 35,807 shares of the company’s stock worth $411,000 after acquiring an additional 956 shares during the last quarter. Finally, U.S. Capital Wealth Advisors LLC lifted its holdings in shares of Snap by 3.3% in the 4th quarter. U.S. Capital Wealth Advisors LLC now owns 31,499 shares of the company’s stock worth $533,000 after acquiring an additional 1,000 shares during the last quarter. Hedge funds and other 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.