Snap (NYSE:SNAP) Earns Neutral Rating from Piper Sandler

Piper Sandler reiterated their neutral rating on shares of Snap (NYSE:SNAP) in a research report released on Friday morning, Benzinga reports. Piper Sandler currently has a $12.00 price objective on the stock, down from their previous price objective of $15.00.

A number of other research firms have also weighed in on SNAP. Benchmark reiterated a hold rating on shares of Snap in a research note on Tuesday. TD Cowen lifted their price target on Snap from $11.00 to $14.00 and gave the company a hold rating in a research note on Friday, April 26th. The Goldman Sachs Group lifted their price target on Snap from $13.50 to $16.00 and gave the company a neutral rating in a research note on Friday, April 26th. JPMorgan Chase & Co. cut their price target on Snap from $13.00 to $11.00 and set an underweight rating for the company in a research note on Friday. Finally, Susquehanna cut their price target on Snap from $15.00 to $12.00 and set a neutral rating for the company in a research note on Friday. One equities research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Snap currently has a consensus rating of Hold and an average price target of $14.23.

Snap Stock Performance

Shares of NYSE SNAP traded down $3.45 during trading on Friday, reaching $9.36. 124,970,577 shares of the company traded hands, compared to its average volume of 21,240,702. The firm’s fifty day simple moving average is $15.21 and its 200 day simple moving average is $13.86. The stock has a market cap of $15.36 billion, a P/E ratio of -11.56 and a beta of 1.03. Snap has a 12-month low of $8.28 and a 12-month high of $17.90. The company has a current ratio of 3.76, a quick ratio of 3.76 and a debt-to-equity ratio of 1.55.

Insider Transactions at Snap

In other news, General Counsel Michael J. O’sullivan sold 18,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $13.28, for a total transaction of $239,040.00. Following the transaction, the general counsel now directly owns 463,908 shares in the company, valued at approximately $6,160,698.24. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, General Counsel Michael J. O’sullivan sold 18,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $13.28, for a total value of $239,040.00. Following the transaction, the general counsel now directly owns 463,908 shares in the company, valued at $6,160,698.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joanna Coles sold 3,950 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $15.17, for a total value of $59,921.50. Following the completion of the transaction, the director now owns 46,492 shares in the company, valued at $705,283.64. The disclosure for this sale can be found here. Insiders have sold a total of 225,078 shares of company stock worth $3,518,129 in the last ninety days. Insiders own 22.68% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. NBC Securities Inc. lifted its holdings in Snap by 2,580.4% in the fourth quarter. NBC Securities Inc. now owns 1,501 shares of the company’s stock valued at $25,000 after acquiring an additional 1,445 shares during the last quarter. Blue Trust Inc. lifted its holdings in Snap by 354.1% in the second quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock valued at $36,000 after acquiring an additional 1,682 shares during the last quarter. Rothschild Investment LLC acquired a new position in Snap during the second quarter worth $40,000. J.Safra Asset Management Corp lifted its stake in Snap by 534.4% during the second quarter. J.Safra Asset Management Corp now owns 2,766 shares of the company’s stock worth $46,000 after purchasing an additional 2,330 shares in the last quarter. Finally, Allworth Financial LP lifted its stake in Snap by 161.6% during the fourth quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock worth $47,000 after purchasing an additional 1,708 shares in the last quarter. 47.52% of the stock is currently owned by institutional investors and hedge funds.

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.