Snap (NYSE:SNAP) Price Target Cut to $14.00

Snap (NYSE:SNAP) had its price target reduced by Deutsche Bank Aktiengesellschaft from $17.00 to $14.00 in a research report released on Friday, Benzinga reports. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock.

A number of other analysts also recently issued reports on SNAP. Royal Bank of Canada lifted their target price on Snap from $13.00 to $16.00 and gave the company a sector perform rating in a research report on Friday, April 26th. Bank of America dropped their price objective on Snap from $16.00 to $13.00 and set a neutral rating on the stock in a research note on Friday. Wolfe Research initiated coverage on shares of Snap in a research note on Tuesday, July 16th. They issued a peer perform rating for the company. Piper Sandler reaffirmed a neutral rating and set a $12.00 price target (down from $15.00) on shares of Snap in a research report on Friday. Finally, Susquehanna decreased their price objective on shares of Snap from $15.00 to $12.00 and set a neutral rating for the company in a research report on Friday. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $14.23.

Snap Stock Down 26.9 %

Snap stock traded down $3.45 during mid-day trading on Friday, reaching $9.36. The company’s stock had a trading volume of 124,970,577 shares, compared to its average volume of 21,240,702. The company has a debt-to-equity ratio of 1.55, a quick ratio of 3.76 and a current ratio of 3.76. Snap has a 12 month low of $8.28 and a 12 month high of $17.90. The business’s 50 day simple moving average is $15.21 and its 200 day simple moving average is $13.86. The company has a market capitalization of $15.36 billion, a price-to-earnings ratio of -11.56 and a beta of 1.03.

Insider Activity

In other news, CAO Rebecca Morrow sold 8,913 shares of the company’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $15.91, for a total transaction of $141,805.83. Following the completion of the sale, the chief accounting officer now directly owns 483,743 shares in the company, valued at approximately $7,696,351.13. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CAO Rebecca Morrow sold 8,913 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $15.91, for a total value of $141,805.83. Following the completion of the transaction, the chief accounting officer now directly owns 483,743 shares in the company, valued at approximately $7,696,351.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Eric Young sold 115,915 shares of the stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $15.91, for a total transaction of $1,844,207.65. Following the sale, the senior vice president now owns 3,292,657 shares in the company, valued at approximately $52,386,172.87. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 225,078 shares of company stock worth $3,518,129. Corporate insiders own 22.68% of the company’s stock.

Institutional Trading of Snap

Several large investors have recently bought and sold shares of the business. SRS Investment Management LLC lifted its holdings in shares of Snap by 23.6% in the fourth quarter. SRS Investment Management LLC now owns 65,114,732 shares of the company’s stock worth $1,102,392,000 after acquiring an additional 12,452,415 shares during the last quarter. Carmignac Gestion bought a new position in Snap in the 4th quarter valued at approximately $110,103,000. Contrarius Investment Management Ltd acquired a new stake in Snap in the fourth quarter valued at approximately $80,644,000. Vanguard Group Inc. grew its stake in shares of Snap by 3.8% during the fourth quarter. Vanguard Group Inc. now owns 95,317,701 shares of the company’s stock worth $1,613,729,000 after buying an additional 3,503,230 shares during the last quarter. Finally, TB Alternative Assets Ltd. increased its holdings in shares of Snap by 144.5% during the first quarter. TB Alternative Assets Ltd. now owns 5,094,800 shares of the company’s stock worth $58,488,000 after buying an additional 3,011,400 shares in the last quarter. 47.52% of the stock is 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.