Snap (NYSE:SNAP) Stock Price Target Cut by Barclays

Snap (NYSE:SNAP) had its price objective lowered by Barclays from $16.00 to $8.00 in a report released on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price target would indicate a potential upside of 57.85% from the stock’s previous close.

SNAP has been the topic of several other reports. Cantor Fitzgerald decreased their target price on shares of Snap from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Thursday. Truist Financial lowered their target price on shares of Snap from $8.00 to $7.00 and set a “hold” rating for the company in a research note on Tuesday, August 4th. Susquehanna reaffirmed a “neutral” rating on shares of Snap in a research report on Tuesday, August 4th. Mizuho increased their target price on shares of Snap from $5.00 to $6.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 4th. Finally, Sanford C. Bernstein restated a “market perform” rating and set a $5.00 target price on shares of Snap in a research report on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, twenty-two have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $7.40.

Snap Stock Down 14.4%

Shares of Snap stock traded down $0.85 during trading on Thursday, reaching $5.07. The stock had a trading volume of 50,703,874 shares, compared to its average volume of 45,458,965. The company has a market capitalization of $8.57 billion, a price-to-earnings ratio of -27.97 and a beta of 1.23. The stock has a fifty day moving average price of $5.76 and a two-hundred day moving average price of $5.42. Snap has a 52 week low of $3.81 and a 52 week high of $9.13. The company has a current ratio of 2.94, a quick ratio of 2.94 and a debt-to-equity ratio of 1.75.

Snap (NYSE:SNAP) last posted its earnings results on Thursday, November 5th. The company reported $0.03 EPS for the quarter. Snap had a negative net margin of 4.90% and a negative return on equity of 14.61%. The business had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same period last year, the company earned ($0.06) EPS. The firm’s revenue was up 14.3% compared to the same quarter last year. Sell-side analysts predict that Snap will post -0.03 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Douglas Hott sold 131,884 shares of the company’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $5.20, for a total transaction of $685,796.80. Following the completion of the sale, the chief financial officer owned 2,324,563 shares of the company’s stock, valued at $12,087,727.60. This represents a 5.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Zachary Briers sold 11,257 shares of the stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $6.00, for a total value of $67,542.00. Following the completion of the transaction, the general counsel owned 2,345,534 shares of the company’s stock, valued at $14,073,204. This represents a 0.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 445,926 shares of company stock worth $2,326,930. Company insiders own 22.68% of the company’s stock.

Hedge Funds Weigh In On Snap

Institutional investors and hedge funds have recently modified their holdings of the company. Signaturefd LLC boosted its holdings in Snap by 68.9% in the third quarter. Signaturefd LLC now owns 5,211 shares of the company’s stock valued at $28,000 after purchasing an additional 2,126 shares during the period. Fifth Third Bancorp grew its holdings in shares of Snap by 6,678.0% during the first quarter. Fifth Third Bancorp now owns 6,778 shares of the company’s stock worth $31,000 after buying an additional 6,678 shares during the last quarter. NFSG Corp lifted its holdings in shares of Snap by 52.7% in the 1st quarter. NFSG Corp now owns 8,400 shares of the company’s stock valued at $39,000 after buying an additional 2,900 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Snap by 135.6% in the first quarter. EverSource Wealth Advisors LLC now owns 8,525 shares of the company’s stock valued at $39,000 after purchasing an additional 4,907 shares during the last quarter. Finally, Allegiance Financial Group Advisory Services LLC acquired a new stake in Snap during the 3rd quarter valued at $55,000. 47.52% of the stock is currently owned by hedge funds and other institutional investors.

Key Snap News

Here are the key news stories impacting Snap this week:

• Positive Sentiment: Snap reported revenue growth of 14% year over year and better-than-expected adjusted earnings. The company also returned to profitability on the measure cited in earnings coverage. Snap shares fall as revenue and daily users miss estimates
• Positive Sentiment: Snapchat+ surpassed 30 million paid subscribers, adding 5 million since February and offering a growing source of revenue beyond advertising. Snapchat surpasses 30M paid subscribers
• Neutral Sentiment: Snap forecast fourth-quarter revenue of $1.95 billion to $1.99 billion. The company also announced a change to how it measures user engagement, which may complicate comparisons with prior periods. Snap shares fall over 10% on third-quarter earnings miss
• Negative Sentiment: Third-quarter revenue of $1.72 billion came in below the $1.73 billion consensus, while daily active users also missed expectations. Sluggish advertising growth raised concerns about the pace of Snap’s ad recovery and drove the negative market reaction. Snap stock falls as revenue and user growth miss estimates
• Negative Sentiment: Cantor Fitzgerald lowered its price target from $6 to $5 and maintained a neutral rating, adding to pressure on the shares. Cantor Fitzgerald stock recommendations

About Snap

Snap Inc is a technology and social media company best known for Snapchat, a visual messaging and social networking application. Snapchat enables users to communicate through photos, videos, messages and Stories, while offering creative tools such as augmented reality (AR) Lenses and filters. The platform also includes features such as Snap Map, Spotlight and content from publishers and creators.

Snap generates most of its revenue from digital advertising, including video, augmented reality and other advertising formats delivered across Snapchat.