JPMorgan Chase & Co. Trims Snap (NYSE:SNAP) Target Price to $11.00

Snap (NYSE:SNAP) had its price objective decreased by stock analysts at JPMorgan Chase & Co. from $13.00 to $11.00 in a report released on Friday, Benzinga reports. The firm presently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential downside of 14.06% from the stock’s current price.

SNAP has been the subject of a number of other reports. Morgan Stanley raised Snap from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $12.00 to $16.00 in a research report on Tuesday, July 23rd. Rosenblatt Securities lifted their price target on Snap from $12.00 to $14.00 and gave the stock a “neutral” rating in a research note on Friday, April 26th. Truist Financial lifted their price target on Snap from $12.00 to $16.00 and gave the stock a “hold” rating in a research note on Friday, April 26th. Benchmark reaffirmed a “hold” rating on shares of Snap in a research note on Tuesday. Finally, Canaccord Genuity Group lifted their price target on Snap from $14.00 to $15.00 and gave the stock a “hold” rating in a research note on Friday, April 26th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $15.07.

Snap Stock Performance

NYSE:SNAP opened at $12.80 on Friday. The company has a debt-to-equity ratio of 1.55, a current ratio of 3.76 and a quick ratio of 3.76. The business has a fifty day simple moving average of $15.33 and a two-hundred day simple moving average of $13.91. Snap has a 1 year low of $8.28 and a 1 year high of $17.90. The company has a market capitalization of $21.01 billion, a P/E ratio of -15.80 and a beta of 1.03.

Insider Transactions at Snap

In other news, CFO Derek Andersen sold 26,682 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $15.72, for a total value of $419,441.04. Following the sale, the chief financial officer now directly owns 2,508,007 shares of the company’s stock, valued at approximately $39,425,870.04. The sale was disclosed in a legal filing with the SEC, which is accessible through 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 Friday, June 28th. The stock was sold at an average price of $16.56, for a total value of $298,080.00. Following the transaction, the general counsel now directly owns 481,908 shares of the company’s stock, valued at approximately $7,980,396.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Derek Andersen sold 26,682 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $15.72, for a total value of $419,441.04. Following the completion of the transaction, the chief financial officer now directly owns 2,508,007 shares in the company, valued at $39,425,870.04. The disclosure for this sale can be found here. Insiders have sold a total of 207,078 shares of company stock valued at $3,279,089 in the last ninety days. 22.68% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Snap

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sowell Financial Services LLC lifted its holdings in shares of Snap by 3.3% during the 4th quarter. Sowell Financial Services LLC now owns 23,139 shares of the company’s stock valued at $392,000 after buying an additional 729 shares during the period. Steward Partners Investment Advisory LLC lifted its holdings in shares of Snap by 2.2% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 41,245 shares of the company’s stock valued at $698,000 after buying an additional 891 shares during the period. GraniteShares Advisors LLC lifted its holdings in shares of Snap by 2.5% during the 2nd quarter. GraniteShares Advisors LLC now owns 38,154 shares of the company’s stock valued at $634,000 after buying an additional 941 shares during the period. Charles Schwab Investment Advisory Inc. lifted its holdings in shares of Snap by 2.7% during the 1st quarter. Charles Schwab Investment Advisory Inc. now owns 35,807 shares of the company’s stock valued at $411,000 after buying an additional 956 shares during the period. Finally, U.S. Capital Wealth Advisors LLC lifted its holdings in shares of Snap by 3.3% during the 4th quarter. U.S. Capital Wealth Advisors LLC now owns 31,499 shares of the company’s stock valued at $533,000 after buying an additional 1,000 shares during the period. 47.52% of the stock is owned by institutional investors.

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.