UBS Group Cuts Snap (NYSE:SNAP) Price Target to $13.00

Snap (NYSE:SNAP) had its price target lowered by UBS Group from $14.00 to $13.00 in a research note published on Tuesday, Benzinga reports. UBS Group currently has a neutral rating on the stock.

Several other research firms have also recently commented on SNAP. Piper Sandler increased their target price on Snap from $12.00 to $17.00 and gave the company a neutral rating in a research note on Wednesday, January 17th. Truist Financial increased their target price on Snap from $11.00 to $12.00 and gave the company a hold rating in a research note on Wednesday, February 7th. The Goldman Sachs Group reduced their target price on Snap from $15.00 to $13.50 and set a neutral rating for the company in a research note on Thursday, February 8th. Morgan Stanley reduced their target price on Snap from $13.00 to $11.00 and set an underweight rating for the company in a research note on Wednesday, February 7th. Finally, Roth Mkm increased their target price on Snap from $10.00 to $14.00 and gave the company a neutral rating in a research note on Friday, January 26th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Hold and an average target price of $13.86.

Snap Stock Up 6.7 %

Shares of NYSE:SNAP opened at $11.63 on Tuesday. The company has a quick ratio of 4.39, a current ratio of 4.39 and a debt-to-equity ratio of 1.55. Snap has a 52-week low of $7.86 and a 52-week high of $17.90. The company has a 50 day moving average of $11.21 and a two-hundred day moving average of $12.71. The company has a market capitalization of $19.20 billion, a price-to-earnings ratio of -14.01 and a beta of 1.13.

Snap (NYSE:SNAP) last issued its quarterly earnings data on Tuesday, February 6th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.04. Snap had a negative net margin of 28.71% and a negative return on equity of 47.47%. The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.39 billion. As a group, analysts forecast that Snap will post -0.58 earnings per share for the current fiscal year.

Insider Buying and Selling at Snap

In other Snap news, General Counsel Michael J. O’sullivan sold 18,000 shares of the firm’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $11.53, for a total value of $207,540.00. Following the sale, the general counsel now directly owns 474,812 shares in the company, valued at $5,474,582.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Rebecca Morrow sold 2,442 shares of the firm’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $11.00, for a total transaction of $26,862.00. Following the transaction, the chief accounting officer now directly owns 493,084 shares of the company’s stock, valued at $5,423,924. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of the firm’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $11.53, for a total value of $207,540.00. Following the transaction, the general counsel now directly owns 474,812 shares in the company, valued at $5,474,582.36. The disclosure for this sale can be found here. Over the last three months, insiders have sold 470,482 shares of company stock worth $5,284,091. 22.68% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SNAP. SRS Investment Management LLC increased its holdings in shares of Snap by 23.6% during the fourth quarter. SRS Investment Management LLC now owns 65,114,732 shares of the company’s stock valued at $1,102,392,000 after purchasing an additional 12,452,415 shares during the period. Wellington Management Group LLP grew its holdings in Snap by 95.8% during the first quarter. Wellington Management Group LLP now owns 17,811,242 shares of the company’s stock worth $641,028,000 after acquiring an additional 8,712,380 shares during the period. Carmignac Gestion acquired a new position in Snap during the fourth quarter worth about $110,103,000. Contrarius Investment Management Ltd acquired a new position in Snap during the fourth quarter worth about $80,644,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in Snap by 28.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 18,959,640 shares of the company’s stock worth $320,988,000 after acquiring an additional 4,243,620 shares during the period. 47.52% of the stock is owned by institutional investors and hedge funds.

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.