The Goldman Sachs Group Lowers Snap (NYSE:SNAP) Price Target to $12.00

Snap (NYSE:SNAP) had its price target reduced by research analysts at The Goldman Sachs Group from $16.00 to $12.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target indicates a potential upside of 26.05% from the company’s current price.

Several other research firms have also issued reports on SNAP. Morgan Stanley upgraded shares of Snap from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $12.00 to $16.00 in a report on Tuesday, July 23rd. Wolfe Research initiated coverage on shares of Snap in a report on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Stifel Nicolaus lifted their price target on shares of Snap from $12.00 to $13.00 and gave the company a “hold” rating in a research note on Friday, April 26th. Barclays decreased their price target on shares of Snap from $17.00 to $16.00 and set an “overweight” rating for the company in a research note on Friday. Finally, Canaccord Genuity Group lifted their price target on shares of Snap from $14.00 to $15.00 and gave the company a “hold” rating in a research note on Friday, April 26th. One investment 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $14.44.

Snap Trading Down 25.7 %

SNAP stock traded down $3.29 during midday trading on Friday, hitting $9.52. The stock had a trading volume of 68,469,661 shares, compared to its average volume of 27,616,578. The firm has a market cap of $15.62 billion, a P/E ratio of -11.64 and a beta of 1.03. The company has a current ratio of 3.76, a quick ratio of 3.76 and a debt-to-equity ratio of 1.55. Snap has a 1-year low of $8.28 and a 1-year high of $17.90. The business has a fifty day moving average price of $15.33 and a two-hundred day moving average price of $13.91.

Insiders Place Their Bets

In other Snap news, Director Joanna Coles sold 3,950 shares of the company’s stock in a transaction dated 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 sale, the director now directly owns 46,492 shares of the company’s stock, valued at approximately $705,283.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Snap news, Director Joanna Coles sold 3,950 shares of the business’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $15.17, for a total value of $59,921.50. Following the transaction, the director now directly owns 46,492 shares in the company, valued at $705,283.64. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, 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 shares were sold at an average price of $16.56, for a total transaction of $298,080.00. Following the sale, the general counsel now owns 481,908 shares in the company, valued at $7,980,396.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 207,078 shares of company stock valued at $3,279,089. Corporate insiders own 22.68% of the company’s stock.

Institutional Trading of Snap

A number of hedge funds and other institutional investors have recently bought and sold shares of SNAP. NBC Securities Inc. increased its holdings in Snap by 2,580.4% during the 4th quarter. NBC Securities Inc. now owns 1,501 shares of the company’s stock worth $25,000 after acquiring an additional 1,445 shares during the period. Blue Trust Inc. increased its holdings in shares of Snap by 354.1% in the 2nd quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock worth $36,000 after buying an additional 1,682 shares during the last quarter. Rothschild Investment LLC bought a new position in shares of Snap in the 2nd quarter worth $40,000. J.Safra Asset Management Corp grew its holdings in shares of Snap by 534.4% during the 2nd quarter. J.Safra Asset Management Corp now owns 2,766 shares of the company’s stock valued at $46,000 after purchasing an additional 2,330 shares during the last quarter. Finally, Allworth Financial LP grew its holdings in shares of Snap by 161.6% during the 4th quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock valued at $47,000 after purchasing an additional 1,708 shares during the last quarter. Institutional investors own 47.52% of the company’s stock.

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.