Piper Sandler Reiterates Neutral Rating for Snap (NYSE:SNAP)

Piper Sandler reiterated their neutral rating on shares of Snap (NYSE:SNAP) in a research report sent to investors on Friday, Benzinga reports. The firm currently has a $12.00 price target on the stock, down from their prior price target of $15.00.

Several other analysts also recently issued reports on SNAP. Wolfe Research initiated coverage on Snap in a report on Tuesday, July 16th. They issued a peer perform rating for the company. Raymond James restated an outperform rating and issued a $16.00 target price (up from $15.00) on shares of Snap in a research note on Friday, April 26th. HSBC raised shares of Snap from a reduce rating to a buy rating in a report on Friday, April 26th. Rosenblatt Securities boosted their price target on Snap from $12.00 to $14.00 and gave the stock a neutral rating in a research report on Friday, April 26th. Finally, Stifel Nicolaus raised their price objective 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. One analyst has rated the stock with a sell rating, eighteen have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Snap currently has a consensus rating of Hold and a consensus price target of $14.23.

Snap Price Performance

Snap stock traded down $0.65 during trading on Friday, reaching $8.71. The company had a trading volume of 51,977,922 shares, compared to its average volume of 28,172,264. 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 stock’s 50 day moving average price is $15.21 and its two-hundred day moving average price is $13.83. Snap has a 12-month low of $8.28 and a 12-month high of $17.90.

Insider Buying and Selling at Snap

In other Snap news, General Counsel Michael J. O’sullivan sold 18,000 shares of Snap stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $13.28, for a total value of $239,040.00. Following the completion of the sale, the general counsel now directly owns 463,908 shares in the company, valued at $6,160,698.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Rebecca Morrow sold 8,913 shares of the company’s 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 $141,805.83. Following the completion of the transaction, the chief accounting officer now directly owns 483,743 shares in the company, valued at $7,696,351.13. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of the stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $13.28, for a total transaction of $239,040.00. Following the completion of the sale, the general counsel now directly owns 463,908 shares of the company’s stock, valued at $6,160,698.24. The disclosure for this sale can be found here. Insiders have sold 225,078 shares of company stock worth $3,518,129 over the last 90 days. 22.68% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Snap

Several hedge funds have recently made changes to their positions in the stock. SRS Investment Management LLC lifted its position in shares of Snap by 23.6% in the 4th 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 period. Carmignac Gestion acquired a new position in shares of Snap in the 4th quarter valued at $110,103,000. Contrarius Investment Management Ltd bought a new position in shares of Snap during the 4th quarter worth about $80,644,000. Vanguard Group Inc. boosted its position in shares of Snap by 3.8% during the 4th quarter. Vanguard Group Inc. now owns 95,317,701 shares of the company’s stock valued at $1,613,729,000 after acquiring an additional 3,503,230 shares in the last quarter. Finally, TB Alternative Assets Ltd. increased its stake in Snap by 144.5% in the first quarter. TB Alternative Assets Ltd. now owns 5,094,800 shares of the company’s stock valued at $58,488,000 after acquiring an additional 3,011,400 shares during the period. Institutional investors own 47.52% of the company’s stock.

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.