Snap (NYSE:SNAP) Price Target Cut to $9.00 by Analysts at Citigroup

Snap (NYSE:SNAP) had its price target decreased by Citigroup from $13.50 to $9.00 in a research report issued on Monday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s target price suggests a potential upside of 14.07% from the company’s current price.

Several other equities analysts also recently issued reports on SNAP. The Goldman Sachs Group cut their price objective on Snap from $13.50 to $9.50 and set a “neutral” rating for the company in a research report on Monday. Guggenheim reissued a “neutral” rating on shares of Snap in a report on Wednesday, April 2nd. Barclays reaffirmed an “overweight” rating on shares of Snap in a research note on Wednesday, February 5th. Bank of America lowered their price target on shares of Snap from $14.50 to $10.50 and set a “neutral” rating for the company in a report on Wednesday, April 9th. Finally, Wells Fargo & Company reduced their price objective on Snap from $11.00 to $9.00 and set an “equal weight” rating on the stock in a report on Monday, March 31st. One research analyst has rated the stock with a sell rating, twenty-four have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $36.00.

Snap Stock Performance

Shares of NYSE:SNAP traded down $0.07 on Monday, hitting $7.89. 26,039,885 shares of the company were exchanged, compared to its average volume of 28,186,016. The company has a debt-to-equity ratio of 1.47, a quick ratio of 3.95 and a current ratio of 3.95. The company’s 50 day moving average price is $9.48 and its two-hundred day moving average price is $10.67. Snap has a one year low of $7.08 and a one year high of $17.33. The firm has a market capitalization of $13.38 billion, a price-to-earnings ratio of -18.79 and a beta of 0.92.

Snap (NYSE:SNAP) last issued its earnings results on Tuesday, February 4th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.13). Snap had a negative net margin of 13.02% and a negative return on equity of 25.67%. Research analysts expect that Snap will post -0.3 earnings per share for the current year.

Insider Buying and Selling at Snap

In other Snap news, CAO Rebecca Morrow sold 8,837 shares of the business’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $10.84, for a total value of $95,793.08. Following the completion of the transaction, the chief accounting officer now owns 429,892 shares of the company’s stock, valued at approximately $4,660,029.28. The trade was a 2.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Robert C. Murphy sold 1,000,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $9.04, for a total transaction of $9,040,000.00. Following the transaction, the chief technology officer now directly owns 55,818,548 shares of the company’s stock, valued at $504,599,673.92. The trade was a 1.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,356,523 shares of company stock valued at $12,710,077. 22.68% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Snap

Several institutional investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. increased its position in Snap by 6.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,601,172 shares of the company’s stock worth $71,095,000 after buying an additional 389,812 shares in the last quarter. Patriot Financial Group Insurance Agency LLC purchased a new stake in Snap in the 4th quarter worth approximately $289,000. Bank of New York Mellon Corp raised its stake in Snap by 2.0% during the 4th quarter. Bank of New York Mellon Corp now owns 1,538,111 shares of the company’s stock worth $16,565,000 after acquiring an additional 29,526 shares during the period. Empowered Funds LLC lifted its holdings in Snap by 3.1% during the fourth quarter. Empowered Funds LLC now owns 35,639 shares of the company’s stock valued at $384,000 after purchasing an additional 1,055 shares in the last quarter. Finally, Jones Financial Companies Lllp boosted its position in shares of Snap by 13.0% in the fourth quarter. Jones Financial Companies Lllp now owns 16,421 shares of the company’s stock worth $177,000 after purchasing an additional 1,894 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.