Snap (NYSE:SNAP) Stock Price Target Lowered at Barclays

Snap (NYSE:SNAP) had its price target decreased by Barclays from $16.00 to $8.00 in a report released on Thursday,Benzinga reports. Barclays currently has an overweight rating on the stock.

A number of other research firms have also issued reports on SNAP. Zacks Research raised Snap from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 1st. Wells Fargo & Company increased their price target on Snap from $5.00 to $6.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 4th. Stifel Nicolaus set a $7.50 price target on Snap in a report on Tuesday, August 4th. Susquehanna reissued a “neutral” rating on shares of Snap in a research note on Tuesday, August 4th. Finally, BMO Capital Markets restated an “outperform” rating on shares of Snap in a research report on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, twenty-two have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $7.36.

Snap Price Performance

NYSE SNAP opened at $5.07 on Thursday. Snap has a one year low of $3.81 and a one year high of $9.13. The firm’s fifty day moving average is $5.75 and its two-hundred day moving average is $5.41. The company has a debt-to-equity ratio of 1.75, a quick ratio of 2.94 and a current ratio of 2.94.

Snap (NYSE:SNAP) last posted its quarterly earnings data on Wednesday, November 4th. The company reported $0.03 EPS for the quarter. Snap had a negative return on equity of 7.21% and a negative net margin of 2.30%. The firm had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same period in the prior year, the business earned ($0.06) EPS. The firm’s revenue was up 14.3% compared to the same quarter last year. On average, analysts forecast that Snap will post -0.03 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Snap news, CFO Douglas Hott sold 131,884 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $5.20, for a total transaction of $685,796.80. Following the sale, the chief financial officer owned 2,324,563 shares in the company, valued at approximately $12,087,727.60. This represents a 5.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Zachary Briers sold 136,504 shares of the company’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $5.20, for a total value of $709,820.80. Following the completion of the sale, the general counsel owned 2,424,331 shares in the company, valued at $12,606,521.20. This represents a 5.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 445,926 shares of company stock valued at $2,326,930. 22.68% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Ritholtz Wealth Management purchased a new position in shares of Snap in the 3rd quarter worth $130,000. Jacobi Capital Management LLC acquired a new position in Snap during the 3rd quarter worth approximately $30,000. New York Life Investment Management LLC lifted its position in shares of Snap by 21.3% during the third quarter. New York Life Investment Management LLC now owns 158,432 shares of the company’s stock worth $856,000 after purchasing an additional 27,797 shares in the last quarter. Fulcrum Asset Management LLP acquired a new position in Snap in the 3rd quarter worth $1,063,000. Finally, Brighton Jones LLC lifted its stake in shares of Snap by 6.5% in the third quarter. Brighton Jones LLC now owns 57,178 shares of the company’s stock worth $309,000 after acquiring an additional 3,511 shares in the last quarter. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Key Snap News

Here are the key news stories impacting Snap this week:

• Positive Sentiment: Snapchat+ surpassed 30 million paid subscribers, adding 5 million since February and providing a growing subscription revenue stream. Snapchat surpasses 30M paid subscribers
• Positive Sentiment: The company returned to net profitability and adjusted earnings exceeded expectations; revenue still grew 14% year over year, although it fell short of forecasts. Snap earnings and growth report
• Negative Sentiment: Third-quarter revenue of $1.72 billion missed estimates, as did daily active users. Sluggish ad sales and the user-growth shortfall overshadowed improved earnings and fueled concern about the pace of Snap’s advertising recovery. Snap shares fall as revenue and daily users miss estimates
• Negative Sentiment: Snap also announced a change in how it measures user engagement, which may make performance comparisons less straightforward. Snap tumbles on revenue and user growth miss; announces metric shift
• Negative Sentiment: Several analysts lowered price targets. JPMorgan cut its target to $5 and moved to underweight; Barclays halved its target to $8 but kept an overweight rating, while Cantor Fitzgerald lowered its target to $5 and maintained neutral. JPMorgan analyst recommendations

About Snap

Snap Inc is a technology and social media company best known for Snapchat, a visual messaging and social networking application. Snapchat enables users to communicate through photos, videos, messages and Stories, while offering creative tools such as augmented reality (AR) Lenses and filters. The platform also includes features such as Snap Map, Spotlight and content from publishers and creators.

Snap generates most of its revenue from digital advertising, including video, augmented reality and other advertising formats delivered across Snapchat.