Snap (NYSE:SNAP) Given New $8.00 Price Target at Morgan Stanley

Snap (NYSE:SNAP) had its price objective cut by equities research analysts at Morgan Stanley from $10.00 to $8.00 in a research note issued on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price target would indicate a potential upside of 1.20% from the stock’s current price.

A number of other equities research analysts have also recently commented on SNAP. BMO Capital Markets reiterated an “outperform” rating and issued a $16.00 price target (down from $18.00) on shares of Snap in a research note on Wednesday, January 15th. Bank of America lowered their price target on shares of Snap from $14.50 to $10.50 and set a “neutral” rating on the stock in a research report on Wednesday, April 9th. Wells Fargo & Company cut 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. UBS Group lowered their price objective on Snap from $14.00 to $9.00 and set a “neutral” rating for the company in a research report on Friday, April 11th. Finally, Susquehanna raised their price target on Snap from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, twenty-four have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $35.60.

Snap Stock Performance

Shares of SNAP traded up $0.17 on Thursday, reaching $7.91. The company’s stock had a trading volume of 15,119,046 shares, compared to its average volume of 28,181,102. The stock’s 50 day simple moving average is $9.31 and its two-hundred day simple moving average is $10.61. The stock has a market capitalization of $13.41 billion, a P/E ratio of -18.75 and a beta of 0.92. Snap has a 12-month low of $7.08 and a 12-month high of $17.33. The company has a debt-to-equity ratio of 1.47, a current ratio of 3.95 and a quick ratio of 3.95.

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

Insider Buying and Selling at Snap

In related news, General Counsel Michael J. O’sullivan sold 18,000 shares of Snap stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $11.49, for a total value of $206,820.00. Following the completion of the sale, the general counsel now directly owns 480,498 shares in the company, valued at $5,520,922.02. This trade represents a 3.61 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Rebecca Morrow sold 8,837 shares of Snap stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $10.84, for a total transaction of $95,793.08. Following the completion of the sale, the chief accounting officer now owns 429,892 shares in the company, valued at approximately $4,660,029.28. This trade represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,356,523 shares of company stock valued at $12,710,077 over the last 90 days. 22.68% of the stock is currently owned by corporate insiders.

Institutional Trading of Snap

A number of institutional investors have recently modified their holdings of the business. Brighton Jones LLC increased its stake in Snap by 13.6% during the first quarter. Brighton Jones LLC now owns 34,298 shares of the company’s stock worth $299,000 after acquiring an additional 4,115 shares during the last quarter. Exchange Traded Concepts LLC raised its holdings in shares of Snap by 2.2% during the first quarter. Exchange Traded Concepts LLC now owns 703,230 shares of the company’s stock valued at $6,125,000 after buying an additional 15,410 shares during the last quarter. Tobam raised its position in shares of Snap by 212.0% during the 1st quarter. Tobam now owns 201,729 shares of the company’s stock worth $1,757,000 after buying an additional 137,078 shares in the last quarter. Compagnie Lombard Odier SCmA boosted its stake in Snap by 62.6% during the first quarter. Compagnie Lombard Odier SCmA now owns 277,600 shares of the company’s stock valued at $2,418,000 after buying an additional 106,926 shares in the last quarter. Finally, Net Worth Advisory Group bought a new position in shares of Snap in the first quarter valued at $491,000. 47.52% of the stock is currently owned by hedge funds and other institutional investors.

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.