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

Snap (NYSE:SNAP)‘s stock had its “neutral” rating restated by equities research analysts at Piper Sandler in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $13.00 price target on the stock, up from their prior price target of $12.00. Piper Sandler’s price objective suggests a potential upside of 6.91% from the company’s previous close.

A number of other research firms also recently commented on SNAP. Bank of America lowered their target price on Snap from $16.00 to $13.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Cantor Fitzgerald reissued a “neutral” rating and issued a $8.00 price objective on shares of Snap in a research note on Monday, October 7th. Wolfe Research began coverage on shares of Snap in a research report on Tuesday, July 16th. They set a “peer perform” rating on the stock. The Goldman Sachs Group dropped their price target on Snap from $16.00 to $12.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Finally, Roth Mkm restated a “neutral” rating and set a $14.00 price objective on shares of Snap in a research report on Wednesday, September 18th. One analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $14.25.

Snap Stock Performance

Shares of SNAP stock opened at $12.16 on Wednesday. The company’s fifty day simple moving average is $10.06 and its two-hundred day simple moving average is $12.69. The company has a current ratio of 3.98, a quick ratio of 3.98 and a debt-to-equity ratio of 1.74. Snap has a 52 week low of $8.29 and a 52 week high of $17.90.

Snap (NYSE:SNAP) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.02. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.25 billion. Snap had a negative return on equity of 35.63% and a negative net margin of 18.49%. As a group, research analysts predict that Snap will post -0.47 EPS for the current year.

Insider Activity at Snap

In other Snap news, CTO Robert C. Murphy sold 1,000,000 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $8.69, for a total transaction of $8,690,000.00. Following the transaction, the chief technology officer now directly owns 58,553,813 shares in the company, valued at $508,832,634.97. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Rebecca Morrow sold 8,923 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $9.10, for a total value of $81,199.30. Following the completion of the transaction, the chief accounting officer now directly owns 472,405 shares of the company’s stock, valued at approximately $4,298,885.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Robert C. Murphy sold 1,000,000 shares of Snap stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $8.69, for a total value of $8,690,000.00. Following the completion of the transaction, the chief technology officer now owns 58,553,813 shares in the company, valued at $508,832,634.97. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,490,617 shares of company stock worth $13,183,890 over the last three months. 22.68% of the stock is owned by corporate insiders.

Institutional Trading of Snap

A number of institutional investors have recently modified their holdings of the company. GraniteShares Advisors LLC raised its stake in shares of Snap by 2.5% during the 2nd quarter. GraniteShares Advisors LLC now owns 38,154 shares of the company’s stock worth $634,000 after acquiring an additional 941 shares in the last quarter. Charles Schwab Investment Advisory Inc. increased its position in shares of Snap by 2.7% during the first quarter. Charles Schwab Investment Advisory Inc. now owns 35,807 shares of the company’s stock worth $411,000 after purchasing an additional 956 shares in the last quarter. Concurrent Investment Advisors LLC lifted its holdings in shares of Snap by 4.0% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 26,998 shares of the company’s stock valued at $448,000 after purchasing an additional 1,048 shares during the last quarter. DMC Group LLC lifted its holdings in shares of Snap by 10.5% during the 2nd quarter. DMC Group LLC now owns 15,583 shares of the company’s stock valued at $259,000 after purchasing an additional 1,477 shares during the last quarter. Finally, Blue Trust Inc. boosted its position 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 purchasing an additional 1,682 shares in the last quarter. 47.52% of the stock is currently owned by institutional investors.

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.