JPMorgan Chase & Co. Lowers Snap (NYSE:SNAP) Price Target to $10.00

Snap (NYSE:SNAP) had its price target dropped by stock analysts at JPMorgan Chase & Co. from $11.00 to $10.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential downside of 6.32% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. Guggenheim restated a “buy” rating and issued a $12.11 price objective on shares of Snap in a research note on Tuesday, December 3rd. B. Riley boosted their price objective on Snap from $11.00 to $12.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Citigroup increased their price objective on Snap from $13.00 to $13.50 and gave the company a “neutral” rating in a research report on Wednesday. Loop Capital boosted their target price on Snap from $14.00 to $16.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $16.00 target price on shares of Snap in a report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, twenty-three have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $36.87.

Snap Stock Performance

Shares of SNAP opened at $10.68 on Wednesday. Snap has a one year low of $8.29 and a one year high of $17.33. The company has a market cap of $17.90 billion, a PE ratio of -18.40 and a beta of 0.99. The stock has a 50-day moving average of $11.51 and a 200-day moving average of $10.89. The company has a debt-to-equity ratio of 1.63, a current ratio of 4.04 and a quick ratio of 4.04.

Snap (NYSE:SNAP) last posted its earnings results on Tuesday, February 4th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.13). Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. On average, equities research analysts predict that Snap will post -0.39 EPS for the current fiscal year.

Insider Transactions at Snap

In related news, SVP Eric Young sold 112,020 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $10.55, for a total transaction of $1,181,811.00. Following the sale, the senior vice president now owns 2,791,048 shares of the company’s stock, valued at $29,445,556.40. This represents a 3.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Derek Andersen sold 94,164 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $11.44, for a total value of $1,077,236.16. Following the completion of the sale, the chief financial officer now directly owns 2,193,806 shares of the company’s stock, valued at $25,097,140.64. The trade was a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 445,184 shares of company stock valued at $4,968,189 over the last 90 days.

Institutional Trading of Snap

Several institutional investors and hedge funds have recently made changes to their positions in SNAP. Geode Capital Management LLC raised its holdings in shares of Snap by 5.2% in the third quarter. Geode Capital Management LLC now owns 11,697,455 shares of the company’s stock valued at $124,742,000 after acquiring an additional 575,324 shares in the last quarter. TB Alternative Assets Ltd. lifted its position in shares of Snap by 105.6% in the 3rd quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock worth $85,406,000 after purchasing an additional 4,098,847 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Snap by 6.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,601,172 shares of the company’s stock valued at $71,095,000 after purchasing an additional 389,812 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Snap by 49.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,910,459 shares of the company’s stock valued at $41,842,000 after buying an additional 1,297,348 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. raised its stake in Snap by 0.5% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,245,128 shares of the company’s stock worth $34,950,000 after buying an additional 15,294 shares in the last quarter. 47.52% of the stock is currently owned by 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.