Snap (NYSE:SNAP) Price Target Cut to $13.00 by Analysts at Bank of America

Snap (NYSE:SNAP) had its price objective cut by Bank of America from $16.00 to $13.00 in a research report sent to investors on Friday morning, Benzinga reports. They currently have a neutral rating on the stock.

SNAP has been the topic of several other research reports. Raymond James reiterated an outperform rating and set a $16.00 target price (up previously from $15.00) on shares of Snap in a research report on Friday, April 26th. Benchmark reiterated a hold rating on shares of Snap in a research report on Tuesday. Stifel Nicolaus boosted their target price on Snap from $12.00 to $13.00 and gave the stock a hold rating in a research report on Friday, April 26th. Susquehanna dropped their target price on Snap from $15.00 to $12.00 and set a neutral rating on the stock in a research report on Friday. Finally, Evercore ISI boosted their target price on Snap from $13.00 to $14.00 and gave the stock an in-line rating in a research report on Friday, April 26th. One equities research analyst has rated the stock with a sell rating, eighteen have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Hold and a consensus target price of $14.23.

Snap Stock Performance

Shares of Snap stock traded down $3.45 on Friday, hitting $9.36. The stock had a trading volume of 124,970,577 shares, compared to its average volume of 21,240,702. Snap has a 52-week low of $8.28 and a 52-week high of $17.90. The company has a current ratio of 3.76, a quick ratio of 3.76 and a debt-to-equity ratio of 1.55. The stock has a market cap of $15.36 billion, a price-to-earnings ratio of -11.56 and a beta of 1.03. The company’s 50 day moving average price is $15.21 and its 200 day moving average price is $13.86.

Insiders Place Their Bets

In other Snap news, General Counsel Michael J. O’sullivan sold 18,000 shares of the firm’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $13.28, for a total transaction of $239,040.00. Following the completion of the transaction, the general counsel now owns 463,908 shares of the company’s stock, valued at $6,160,698.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Rebecca Morrow sold 8,913 shares of the firm’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $15.91, for a total transaction of $141,805.83. Following the sale, the chief accounting officer now owns 483,743 shares in the company, valued at $7,696,351.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of the firm’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $13.28, for a total value of $239,040.00. Following the sale, the general counsel now owns 463,908 shares in the company, valued at approximately $6,160,698.24. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 225,078 shares of company stock valued at $3,518,129. Corporate insiders own 22.68% of the company’s stock.

Institutional Investors Weigh In On Snap

Several hedge funds have recently made changes to their positions in SNAP. NBC Securities Inc. boosted its holdings in shares of Snap by 2,580.4% during the fourth quarter. NBC Securities Inc. now owns 1,501 shares of the company’s stock worth $25,000 after purchasing an additional 1,445 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of Snap by 354.1% during the second quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock worth $36,000 after purchasing an additional 1,682 shares during the last quarter. Rothschild Investment LLC acquired a new position in Snap in the second quarter valued at $40,000. J.Safra Asset Management Corp boosted its holdings in Snap by 534.4% in the second quarter. J.Safra Asset Management Corp now owns 2,766 shares of the company’s stock valued at $46,000 after acquiring an additional 2,330 shares during the last quarter. Finally, Allworth Financial LP boosted its holdings in Snap by 161.6% in the fourth quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock valued at $47,000 after acquiring an additional 1,708 shares during the last quarter. Institutional investors and hedge funds own 47.52% of the company’s stock.

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.