Snap (NYSE:SNAP) PT Lowered to $13.00 at Truist Financial

Snap (NYSE:SNAP) had its price objective cut by Truist Financial from $16.00 to $13.00 in a report issued on Friday morning, Benzinga reports. They currently have a hold rating on the stock.

SNAP has been the subject of several other reports. Canaccord Genuity Group lifted their price objective on Snap from $14.00 to $15.00 and gave the stock a hold rating in a report on Friday, April 26th. Morgan Stanley raised Snap from an underweight rating to an equal weight rating and boosted their price target for the company from $12.00 to $16.00 in a research report on Tuesday, July 23rd. Stifel Nicolaus boosted their price objective on Snap from $12.00 to $13.00 and gave the stock a hold rating in a research note on Friday, April 26th. Wells Fargo & Company boosted their price target on Snap from $16.00 to $18.00 and gave the stock an overweight rating in a research note on Friday, April 26th. Finally, Rosenblatt Securities boosted their price target on Snap from $12.00 to $14.00 and gave the stock a neutral rating in a research note on Friday, April 26th. One investment analyst has rated the stock with a sell rating, eighteen have issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Snap presently has an average rating of Hold and an average price target of $14.23.

Snap Stock Performance

Shares of Snap stock traded down $0.67 on Friday, reaching $8.69. 34,327,609 shares of the stock were exchanged, compared to its average volume of 28,053,805. Snap has a 1-year low of $8.28 and a 1-year 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 business has a fifty day moving average price of $15.21 and a two-hundred day moving average price of $13.83. The firm has a market capitalization of $14.26 billion, a PE ratio of -10.90 and a beta of 1.03.

Insider Transactions at Snap

In other Snap news, SVP Eric Young sold 115,915 shares of the firm’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $15.91, for a total transaction of $1,844,207.65. Following the transaction, the senior vice president now directly owns 3,292,657 shares in the company, valued at $52,386,172.87. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Snap news, Director Joanna Coles sold 3,950 shares of Snap stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $15.17, for a total transaction of $59,921.50. Following the sale, the director now directly owns 46,492 shares of the company’s stock, valued at $705,283.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Eric Young sold 115,915 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $15.91, for a total value of $1,844,207.65. Following the completion of the transaction, the senior vice president now directly owns 3,292,657 shares in the company, valued at $52,386,172.87. The disclosure for this sale can be found here. Insiders sold a total of 225,078 shares of company stock valued at $3,518,129 in the last three months. 22.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SNAP. NBC Securities Inc. raised its position in shares of Snap by 2,580.4% during the 4th quarter. NBC Securities Inc. now owns 1,501 shares of the company’s stock valued at $25,000 after acquiring an additional 1,445 shares during the last quarter. Blue Trust Inc. increased 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 valued at $36,000 after buying an additional 1,682 shares in the last quarter. Rothschild Investment LLC bought a new stake in shares of Snap in the 2nd quarter valued at $40,000. J.Safra Asset Management Corp increased its position in shares of Snap by 534.4% in the 2nd quarter. J.Safra Asset Management Corp now owns 2,766 shares of the company’s stock valued at $46,000 after buying an additional 2,330 shares in the last quarter. Finally, Allworth Financial LP increased its position in shares of Snap by 161.6% in the 4th quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock valued at $47,000 after buying an additional 1,708 shares in the last quarter. Institutional investors own 47.52% of the company’s stock.

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.