Citigroup Trims Snap (NYSE:SNAP) Target Price to $11.00

Snap (NYSE:SNAP) had its price target reduced by Citigroup from $16.00 to $11.00 in a report published on Monday, Benzinga reports. They currently have a neutral rating on the stock.

SNAP has been the topic of a number of other reports. Benchmark reiterated a hold rating on shares of Snap in a report on Tuesday, August 6th. UBS Group reduced their target price on shares of Snap from $14.00 to $13.00 and set a neutral rating on the stock in a report on Tuesday, April 16th. Canaccord Genuity Group boosted their target price on shares of Snap from $14.00 to $15.00 and gave the stock a hold rating in a report on Friday, April 26th. Morgan Stanley upgraded shares of Snap from an underweight rating to an equal weight rating and boosted their target price for the stock from $12.00 to $16.00 in a report on Tuesday, July 23rd. Finally, Wolfe Research started coverage on shares of Snap in a report on Tuesday, July 16th. They issued a peer perform rating on the stock. One investment analyst has rated the stock with a sell rating, twenty-one have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Hold and a consensus target price of $14.10.

Snap Stock Performance

Shares of NYSE SNAP opened at $9.03 on Monday. The company has a debt-to-equity ratio of 1.74, a quick ratio of 3.98 and a current ratio of 3.98. The company has a market cap of $14.99 billion, a P/E ratio of -11.15 and a beta of 1.03. The firm’s fifty day moving average is $14.21 and its two-hundred day moving average is $13.43. Snap has a 52-week low of $8.28 and a 52-week high of $17.90.

Insider Buying and Selling at Snap

In other Snap news, CTO Robert C. Murphy sold 1,000,000 shares of the business’s 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 sale, the chief technology officer now directly owns 58,553,813 shares of the company’s stock, valued at approximately $508,832,634.97. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Snap news, CTO Robert C. Murphy sold 1,000,000 shares of the business’s 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 sale, the chief technology officer now directly owns 58,553,813 shares of the company’s stock, valued at approximately $508,832,634.97. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of the business’s stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $15.01, for a total transaction of $270,180.00. Following the completion of the sale, the general counsel now directly owns 449,383 shares of the company’s stock, valued at $6,745,238.83. The disclosure for this sale can be found here. Insiders sold a total of 1,210,873 shares of company stock valued at $10,928,197 in the last three months. Company insiders own 22.68% of the company’s stock.

Institutional Investors Weigh In On Snap

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Snap by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 96,148,590 shares of the company’s stock valued at $1,103,786,000 after purchasing an additional 830,889 shares in the last quarter. SRS Investment Management LLC raised its holdings in shares of Snap by 23.6% in the 4th quarter. SRS Investment Management LLC now owns 65,114,732 shares of the company’s stock valued at $1,102,392,000 after purchasing an additional 12,452,415 shares in the last quarter. Capital World Investors raised its holdings in shares of Snap by 0.8% in the 1st quarter. Capital World Investors now owns 46,272,273 shares of the company’s stock valued at $531,206,000 after purchasing an additional 385,191 shares in the last quarter. Marshall Wace LLP raised its holdings in shares of Snap by 587.3% in the 2nd quarter. Marshall Wace LLP now owns 14,667,597 shares of the company’s stock valued at $243,629,000 after purchasing an additional 12,533,653 shares in the last quarter. Finally, Ossiam raised its holdings in shares of Snap by 7.1% in the 1st quarter. Ossiam now owns 11,334,804 shares of the company’s stock valued at $130,124,000 after purchasing an additional 751,846 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.