KeyCorp cuts Snap (NYSE:SNAP) target price to $25.00


Snap (NYSE:SNAP – Get a Note) had its price target lowered by KeyCorp stock research analysts from $27.00 to $25.00 in a research note released Thursday, Stock Target Advisor reports. The brokerage currently has an “overweight” rating on the stock. KeyCorp’s price target indicates a potential upside of 151.00% from the stock’s previous close.

A number of other research companies have also recently commented on SNAP. Canaccord Genuity Group cut its target price on Snap shares from $46.00 to $40.00 and set a “holding” rating for the company in a Friday, April 22 research report. Goldman Sachs Group cut its price target on Snap shares from $60.00 to $25.00 and set a “buy” rating for the company in a Thursday, June 9 research report. Susquehanna cut its price target on Snap shares from $34.00 to $14.00 in a Wednesday, May 25 research report. Guggenheim cut its price target on Snap shares from $35.00 to $18.00 in a Wednesday, June 22 research report. Finally, Piper Sandler downgraded Snap shares from an “overweight” rating to a “neutral” rating and lowered her price target for the company from $30.00 to $18.00 in a Thursday research report June 2. Two investment analysts gave the stock a sell rating, twenty gave the company a hold rating and sixteen gave the company a buy rating. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $22.78.

Snap Trading down 39.1%

NYSE:SNAP opened at $9.96 on Thursday. The company has a current ratio of 7.19, a quick ratio of 7.19 and a debt ratio of 1.05. Snap has a 12-month low of $9.91 and a 12-month high of $83.34. The company has a market capitalization of $16.30 billion, a PE ratio of -27.67 and a beta of 1.20. The company has a 50-day simple moving average of $15.02 and a two-hundred-day simple moving average of $27.52.

Snap (NYSE:SNAP – Get Rating) last released its results on Thursday, April 21. The company reported ($0.02) EPS for the quarter, missing analyst consensus estimates of $0.01 per ($0.03). Snap had a negative return on equity of 16.37% and a negative net margin of 12.71%. The company posted revenue of $1.06 billion in the quarter, versus a consensus estimate of $1.07 billion. During the same period last year, the company posted EPS ($0.19). The company’s revenue for the quarter increased 38.1% year over year. Research analysts forecast Snap to post -0.56 earnings per share for the current year.

Insider activity

In other news, CTO Robert C. Murphy sold 900,000 shares of the company in a trade dated Monday, April 25. The shares were sold at an average price of $29.55, for a total transaction of $26,595,000.00. Following the sale, the CTO now directly owns 75,110,002 shares of the company, valued at approximately $2,219,500,559.10. The sale was disclosed in a filing with the Securities & Exchange Commission, accessible via this link. Separately, CTO Robert C. Murphy sold 900,000 shares of the company in a trade dated Monday, April 25. The shares were sold at an average price of $29.55, for a total transaction of $26,595,000.00. Following the transaction, the CTO now directly owns 75,110,002 shares of the company, valued at approximately $2,219,500,559.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, accessible via the SEC’s website. Additionally, Chief Financial Officer Derek Andersen sold 26,093 shares of the company in a trade dated Monday, May 16. The shares were sold at an average price of $23.87, for a total transaction of $622,839.91. Following the transaction, the CFO now owns 1,145,223 shares of the company, valued at $27,336,473.01. The disclosure of this sale can be found here. In the past three months, insiders have sold 1,520,386 shares of the company worth $41,751,856.

Hedge funds weigh on Snap

Several hedge funds have recently increased or reduced their stakes in SNAP. AdvisorNet Financial Inc increased its holdings in Snap by 198.7% in Q1. AdvisorNet Financial Inc. now owns 708 shares of the company valued at $25,000 after buying 471 additional shares in the last quarter. FNY Investment Advisers LLC bought a new position in Snap in Q1 worth around $27,000. GHP Investment Advisors Inc. bought a new position in Snap in Q1 worth around $28,000. Manchester Capital Management LLC increased its stake in Snap by 64.7% in Q4. Manchester Capital Management LLC now owns 621 shares of the company worth $29,000 after acquiring 244 additional shares in the last quarter. Finally, Meeder Asset Management Inc. increased its stake in Snap by 1,189.2% in the 1st quarter. Meeder Asset Management Inc. now owns 838 shares of the company worth $30,000 after acquiring 773 additional shares in the last quarter. 53.88% of the shares are currently held by institutional investors.

Snap Company Profile

(Get a rating)

Snap Inc operates as a camera company in North America, Europe and internationally. The company offers Snapchat, a camera app with various features, such as Camera, Communication, Snap Map, Stories, and Spotlight that allow people to communicate visually through short videos and images.

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Richard L. Militello