Snap (NYSE:SNAP) Shares Gap Down Following Analyst Downgrade

Snap Inc. (NYSE:SNAP)’s stock price gapped down prior to trading on Friday after Truist Financial lowered their price target on the stock from $16.00 to $13.00. The stock had previously closed at $12.81, but opened at $10.14. Truist Financial currently has a hold rating on the stock. Snap shares last traded at $10.00, with a volume of 13,492,017 shares changing hands.

A number of other research analysts also recently issued reports on the stock. Raymond James reaffirmed an “outperform” rating and issued a $16.00 price objective (up previously from $15.00) on shares of Snap in a research report on Friday, April 26th. Canaccord Genuity Group lifted their price objective on shares of Snap from $14.00 to $15.00 and gave the company a “hold” rating in a research note on Friday, April 26th. Rosenblatt Securities boosted their target price on shares of Snap from $12.00 to $14.00 and gave the company a “neutral” rating in a research report on Friday, April 26th. Wolfe Research assumed coverage on Snap in a research report on Tuesday, July 16th. They set a “peer perform” rating on the stock. Finally, The Goldman Sachs Group boosted their price objective on Snap from $13.50 to $16.00 and gave the company a “neutral” rating in a report on Friday, April 26th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $14.93.

Insider Buying and Selling at Snap

In other news, CFO Derek Andersen sold 26,682 shares of the business’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $15.72, for a total transaction of $419,441.04. Following the transaction, the chief financial officer now owns 2,508,007 shares of the company’s stock, valued at approximately $39,425,870.04. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Snap news, General Counsel Michael J. O’sullivan sold 12,695 shares of Snap stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $15.91, for a total value of $201,977.45. Following the sale, the general counsel now owns 1,460,617 shares in the company, valued at $23,238,416.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Derek Andersen sold 26,682 shares of the stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $15.72, for a total value of $419,441.04. Following the transaction, the chief financial officer now owns 2,508,007 shares of the company’s stock, valued at $39,425,870.04. The disclosure for this sale can be found here. Insiders sold a total of 207,078 shares of company stock worth $3,279,089 in the last three months. 22.68% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. NBC Securities Inc. increased its position 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 valued at $25,000 after acquiring an additional 1,445 shares during the last quarter. Blue Trust Inc. boosted its position in shares of Snap by 354.1% during the 2nd 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 period. Rothschild Investment LLC acquired a new stake in Snap in the 2nd quarter valued at approximately $40,000. J.Safra Asset Management Corp raised its position 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 purchasing an additional 2,330 shares during the period. Finally, Allworth Financial LP lifted its stake in Snap by 161.6% during the fourth quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock worth $47,000 after purchasing an additional 1,708 shares in the last quarter. Institutional investors and hedge funds own 47.52% of the company’s stock.

Snap Stock Performance

The company has a quick ratio of 3.76, a current ratio of 3.76 and a debt-to-equity ratio of 1.55. The firm has a 50-day moving average price of $15.33 and a 200 day moving average price of $13.91. The firm has a market capitalization of $16.41 billion, a PE ratio of -12.51 and a beta of 1.03.

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.