Snap (NYSE:SNAP) Price Target Cut to $12.00

Snap (NYSE:SNAP) had its price target decreased by The Goldman Sachs Group from $16.00 to $12.00 in a report published on Friday, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

A number of other equities research analysts also recently commented on SNAP. Barclays cut their target price on shares of Snap from $17.00 to $16.00 and set an overweight rating for the company in a research report on Friday. HSBC cut shares of Snap from a buy rating to a hold rating in a research note on Friday. Morgan Stanley upgraded shares of Snap from an underweight rating to an equal weight rating and lifted their price target for the stock from $12.00 to $16.00 in a research note on Tuesday, July 23rd. Wells Fargo & Company lifted their price target on shares of Snap from $16.00 to $18.00 and gave the stock an overweight rating in a research note on Friday, April 26th. Finally, Stifel Nicolaus lifted their price target on shares of Snap from $12.00 to $13.00 and gave the stock a hold rating in a research note on Friday, April 26th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Snap presently has a consensus rating of Hold and an average price target of $14.23.

Snap Stock Performance

NYSE:SNAP traded down $0.17 during trading hours on Friday, reaching $8.54. The company had a trading volume of 30,223,744 shares, compared to its average volume of 28,183,365. The company has a current ratio of 3.76, a quick ratio of 3.76 and a debt-to-equity ratio of 1.55. Snap has a 52 week low of $8.28 and a 52 week high of $17.90. The firm has a market cap of $14.01 billion, a price-to-earnings ratio of -10.72 and a beta of 1.03. The firm’s 50 day moving average price is $15.21 and its 200-day moving average price is $13.83.

Insider Transactions at Snap

In other news, General Counsel Michael J. O’sullivan sold 18,000 shares of the business’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $13.28, for a total value of $239,040.00. Following the sale, the general counsel now directly owns 463,908 shares in the company, valued at approximately $6,160,698.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, SVP Eric Young sold 115,915 shares of the company’s stock in a transaction dated Thursday, May 16th. The shares were 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 approximately $52,386,172.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $13.28, for a total transaction of $239,040.00. Following the transaction, the general counsel now owns 463,908 shares in the company, valued at $6,160,698.24. The disclosure for this sale can be found here. Insiders have sold a total of 225,078 shares of company stock worth $3,518,129 in the last three months. Insiders own 22.68% of the company’s stock.

Hedge Funds Weigh In On Snap

Several hedge funds have recently added to or reduced their stakes in SNAP. SRS Investment Management LLC boosted its position in 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 buying an additional 12,452,415 shares during the period. Carmignac Gestion purchased a new stake in Snap in the 4th quarter valued at about $110,103,000. Contrarius Investment Management Ltd purchased a new stake in Snap in the 4th quarter valued at about $80,644,000. Vanguard Group Inc. boosted its position in Snap by 3.8% in the 4th quarter. Vanguard Group Inc. now owns 95,317,701 shares of the company’s stock valued at $1,613,729,000 after buying an additional 3,503,230 shares during the period. Finally, TB Alternative Assets Ltd. boosted its position in Snap by 144.5% in the 1st quarter. TB Alternative Assets Ltd. now owns 5,094,800 shares of the company’s stock valued at $58,488,000 after buying an additional 3,011,400 shares during the period. 47.52% of the stock is currently owned by institutional investors.

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.