JPMorgan Chase & Co. Has Lowered Expectations for Snap (NYSE:SNAP) Stock Price

Snap (NYSE:SNAP) had its price objective reduced by stock analysts at JPMorgan Chase & Co. from $11.00 to $10.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential downside of 6.32% from the stock’s previous close.

Other research analysts have also issued research reports about the stock. Benchmark reissued a “hold” rating on shares of Snap in a research note on Friday, October 25th. Citigroup boosted their price target on shares of Snap from $13.00 to $13.50 and gave the company a “neutral” rating in a report on Wednesday. Evercore ISI upped their price objective on shares of Snap from $12.00 to $15.00 and gave the company an “in-line” rating in a research report on Wednesday, October 30th. Canaccord Genuity Group lifted their target price on Snap from $12.00 to $13.00 and gave the stock a “hold” rating in a report on Wednesday, October 30th. Finally, UBS Group increased their price target on Snap from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Snap has an average rating of “Hold” and a consensus target price of $36.87.

Snap Price Performance

Shares of SNAP stock opened at $10.68 on Wednesday. The firm’s 50 day moving average price is $11.51 and its two-hundred day moving average price is $10.89. The company has a debt-to-equity ratio of 1.63, a quick ratio of 4.04 and a current ratio of 4.04. Snap has a 52-week low of $8.29 and a 52-week high of $17.33. The stock has a market cap of $17.90 billion, a PE ratio of -18.40 and a beta of 0.99.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.13). Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. As a group, analysts forecast that Snap will post -0.39 EPS for the current year.

Insiders Place Their Bets

In related news, CAO Rebecca Morrow sold 2,812 shares of the firm’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $11.44, for a total value of $32,169.28. Following the transaction, the chief accounting officer now owns 430,252 shares in the company, valued at approximately $4,922,082.88. This trade represents a 0.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Derek Andersen sold 94,164 shares of Snap stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $11.44, for a total transaction of $1,077,236.16. Following the completion of the transaction, the chief financial officer now directly owns 2,193,806 shares in the company, valued at $25,097,140.64. This trade represents a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 445,184 shares of company stock worth $4,968,189 in the last quarter.

Hedge Funds Weigh In On Snap

Large investors have recently bought and sold shares of the company. TB Alternative Assets Ltd. raised its position in Snap by 105.6% during the 3rd quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock worth $85,406,000 after purchasing an additional 4,098,847 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Snap by 62.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,211,360 shares of the company’s stock valued at $66,462,000 after acquiring an additional 2,386,519 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Snap by 49.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,910,459 shares of the company’s stock valued at $41,842,000 after acquiring an additional 1,297,348 shares during the last quarter. Groupama Asset Managment bought a new position in Snap during the 3rd quarter worth approximately $13,032,000. Finally, Assenagon Asset Management S.A. raised its holdings in Snap by 51.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 3,086,741 shares of the company’s stock worth $33,244,000 after purchasing an additional 1,050,501 shares during the last quarter. 47.52% of the stock is currently owned by institutional investors.

Snap Company Profile

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.