Wells Fargo & Company Lowers Snap (NYSE:SNAP) Price Target to $14.00

Snap (NYSE:SNAP) had its price target cut by stock analysts at Wells Fargo & Company from $15.00 to $14.00 in a research note issued on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 30.84% from the stock’s previous close.

Other research analysts have also recently issued reports about the company. Argus raised Snap to a “hold” rating in a report on Thursday, August 8th. Citigroup dropped their target price on shares of Snap from $16.00 to $11.00 and set a “neutral” rating for the company in a research note on Monday, August 12th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $14.00 price target on shares of Snap in a report on Wednesday, September 18th. Hsbc Global Res downgraded Snap from a “strong-buy” rating to a “hold” rating in a report on Friday, August 2nd. Finally, Morgan Stanley upgraded Snap from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $12.00 to $16.00 in a report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, twenty-four have issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $13.85.

Snap Price Performance

SNAP stock traded down $0.04 during trading on Friday, hitting $10.70. 1,169,233 shares of the stock traded hands, compared to its average volume of 27,309,271. The company has a current ratio of 3.98, a quick ratio of 3.98 and a debt-to-equity ratio of 1.74. The stock has a market cap of $17.56 billion, a price-to-earnings ratio of -13.11 and a beta of 1.00. Snap has a one year low of $8.29 and a one year high of $17.90. The company has a 50 day simple moving average of $9.85 and a 200 day simple moving average of $12.74.

Snap (NYSE:SNAP) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.02. Snap had a negative return on equity of 42.84% and a negative net margin of 23.49%. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.25 billion. Equities analysts expect that Snap will post -0.47 EPS for the current fiscal year.

Insider Activity

In other Snap news, General Counsel Michael J. O’sullivan sold 18,000 shares of the company’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $10.81, for a total value of $194,580.00. Following the sale, the general counsel now owns 489,058 shares in the company, valued at approximately $5,286,716.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CFO Derek Andersen sold 97,608 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $9.29, for a total value of $906,778.32. Following the completion of the sale, the chief financial officer now directly owns 2,287,970 shares in the company, valued at approximately $21,255,241.30. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of the stock in a transaction on Monday, September 30th. The stock was sold at an average price of $10.81, for a total value of $194,580.00. Following the completion of the transaction, the general counsel now owns 489,058 shares in the company, valued at $5,286,716.98. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,511,540 shares of company stock valued at $13,466,406. Insiders own 22.68% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SNAP. Vanguard Group Inc. boosted its position in shares of Snap by 0.9% during the first quarter. Vanguard Group Inc. now owns 96,148,590 shares of the company’s stock valued at $1,103,786,000 after buying an additional 830,889 shares during the last quarter. SRS Investment Management LLC boosted its holdings in Snap by 23.6% during the fourth quarter. SRS Investment Management LLC now owns 65,114,732 shares of the company’s stock worth $1,102,392,000 after purchasing an additional 12,452,415 shares during the last quarter. Capital World Investors increased its stake in 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 buying an additional 385,191 shares during the last quarter. Marshall Wace LLP boosted its stake 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 worth $243,629,000 after buying an additional 12,533,653 shares during the last quarter. Finally, Ossiam grew its holdings in shares of Snap by 7.1% in the first quarter. Ossiam now owns 11,334,804 shares of the company’s stock valued at $130,124,000 after acquiring an additional 751,846 shares in the last quarter. Institutional investors and hedge funds own 47.52% of the company’s stock.

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.