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

Snap (NYSE:SNAP) had its target price trimmed by Wells Fargo & Company from $15.00 to $14.00 in a report released on Friday morning, Benzinga reports. They currently have an overweight rating on the stock.

SNAP has been the subject of a number of other research reports. The Goldman Sachs Group reduced their target price on shares of Snap from $16.00 to $12.00 and set a neutral rating for the company in a research report on Friday, August 2nd. Truist Financial lowered their target price on shares of Snap from $16.00 to $13.00 and set a hold rating on the stock in a report on Friday, August 2nd. B. Riley assumed coverage on Snap in a research note on Friday, September 20th. They issued a neutral rating and a $11.00 price target for the company. Bank of America lowered their price objective on Snap from $16.00 to $13.00 and set a neutral rating on the stock in a research note on Friday, August 2nd. Finally, Barclays cut their target price on Snap from $17.00 to $16.00 and set an overweight rating for the company in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, twenty-four have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Snap presently has a consensus rating of Hold and a consensus target price of $13.85.

Snap Stock Performance

Shares of SNAP stock opened at $10.80 on Friday. Snap has a 52 week low of $8.29 and a 52 week high of $17.90. The company has a market capitalization of $17.72 billion, a price-to-earnings ratio of -13.33 and a beta of 1.01. The company has a 50-day simple moving average of $9.80 and a 200 day simple moving average of $12.76. The company has a debt-to-equity ratio of 1.74, a quick ratio of 3.98 and a current ratio of 3.98.

Snap (NYSE:SNAP) last posted its earnings results on Thursday, August 1st. The company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.02. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.25 billion. Snap had a negative return on equity of 42.84% and a negative net margin of 23.49%. On average, sell-side analysts predict that Snap will post -0.47 earnings per share for the current year.

Insider Activity

In other news, CFO Derek Andersen sold 97,608 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $9.29, for a total transaction of $906,778.32. Following the sale, the chief financial officer now directly owns 2,287,970 shares in the company, valued at approximately $21,255,241.30. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO Derek Andersen sold 97,608 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $9.29, for a total value of $906,778.32. Following the sale, the chief financial officer now owns 2,287,970 shares of the company’s stock, valued at $21,255,241.30. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of the firm’s 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 transaction, the general counsel now directly owns 489,058 shares of the company’s stock, valued at approximately $5,286,716.98. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,511,540 shares of company stock valued at $13,466,406. 22.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. APG Asset Management N.V. raised its stake in Snap by 3.9% during the second quarter. APG Asset Management N.V. now owns 2,957,491 shares of the company’s stock worth $45,835,000 after buying an additional 112,135 shares during the last quarter. V Square Quantitative Management LLC raised its position in shares of Snap by 72.7% in the 4th quarter. V Square Quantitative Management LLC now owns 11,119 shares of the company’s stock worth $188,000 after acquiring an additional 4,679 shares in the last quarter. Alta Park Capital LP bought a new position in shares of Snap in the 4th quarter worth about $13,845,000. Quadrature Capital Ltd acquired a new position in shares of Snap in the 1st quarter valued at about $3,233,000. Finally, Marshall Wace LLP boosted its position in shares of Snap by 587.3% during the 2nd quarter. Marshall Wace LLP now owns 14,667,597 shares of the company’s stock valued at $243,629,000 after purchasing an additional 12,533,653 shares in the last quarter. Institutional investors own 47.52% of the company’s stock.

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.