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

Snap (NYSE:SNAP) had its price objective lowered by analysts at Wells Fargo & Company from $15.00 to $14.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 29.63% from the company’s previous close.

Several other research analysts have also recently issued reports on SNAP. Argus upgraded shares of Snap to a “hold” rating in a report on Thursday, August 8th. Morgan Stanley upgraded shares of Snap from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $12.00 to $16.00 in a research report on Tuesday, July 23rd. Wolfe Research started coverage on shares of Snap in a report on Tuesday, July 16th. They set a “peer perform” rating for the company. Truist Financial cut their target price on Snap from $16.00 to $13.00 and set a “hold” rating on the stock in a research note on Friday, August 2nd. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $8.00 price target on shares of Snap in a research report on Monday, September 30th. One research analyst has rated the stock with a sell rating, twenty-four have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $13.85.

Snap Stock Performance

Snap stock opened at $10.80 on Friday. The firm has a fifty day simple moving average of $9.80 and a two-hundred day simple moving average of $12.75. The company has a quick ratio of 3.98, a current ratio of 3.98 and a debt-to-equity ratio of 1.74. Snap has a twelve month low of $8.29 and a twelve month high of $17.90. The company has a market capitalization of $17.72 billion, a PE ratio of -13.33 and a beta of 1.01.

Snap (NYSE:SNAP) last released its earnings results on Thursday, August 1st. The company reported ($0.13) earnings per share for the quarter, beating 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 company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.25 billion. Research analysts expect that Snap will post -0.47 EPS for the current year.

Insiders Place Their Bets

In related news, CTO Robert C. Murphy sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $8.69, for a total transaction of $8,690,000.00. Following the completion of the sale, the chief technology officer now owns 58,553,813 shares of the company’s stock, valued at $508,832,634.97. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CTO Robert C. Murphy sold 1,000,000 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $8.69, for a total transaction of $8,690,000.00. Following the sale, the chief technology officer now directly owns 58,553,813 shares of the company’s stock, valued at $508,832,634.97. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of Snap stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $13.28, for a total value of $239,040.00. Following the completion of the sale, the general counsel now owns 463,908 shares of the company’s stock, valued at $6,160,698.24. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety 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

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of Nova Scotia bought a new position in Snap in the fourth quarter valued at about $381,000. Public Employees Retirement Association of Colorado lifted its stake in shares of Snap by 92.3% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 121,368 shares of the company’s stock worth $2,055,000 after purchasing an additional 58,250 shares during the period. Prudential PLC boosted its holdings in shares of Snap by 35.4% in the fourth quarter. Prudential PLC now owns 43,034 shares of the company’s stock worth $729,000 after buying an additional 11,244 shares during the last quarter. Soviero Asset Management LP bought a new stake in Snap during the fourth quarter valued at approximately $2,032,000. Finally, Alta Park Capital LP purchased a new stake in Snap during the fourth quarter valued at approximately $13,845,000. 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.