Wells Fargo & Company Lowers Snap (NYSE:SNAP) Price Target to $6.00

Snap (NYSE:SNAP) had its target price reduced by equities researchers at Wells Fargo & Company from $8.00 to $6.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 26.45% from the company’s previous close.

Several other equities research analysts have also commented on SNAP. Sanford C. Bernstein reissued a “market perform” rating and set a $8.00 price objective on shares of Snap in a research note on Thursday, February 5th. Weiss Ratings reissued a “sell (e+)” rating on shares of Snap in a research note on Wednesday, January 21st. Citigroup dropped their price objective on shares of Snap from $10.00 to $6.00 and set a “neutral” rating on the stock in a research note on Thursday, February 12th. UBS Group reissued a “buy” rating on shares of Snap in a research note on Monday, February 23rd. Finally, Morgan Stanley dropped their price objective on shares of Snap from $9.50 to $6.50 and set an “equal weight” rating on the stock in a research note on Sunday, February 22nd. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $8.09.

Snap Stock Up 0.7%

SNAP traded up $0.04 on Tuesday, hitting $4.75. The company had a trading volume of 4,850,375 shares, compared to its average volume of 51,728,426. The company has a debt-to-equity ratio of 1.53, a current ratio of 3.56 and a quick ratio of 3.56. Snap has a 52-week low of $3.81 and a 52-week high of $10.41. The stock has a fifty day simple moving average of $5.11 and a 200-day simple moving average of $6.94. The firm has a market capitalization of $8.01 billion, a P/E ratio of -17.54 and a beta of 0.91.

Snap (NYSE:SNAP) last issued its quarterly earnings data on Wednesday, February 4th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.12). Snap had a negative return on equity of 20.72% and a negative net margin of 7.76%.The company had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.70 billion. During the same quarter last year, the business earned $0.01 earnings per share. The business’s quarterly revenue was up 10.2% on a year-over-year basis. As a group, equities analysts expect that Snap will post -0.3 EPS for the current fiscal year.

Insider Activity

In other Snap news, CFO Derek Andersen sold 92,956 shares of Snap stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $4.59, for a total value of $426,668.04. Following the completion of the transaction, the chief financial officer directly owned 3,799,661 shares of the company’s stock, valued at approximately $17,440,443.99. The trade was a 2.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Zachary M. Briers sold 134,705 shares of Snap stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $4.70, for a total transaction of $633,113.50. Following the completion of the transaction, the general counsel directly owned 2,854,088 shares of the company’s stock, valued at $13,414,213.60. This trade represents a 4.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 2,570,641 shares of company stock valued at $13,436,343 over the last ninety days. 22.68% of the stock is currently owned by corporate insiders.

Institutional Trading of Snap

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Allworth Financial LP increased its holdings in Snap by 92.3% during the third quarter. Allworth Financial LP now owns 3,293 shares of the company’s stock valued at $25,000 after buying an additional 1,581 shares during the last quarter. Oak Harvest Investment Services purchased a new stake in Snap during the fourth quarter valued at approximately $26,000. Arax Advisory Partners increased its holdings in Snap by 220.0% during the fourth quarter. Arax Advisory Partners now owns 3,309 shares of the company’s stock valued at $27,000 after buying an additional 2,275 shares during the last quarter. V Square Quantitative Management LLC purchased a new stake in Snap during the fourth quarter valued at approximately $29,000. Finally, EverSource Wealth Advisors LLC increased its holdings in Snap by 561.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 3,618 shares of the company’s stock valued at $29,000 after buying an additional 3,071 shares during the last quarter. 47.52% of the stock is owned by hedge funds and other institutional investors.

Snap Company Profile

Snap Inc is a camera and social media company best known for developing and operating Snapchat, a multimedia messaging application that allows users to send photos, videos and messages that disappear after being viewed. In addition to its core messaging service, Snap offers a suite of augmented reality (AR) tools, including custom Lenses and Filters, that enable users and third-party developers to create interactive and immersive experiences. The company also provides advertising solutions that allow brands to engage audiences through Snap Ads, Sponsored Lenses and Discover content on the platform.

Founded in 2011 by Evan Spiegel and Bobby Murphy, Snap has continually focused on innovation in camera technology and AR.