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

Snap (NYSE:SNAPGet Free Report) had its price target cut by research analysts at Wells Fargo & Company from $15.00 to $14.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 29.63% from the stock’s current price.

Several other brokerages also recently commented on SNAP. Morgan Stanley raised Snap from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $12.00 to $16.00 in a report on Tuesday, July 23rd. Cantor Fitzgerald restated a “neutral” rating and issued a $8.00 price target on shares of Snap in a research report on Monday, September 30th. HSBC cut shares of Snap from a “buy” rating to a “hold” rating in a research report on Friday, August 2nd. Barclays dropped their target price on shares of Snap from $17.00 to $16.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Finally, Argus raised Snap to a “hold” rating in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating, twenty-four have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $13.85.

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Snap Price Performance

Shares of NYSE:SNAP opened at $10.80 on Friday. Snap has a one year low of $8.29 and a one year high of $17.90. The company has a debt-to-equity ratio of 1.74, a current ratio of 3.98 and a quick ratio of 3.98. The company has a market cap of $17.72 billion, a price-to-earnings ratio of -13.33 and a beta of 1.01. The firm has a 50 day simple moving average of $9.80 and a 200 day simple moving average of $12.75.

Snap (NYSE:SNAPGet Free Report) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.13) EPS 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 analysts’ expectations of $1.25 billion. Research analysts predict that Snap will post -0.47 earnings per share for the current fiscal year.

Insider Transactions at Snap

In related news, CFO Derek Andersen sold 97,608 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $9.29, for a total value of $906,778.32. Following the transaction, the chief financial officer now owns 2,287,970 shares in the company, valued at approximately $21,255,241.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Snap news, Director Elizabeth Jenkins sold 9,965 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.19, for a total transaction of $91,578.35. Following the completion of the transaction, the director now owns 40,406 shares in the company, valued at $371,331.14. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Derek Andersen sold 97,608 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $9.29, for a total transaction 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. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,511,540 shares of company stock worth $13,466,406 in the last quarter. Insiders own 22.68% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. APG Asset Management N.V. boosted its holdings in shares of Snap by 3.9% in the second quarter. APG Asset Management N.V. now owns 2,957,491 shares of the company’s stock worth $45,835,000 after acquiring an additional 112,135 shares during the period. V Square Quantitative Management LLC boosted its stake in 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 purchasing an additional 4,679 shares during the period. Alta Park Capital LP purchased a new position in Snap during the 4th quarter valued at about $13,845,000. Quadrature Capital Ltd bought a new stake in shares of Snap during the first quarter valued at about $3,233,000. Finally, Marshall Wace LLP increased its position in shares of Snap by 587.3% during the second quarter. Marshall Wace LLP now owns 14,667,597 shares of the company’s stock valued at $243,629,000 after buying an additional 12,533,653 shares during the period. 47.52% of the stock is owned by institutional investors.

Snap Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Snap (NYSE:SNAP)

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