Wells Fargo & Company Forecasts Strong Price Appreciation for Snap (NYSE:SNAP) Stock

Snap (NYSE:SNAP) had its price target boosted by Wells Fargo & Company from $8.00 to $11.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other equities research analysts have also commented on the company. Canaccord Genuity Group dropped their target price on Snap from $10.00 to $9.00 and set a “hold” rating on the stock in a research report on Wednesday, April 30th. Guggenheim restated a “neutral” rating on shares of Snap in a research note on Wednesday, April 2nd. Loop Capital cut their price objective on shares of Snap from $16.00 to $12.00 and set a “buy” rating on the stock in a research note on Friday, May 16th. The Goldman Sachs Group reduced their target price on shares of Snap from $9.50 to $8.50 and set a “neutral” rating for the company in a report on Wednesday, April 30th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Snap from $10.00 to $8.00 and set an “underweight” rating on the stock in a report on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, twenty-three have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $35.74.

Snap Trading Up 8.1%

NYSE:SNAP opened at $9.39 on Tuesday. The company has a market capitalization of $15.69 billion, a P/E ratio of -30.29 and a beta of 0.59. The company has a current ratio of 4.30, a quick ratio of 4.30 and a debt-to-equity ratio of 1.55. Snap has a 12 month low of $7.08 and a 12 month high of $17.33. The firm has a fifty day simple moving average of $8.41 and a 200-day simple moving average of $9.50.

Snap (NYSE:SNAP) last issued its quarterly earnings results on Tuesday, April 29th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.12). The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Snap had a negative return on equity of 21.53% and a negative net margin of 9.63%. The business’s revenue was up 14.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.03 EPS. On average, equities research analysts anticipate that Snap will post -0.3 earnings per share for the current year.

Insider Transactions at Snap

In other news, CTO Robert C. Murphy sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $8.03, for a total value of $8,030,000.00. Following the transaction, the chief technology officer owned 54,517,308 shares in the company, valued at $437,773,983.24. This trade represents a 1.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Ajit Mohan sold 27,608 shares of the business’s stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $8.04, for a total value of $221,968.32. Following the sale, the insider owned 2,526,855 shares of the company’s stock, valued at $20,315,914.20. The trade was a 1.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,615,601 shares of company stock worth $13,325,751 in the last three months.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SNAP. Charles Schwab Investment Management Inc. lifted its stake in Snap by 6.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,601,172 shares of the company’s stock worth $71,095,000 after purchasing an additional 389,812 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Snap by 2.0% during the fourth quarter. Bank of New York Mellon Corp now owns 1,538,111 shares of the company’s stock worth $16,565,000 after buying an additional 29,526 shares in the last quarter. Wealthcare Advisory Partners LLC acquired a new position in Snap during the first quarter worth $122,000. NBC Securities Inc. boosted its stake in Snap by 154,650.0% during the first quarter. NBC Securities Inc. now owns 3,095 shares of the company’s stock worth $26,000 after buying an additional 3,093 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in Snap by 2.4% in the 4th quarter. Ameriprise Financial Inc. now owns 157,118 shares of the company’s stock valued at $1,692,000 after buying an additional 3,710 shares in the last quarter. Hedge funds and other institutional investors 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.