Wells Fargo & Company Raises Snap (NYSE:SNAP) Price Target to $15.00

Snap (NYSE:SNAPGet Free Report) had its target price boosted by Wells Fargo & Company from $14.00 to $15.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential upside of 32.28% from the company’s previous close.

SNAP has been the topic of a number of other reports. Guggenheim reiterated a “buy” rating and issued a $12.11 price target on shares of Snap in a research report on Tuesday, December 3rd. JMP Securities reaffirmed a “market outperform” rating and issued a $16.00 target price on shares of Snap in a report on Friday, January 3rd. Roth Mkm reissued a “neutral” rating and set a $14.00 price target on shares of Snap in a report on Wednesday, September 18th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $14.00 price objective on shares of Snap in a research note on Wednesday, September 18th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $16.00 target price on shares of Snap in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $37.13.

Read Our Latest Stock Report on Snap

Snap Price Performance

Shares of Snap stock opened at $11.34 on Monday. The firm has a market cap of $19.02 billion, a P/E ratio of -19.55 and a beta of 0.98. The firm’s 50-day simple moving average is $11.57 and its 200-day simple moving average is $11.40. Snap has a twelve month low of $8.29 and a twelve month high of $17.50. The company has a debt-to-equity ratio of 1.63, a quick ratio of 4.04 and a current ratio of 4.04.

Snap (NYSE:SNAPGet Free Report) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.03. Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. The company had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.36 billion. During the same period in the previous year, the business earned ($0.21) earnings per share. The company’s quarterly revenue was up 15.4% on a year-over-year basis. As a group, research analysts expect that Snap will post -0.4 EPS for the current fiscal year.

Insider Buying and Selling at Snap

In other Snap news, Director Joanna Coles sold 6,434 shares of Snap stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $12.00, for a total value of $77,208.00. Following the sale, the director now owns 54,761 shares of the company’s stock, valued at $657,132. This trade represents a 10.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Robert C. Murphy sold 1,000,000 shares of the company’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $12.50, for a total value of $12,500,000.00. Following the transaction, the chief technology officer now directly owns 57,210,989 shares of the company’s stock, valued at $715,137,362.50. This represents a 1.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,451,618 shares of company stock worth $17,560,157. Insiders own 22.68% of the company’s stock.

Hedge Funds Weigh In On Snap

A number of institutional investors have recently added to or reduced their stakes in SNAP. Charles Schwab Investment Management Inc. lifted its stake in Snap by 62.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,211,360 shares of the company’s stock valued at $66,462,000 after acquiring an additional 2,386,519 shares during the last quarter. TB Alternative Assets Ltd. raised its holdings in shares of Snap by 105.6% in the 3rd quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock valued at $85,406,000 after purchasing an additional 4,098,847 shares during the period. Aigen Investment Management LP acquired a new stake in Snap in the 3rd quarter valued at about $1,345,000. Invenomic Capital Management LP bought a new position in Snap during the third quarter worth about $2,349,000. Finally, Dynamic Advisor Solutions LLC bought a new position in Snap during the third quarter worth about $832,000. 47.52% of the stock is currently owned by institutional investors and hedge funds.

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.

Further Reading

Analyst Recommendations for Snap (NYSE:SNAP)

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