Wells Fargo & Company Increases Snap (NYSE:SNAP) Price Target to $11.00

Snap (NYSE:SNAP - Get Free Report) had its target price upped by equities researchers at Wells Fargo & Company from $8.00 to $11.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Wells Fargo & Company's target price indicates a potential upside of 18.73% from the company's previous close.

Other equities research analysts have also issued reports about the company. Susquehanna reduced their price objective on Snap from $13.00 to $8.00 and set a "neutral" rating for the company in a research note on Wednesday, April 30th. BMO Capital Markets reduced their price objective on Snap from $16.00 to $13.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Piper Sandler lowered their target price on Snap from $13.00 to $10.00 and set a "neutral" rating on the stock in a research note on Thursday, April 10th. Guggenheim reiterated a "neutral" rating on shares of Snap in a report on Wednesday, April 2nd. Finally, Citigroup dropped their price target on shares of Snap from $9.00 to $8.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $35.74.

Snap Price Performance

Shares of Snap stock traded down $0.12 on Tuesday, hitting $9.27. The company had a trading volume of 21,788,698 shares, compared to its average volume of 30,643,746. Snap has a 52 week low of $7.08 and a 52 week high of $17.33. The company has a market cap of $15.48 billion, a PE ratio of -29.89 and a beta of 0.59. The business has a 50-day simple moving average of $8.47 and a 200-day simple moving average of $9.47. The company has a debt-to-equity ratio of 1.55, a current ratio of 4.30 and a quick ratio of 4.30.

Snap (NYSE:SNAP - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate 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 net margin of 9.63% and a negative return on equity of 21.53%. The firm's revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.03 earnings per share. Research analysts expect that Snap will post -0.3 EPS for the current fiscal year.

Insider Activity at Snap

In other Snap news, SVP Eric Young sold 117,592 shares of the firm's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $8.59, for a total transaction of $1,010,115.28. Following the completion of the transaction, the senior vice president owned 3,348,290 shares in the company, valued at $28,761,811.10. This trade represents a 3.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Robert C. Murphy sold 1,000,000 shares of the business's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $8.03, for a total transaction of $8,030,000.00. Following the completion of the sale, the chief technology officer owned 54,517,308 shares in the company, valued at $437,773,983.24. This represents a 1.80% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,639,601 shares of company stock worth $13,534,791 in the last ninety days. Company insiders own 22.68% of the company's stock.

Hedge Funds Weigh In On Snap

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SNAP. Mountain Hill Investment Partners Corp. acquired a new stake in shares of Snap during the fourth quarter worth approximately $27,000. Raiffeisen Bank International AG bought a new position in Snap in the 4th quarter valued at $30,000. NBC Securities Inc. raised its position in Snap by 154,650.0% in the 1st quarter. NBC Securities Inc. now owns 3,095 shares of the company's stock valued at $26,000 after purchasing an additional 3,093 shares during the last quarter. Rakuten Securities Inc. boosted its stake in Snap by 155.4% in the first quarter. Rakuten Securities Inc. now owns 3,489 shares of the company's stock worth $30,000 after purchasing an additional 2,123 shares in the last quarter. Finally, Quarry LP bought a new stake in shares of Snap during the first quarter worth $34,000. 47.52% of the stock is currently owned by institutional investors and hedge funds.

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.