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

Snap (NYSE:SNAP - Get Free Report) had its price objective hoisted by research analysts 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 price objective would indicate a potential upside of 18.09% from the stock's previous close.

A number of other brokerages also recently weighed in on SNAP. BMO Capital Markets cut their target price on Snap from $16.00 to $13.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Cantor Fitzgerald set a $7.00 price objective on Snap and gave the stock a "neutral" rating in a research report on Wednesday, April 30th. Bank of America reduced their price objective on Snap from $14.50 to $10.50 and set a "neutral" rating for the company in a research note on Wednesday, April 9th. JMP Securities set a $12.00 target price on Snap in a research note on Friday, April 25th. Finally, Stifel Nicolaus cut their price target on shares of Snap from $11.00 to $8.00 and set a "hold" rating on the stock in a report on Wednesday, April 23rd. One research analyst has rated the stock with a sell rating, twenty-three have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Snap currently has a consensus rating of "Hold" and a consensus target price of $35.74.

Snap Stock Up 7.2%

NYSE:SNAP traded up $0.63 during trading hours on Tuesday, hitting $9.32. 22,619,140 shares of the company traded hands, compared to its average volume of 30,211,648. The company has a quick ratio of 4.30, a current ratio of 4.30 and a debt-to-equity ratio of 1.55. The company has a market cap of $15.57 billion, a PE ratio of -29.92 and a beta of 0.59. The firm's 50-day simple moving average is $8.38 and its 200-day simple moving average is $9.50. Snap has a one year low of $7.08 and a one year high of $17.33.

Snap (NYSE:SNAP - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The company reported ($0.08) earnings per share for the quarter, missing analysts' consensus estimates of $0.04 by ($0.12). Snap had a negative net margin of 9.63% and a negative return on equity of 21.53%. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same period in the previous year, the business earned $0.03 earnings per share. The firm's revenue for the quarter was up 14.1% on a year-over-year basis. Equities analysts predict that Snap will post -0.3 earnings per share for the current year.

Insider Buying and Selling at Snap

In related news, CFO Derek Andersen sold 208,525 shares of the company's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $9.03, for a total transaction of $1,882,980.75. Following the sale, the chief financial officer owned 3,299,372 shares of the company's stock, valued at approximately $29,793,329.16. This represents a 5.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Ajit Mohan sold 27,608 shares of the stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $8.04, for a total transaction of $221,968.32. Following the completion of the sale, the insider owned 2,526,855 shares in the company, valued at $20,315,914.20. This represents a 1.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,615,601 shares of company stock worth $13,325,751. 22.68% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its stake in Snap by 6.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,601,172 shares of the company's stock valued at $71,095,000 after buying an additional 389,812 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Snap by 2.0% in the 4th quarter. Bank of New York Mellon Corp now owns 1,538,111 shares of the company's stock valued at $16,565,000 after acquiring an additional 29,526 shares in the last quarter. Wealthcare Advisory Partners LLC purchased a new stake in shares of Snap in the 1st quarter valued at about $122,000. NBC Securities Inc. boosted its position in shares of Snap by 154,650.0% during the 1st quarter. NBC Securities Inc. now owns 3,095 shares of the company's stock valued at $26,000 after acquiring an additional 3,093 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in shares of Snap by 2.4% during the fourth quarter. Ameriprise Financial Inc. now owns 157,118 shares of the company's stock worth $1,692,000 after purchasing an additional 3,710 shares in the last quarter. 47.52% of the stock is currently owned by hedge funds and other institutional investors.

About Snap

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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