Wells Fargo & Company Increases Snap (NYSE:SNAP) Price Target to $18.00

Snap (NYSE:SNAP) had its price target boosted by analysts at Wells Fargo & Company from $16.00 to $18.00 in a report issued on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential upside of 23.29% from the company’s current price.

A number of other research analysts have also recently commented on the company. The Goldman Sachs Group boosted their price target on Snap from $13.50 to $16.00 and gave the stock a “neutral” rating in a report on Friday. Rosenblatt Securities boosted their price target on Snap from $12.00 to $14.00 and gave the stock a “neutral” rating in a report on Friday. Deutsche Bank Aktiengesellschaft raised Snap from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $10.00 to $19.00 in a research note on Friday, January 26th. Susquehanna lifted their price objective on Snap from $9.50 to $12.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 7th. Finally, Canaccord Genuity Group boosted their target price on Snap from $14.00 to $15.00 and gave the company a “hold” rating in a research report on Friday. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $14.67.

Snap Stock Performance

NYSE:SNAP traded up $3.20 on Friday, hitting $14.60. The stock had a trading volume of 109,326,296 shares, compared to its average volume of 31,199,594. Snap has a 52-week low of $7.86 and a 52-week high of $17.90. The company has a quick ratio of 4.39, a current ratio of 4.39 and a debt-to-equity ratio of 1.55. The stock has a market cap of $24.10 billion, a price-to-earnings ratio of -17.55 and a beta of 1.13. The business’s 50-day simple moving average is $11.19 and its two-hundred day simple moving average is $12.79.

Snap (NYSE:SNAP) last posted its quarterly earnings data on Thursday, April 25th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.10. Snap had a negative return on equity of 47.47% and a negative net margin of 28.71%. The firm had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.12 billion. As a group, research analysts predict that Snap will post -0.58 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Rebecca Morrow sold 2,442 shares of the company’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $11.00, for a total transaction of $26,862.00. Following the completion of the sale, the chief accounting officer now directly owns 493,084 shares in the company, valued at approximately $5,423,924. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Evan Spiegel sold 150,000 shares of the firm’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $11.11, for a total transaction of $1,666,500.00. Following the sale, the chief executive officer now directly owns 3,627,844 shares of the company’s stock, valued at $40,305,346.84. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Rebecca Morrow sold 2,442 shares of the firm’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $11.00, for a total value of $26,862.00. Following the sale, the chief accounting officer now directly owns 493,084 shares in the company, valued at $5,423,924. The disclosure for this sale can be found here. Insiders sold 470,482 shares of company stock worth $5,284,091 in the last three months. 22.68% of the stock is owned by insiders.

Hedge Funds Weigh In On Snap

A number of hedge funds have recently bought and sold shares of SNAP. NBC Securities Inc. lifted its position in shares of Snap by 2,580.4% in the fourth quarter. NBC Securities Inc. now owns 1,501 shares of the company’s stock valued at $25,000 after acquiring an additional 1,445 shares in the last quarter. Allworth Financial LP increased its holdings in shares of Snap by 161.6% in the fourth quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock valued at $47,000 after purchasing an additional 1,708 shares during the last quarter. ICA Group Wealth Management LLC acquired a new stake in shares of Snap in the fourth quarter valued at approximately $51,000. Rakuten Securities Inc. acquired a new stake in shares of Snap in the fourth quarter valued at approximately $73,000. Finally, Westpac Banking Corp increased its stake in Snap by 108.7% during the fourth quarter. Westpac Banking Corp now owns 4,812 shares of the company’s stock worth $81,000 after acquiring an additional 2,506 shares during 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.