Snap (NYSE:SNAP) PT Raised to $18.00 at Wells Fargo & Company

Snap (NYSE:SNAP) had its price target upped by Wells Fargo & Company from $16.00 to $18.00 in a report published on Friday, Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other equities analysts also recently commented on the stock. Royal Bank of Canada upped their target price on shares of Snap from $13.00 to $16.00 and gave the stock a sector perform rating in a research note on Friday. Barclays lifted their target price on Snap from $15.00 to $17.00 and gave the company an overweight rating in a research report on Friday. The Goldman Sachs Group upped their price objective on shares of Snap from $13.50 to $16.00 and gave the stock a neutral rating in a research note on Friday. Benchmark reissued a hold rating on shares of Snap in a research report on Friday. Finally, Roth Mkm restated a neutral rating and issued a $14.00 price target on shares of Snap in a report on Tuesday, April 23rd. Two equities 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 has a consensus rating of Hold and an average target price of $14.79.

Snap Stock Performance

Shares of NYSE:SNAP opened at $14.49 on Friday. The firm has a fifty day simple moving average of $11.33 and a two-hundred day simple moving average of $12.93. 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 capitalization of $23.92 billion, a P/E ratio of -17.89 and a beta of 1.13.

Snap (NYSE:SNAP) last released its earnings results on Thursday, April 25th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.10. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.12 billion. Snap had a negative return on equity of 45.02% and a negative net margin of 26.99%. On average, analysts expect that Snap will post -0.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Derek Andersen sold 96,953 shares of the company’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $10.99, for a total transaction of $1,065,513.47. Following the transaction, the chief financial officer now owns 2,534,689 shares in the company, valued at $27,856,232.11. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Snap news, CAO Rebecca Morrow sold 9,386 shares of Snap stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $11.14, for a total transaction of $104,560.04. Following the completion of the sale, the chief accounting officer now owns 495,526 shares of the company’s stock, valued at approximately $5,520,159.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Derek Andersen sold 96,953 shares of the stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $10.99, for a total value of $1,065,513.47. Following the completion of the transaction, the chief financial officer now directly owns 2,534,689 shares in the company, valued at $27,856,232.11. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 470,482 shares of company stock valued at $5,284,091. 22.68% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Snap

A number of institutional investors and hedge funds have recently modified their holdings of the company. NBC Securities Inc. increased its holdings in Snap by 2,580.4% in the 4th quarter. NBC Securities Inc. now owns 1,501 shares of the company’s stock worth $25,000 after buying an additional 1,445 shares during the period. Allworth Financial LP boosted its holdings in shares of Snap by 161.6% in the 4th quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock valued at $47,000 after acquiring 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 worth $51,000. Rakuten Securities Inc. purchased a new position in shares of Snap during the fourth quarter worth $73,000. Finally, Westpac Banking Corp raised its holdings in shares of 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 purchasing an additional 2,506 shares during the last quarter. Institutional investors and hedge funds 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.