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

Snap (NYSE:SNAP) had its price objective increased by Wells Fargo & Company from $16.00 to $18.00 in a research report sent to investors on Friday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

SNAP has been the subject of several other reports. 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. UBS Group dropped their target price on Snap from $14.00 to $13.00 and set a neutral rating for the company in a research report on Tuesday, April 16th. Evercore ISI lifted their target price on Snap from $13.00 to $14.00 and gave the company an in-line rating in a research report on Friday. Truist Financial lifted their target price on Snap from $12.00 to $16.00 and gave the company a hold rating in a research report on Friday. Finally, Canaccord Genuity Group lifted their price objective on Snap from $14.00 to $15.00 and gave the company a hold rating in a research note on Friday. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $14.67.

Snap Stock Up 27.5 %

Shares of NYSE:SNAP opened at $14.53 on Friday. The business has a 50-day moving average price of $11.26 and a 200 day moving average price of $12.84. The company has a current ratio of 4.39, a quick ratio of 4.39 and a debt-to-equity ratio of 1.55. The company has a market capitalization of $23.98 billion, a price-to-earnings ratio of -17.94 and a beta of 1.13. Snap has a 12-month low of $7.86 and a 12-month high of $17.90.

Snap (NYSE:SNAP) last issued its quarterly earnings data on Thursday, April 25th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.10. The firm 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%. Sell-side analysts expect that Snap will post -0.58 EPS for the current year.

Insider Activity

In other news, General Counsel Michael J. O’sullivan sold 18,000 shares of the stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $11.53, for a total value of $207,540.00. Following the completion of the sale, the general counsel now owns 474,812 shares in the company, valued at $5,474,582.36. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Snap news, CAO Rebecca Morrow sold 9,386 shares of the stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $11.14, for a total transaction of $104,560.04. Following the transaction, the chief accounting officer now owns 495,526 shares of the company’s stock, valued at approximately $5,520,159.64. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of the stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $11.53, for a total value of $207,540.00. Following the transaction, the general counsel now directly owns 474,812 shares in the company, valued at approximately $5,474,582.36. The disclosure for this sale can be found here. Over the last quarter, insiders sold 470,482 shares of company stock worth $5,284,091. 22.68% of the stock is currently owned by corporate insiders.

Institutional Trading of Snap

Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Snap by 3.8% in the 4th quarter. Vanguard Group Inc. now owns 95,317,701 shares of the company’s stock worth $1,613,729,000 after purchasing an additional 3,503,230 shares during the last quarter. SRS Investment Management LLC increased its position in Snap by 23.6% in the 4th quarter. SRS Investment Management LLC now owns 65,114,732 shares of the company’s stock valued at $1,102,392,000 after acquiring an additional 12,452,415 shares during the period. Capital World Investors increased its position in Snap by 0.6% in the 4th quarter. Capital World Investors now owns 45,887,082 shares of the company’s stock valued at $776,868,000 after acquiring an additional 274,176 shares during the period. Artisan Partners Limited Partnership increased its position in Snap by 4.1% in the 3rd quarter. Artisan Partners Limited Partnership now owns 8,267,765 shares of the company’s stock valued at $73,666,000 after acquiring an additional 327,038 shares during the period. Finally, Carmignac Gestion acquired a new stake in Snap in the 4th quarter valued at approximately $110,103,000. Institutional investors own 47.52% of the company’s stock.

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.