Wells Fargo & Company Lowers Snap (NYSE:SNAP) Price Target to $6.00

Snap (NYSE:SNAP) had its price target dropped by equities researchers at Wells Fargo & Company from $8.00 to $6.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 26.45% from the stock’s previous close.

Several other research firms have also commented on SNAP. Stifel Nicolaus set a $5.50 target price on shares of Snap and gave the company a “hold” rating in a report on Thursday, February 5th. Mizuho reduced their target price on shares of Snap from $9.00 to $7.00 and set a “neutral” rating on the stock in a report on Thursday, February 5th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Snap in a report on Wednesday, January 21st. BNP Paribas Exane initiated coverage on shares of Snap in a report on Wednesday, January 14th. They set a “strong sell” rating on the stock. Finally, The Goldman Sachs Group reduced their target price on shares of Snap from $9.50 to $8.50 and set a “neutral” rating on the stock in a report on Tuesday, January 13th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, Snap presently has an average rating of “Hold” and a consensus target price of $8.09.

Snap Price Performance

Shares of Snap stock traded up $0.04 on Tuesday, hitting $4.75. 4,850,375 shares of the company traded hands, compared to its average volume of 51,728,426. The firm’s 50-day simple moving average is $5.11 and its 200 day simple moving average is $6.94. The company has a current ratio of 3.56, a quick ratio of 3.56 and a debt-to-equity ratio of 1.53. The company has a market cap of $8.01 billion, a P/E ratio of -17.54 and a beta of 0.91. Snap has a 12-month low of $3.81 and a 12-month high of $10.41.

Snap (NYSE:SNAP) last released its earnings results on Wednesday, February 4th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.12). Snap had a negative net margin of 7.76% and a negative return on equity of 20.72%. The business had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the prior year, the business posted $0.01 EPS. Snap’s revenue for the quarter was up 10.2% on a year-over-year basis. Analysts expect that Snap will post -0.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Snap news, insider Ajit Mohan sold 27,743 shares of the firm’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $4.59, for a total value of $127,340.37. Following the sale, the insider owned 5,130,734 shares of the company’s stock, valued at $23,550,069.06. This trade represents a 0.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Derek Andersen sold 92,956 shares of the firm’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $4.59, for a total transaction of $426,668.04. Following the completion of the sale, the chief financial officer directly owned 3,799,661 shares in the company, valued at approximately $17,440,443.99. This trade represents a 2.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 2,570,641 shares of company stock worth $13,436,343. 22.68% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Snap

A number of large investors have recently added to or reduced their stakes in the company. Korea Investment CORP boosted its stake in shares of Snap by 573.6% during the 3rd quarter. Korea Investment CORP now owns 967,544 shares of the company’s stock valued at $7,460,000 after purchasing an additional 823,900 shares in the last quarter. Contrarius Group Holdings Ltd bought a new position in Snap in the third quarter worth about $10,256,000. DNB Asset Management AS lifted its holdings in Snap by 433.6% in the third quarter. DNB Asset Management AS now owns 1,042,873 shares of the company’s stock worth $8,041,000 after buying an additional 847,447 shares during the period. Nikko Asset Management Americas Inc. lifted its holdings in Snap by 94.1% in the second quarter. Nikko Asset Management Americas Inc. now owns 2,107,288 shares of the company’s stock worth $18,312,000 after buying an additional 1,021,677 shares during the period. Finally, Quantbot Technologies LP lifted its holdings in Snap by 54.4% in the third quarter. Quantbot Technologies LP now owns 749,724 shares of the company’s stock worth $5,780,000 after buying an additional 264,156 shares during the period. Institutional investors own 47.52% of the company’s stock.

Snap Company Profile

Snap Inc is a camera and social media company best known for developing and operating Snapchat, a multimedia messaging application that allows users to send photos, videos and messages that disappear after being viewed. In addition to its core messaging service, Snap offers a suite of augmented reality (AR) tools, including custom Lenses and Filters, that enable users and third-party developers to create interactive and immersive experiences. The company also provides advertising solutions that allow brands to engage audiences through Snap Ads, Sponsored Lenses and Discover content on the platform.

Founded in 2011 by Evan Spiegel and Bobby Murphy, Snap has continually focused on innovation in camera technology and AR.