Wells Fargo & Company Forecasts Strong Price Appreciation for Snap (NYSE:SNAP) Stock

Snap (NYSE:SNAP) had its price objective hoisted by Wells Fargo & Company from $14.00 to $15.00 in a research report report published on Monday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other research firms have also recently issued reports on SNAP. Roth Mkm reiterated a “neutral” rating and set a $14.00 target price on shares of Snap in a research report on Wednesday, September 18th. The Goldman Sachs Group upped their price objective on Snap from $12.00 to $13.50 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Evercore ISI raised their target price on Snap from $12.00 to $15.00 and gave the company an “in-line” rating in a report on Wednesday, October 30th. JMP Securities restated a “market outperform” rating and set a $16.00 target price on shares of Snap in a research report on Friday, January 3rd. Finally, Loop Capital increased their price target on shares of Snap from $14.00 to $16.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $36.99.

Snap Price Performance

Shares of NYSE SNAP opened at $11.82 on Monday. The stock has a fifty day moving average price of $11.58 and a 200 day moving average price of $11.40. Snap has a 1-year low of $8.29 and a 1-year high of $17.50. The company has a quick ratio of 4.04, a current ratio of 4.04 and a debt-to-equity ratio of 1.63.

Snap (NYSE:SNAP) last released its earnings results on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.05 by $0.03. Snap had a negative net margin of 18.49% and a negative return on equity of 35.60%. The company had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.36 billion. During the same quarter last year, the business earned ($0.21) EPS. The business’s revenue was up 15.4% on a year-over-year basis. On average, research analysts anticipate that Snap will post -0.39 EPS for the current year.

Insider Buying and Selling

In other Snap news, Director Joanna Coles sold 6,434 shares of the firm’s stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $12.00, for a total value of $77,208.00. Following the sale, the director now directly owns 54,761 shares of the company’s stock, valued at approximately $657,132. This trade represents a 10.51 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $10.84, for a total transaction of $195,120.00. Following the transaction, the general counsel now directly owns 498,498 shares of the company’s stock, valued at $5,403,718.32. This trade represents a 3.49 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,451,618 shares of company stock worth $17,560,157.

Hedge Funds Weigh In On Snap

Large investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its position in Snap by 62.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,211,360 shares of the company’s stock worth $66,462,000 after purchasing an additional 2,386,519 shares in the last quarter. TB Alternative Assets Ltd. increased its position in shares of Snap by 105.6% in the third quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock worth $85,406,000 after acquiring an additional 4,098,847 shares in the last quarter. Aigen Investment Management LP purchased a new position in shares of Snap in the 3rd quarter valued at $1,345,000. Invenomic Capital Management LP acquired a new position in shares of Snap during the 3rd quarter valued at $2,349,000. Finally, Dynamic Advisor Solutions LLC purchased a new stake in Snap during the 3rd quarter worth $832,000. 47.52% of the stock is currently owned by hedge funds and other institutional investors.

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.