Snap (NYSE:SNAP) Given New $6.00 Price Target at Wells Fargo & Company

Snap (NYSE:SNAP) had its price objective reduced by Wells Fargo & Company from $8.00 to $6.00 in a research note published on Tuesday,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other research analysts have also weighed in on SNAP. Bank of America upgraded shares of Snap from a “neutral” rating to a “buy” rating and set a $10.00 price objective for the company in a research note on Thursday, February 5th. BNP Paribas Exane assumed coverage on shares of Snap in a research note on Wednesday, January 14th. They issued a “strong sell” rating for the company. Cantor Fitzgerald reduced their price objective on shares of Snap from $9.00 to $7.00 and set a “neutral” rating for the company in a research note on Thursday, February 5th. Guggenheim reiterated a “neutral” rating and issued a $6.50 price objective on shares of Snap in a research note on Thursday, February 5th. Finally, B. Riley Financial upgraded shares of Snap from a “neutral” rating to a “buy” rating and set a $10.00 price objective for the company in a research note on Thursday, February 5th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twenty have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $8.09.

Snap Stock Up 1.7%

Snap stock opened at $4.79 on Tuesday. Snap has a 1-year low of $3.81 and a 1-year high of $10.41. The firm has a market capitalization of $8.09 billion, a price-to-earnings ratio of -17.74 and a beta of 0.91. 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 firm has a 50 day simple moving average of $5.06 and a 200 day simple moving average of $6.92.

Snap (NYSE:SNAP) last released its quarterly earnings data on Wednesday, February 4th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $1.70 billion. During the same quarter in the prior year, the firm posted $0.01 earnings per share. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. On average, analysts predict that Snap will post -0.3 earnings per share for the current year.

Insider Activity

In other Snap news, General Counsel Zachary M. Briers sold 134,705 shares of the firm’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $4.70, for a total value of $633,113.50. Following the completion of the transaction, the general counsel directly owned 2,854,088 shares of the company’s stock, valued at $13,414,213.60. This trade represents a 4.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Ajit Mohan sold 119,339 shares of the firm’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $4.70, for a total transaction of $560,893.30. Following the completion of the transaction, the insider directly owned 5,158,477 shares of the company’s stock, valued at approximately $24,244,841.90. The trade was a 2.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 2,570,641 shares of company stock valued at $13,436,343 in the last quarter. 22.68% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Alyeska Investment Group L.P. bought a new stake in shares of Snap during the 3rd quarter worth $176,697,000. AQR Capital Management LLC lifted its holdings in shares of Snap by 874.3% during the 4th quarter. AQR Capital Management LLC now owns 10,066,852 shares of the company’s stock worth $81,239,000 after acquiring an additional 9,033,644 shares during the last quarter. Junto Capital Management LP bought a new stake in shares of Snap during the 3rd quarter worth $29,071,000. Voloridge Investment Management LLC lifted its holdings in shares of Snap by 53.3% during the 3rd quarter. Voloridge Investment Management LLC now owns 10,300,911 shares of the company’s stock worth $79,420,000 after acquiring an additional 3,582,223 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Snap by 537.9% during the 4th quarter. Assenagon Asset Management S.A. now owns 4,150,134 shares of the company’s stock worth $33,492,000 after acquiring an additional 3,499,578 shares during the last quarter. 47.52% of the stock is owned by institutional investors.

About Snap

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.