Snap (NYSE:SNAP) Rating Lowered to Equal Weight at Wells Fargo & Company

Snap (NYSE:SNAP) was downgraded by equities researchers at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a report issued on Wednesday, Marketbeat reports. They currently have a $11.00 price objective on the stock, down from their prior price objective of $15.00. Wells Fargo & Company‘s price objective would suggest a potential upside of 3.04% from the company’s current price.

A number of other brokerages also recently weighed in on SNAP. B. Riley upped their price objective on shares of Snap from $11.00 to $12.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Bank of America boosted their target price on shares of Snap from $13.00 to $14.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Citigroup boosted their target price on shares of Snap from $11.00 to $13.00 and gave the stock a “neutral” rating in a research note on Friday, November 29th. Royal Bank of Canada reissued a “sector perform” rating and set a $16.00 target price on shares of Snap in a research note on Wednesday, October 30th. Finally, Canaccord Genuity Group boosted their target price on shares of Snap from $12.00 to $13.00 and gave the stock a “hold” rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, Snap currently has an average rating of “Hold” and an average price target of $36.87.

Snap Trading Up 0.4 %

Shares of Snap stock opened at $10.68 on Wednesday. The firm has a 50-day simple moving average of $11.51 and a two-hundred day simple moving average of $10.89. The company has a market cap of $17.90 billion, a P/E ratio of -18.40 and a beta of 0.99. Snap has a fifty-two week low of $8.29 and a fifty-two week high of $17.33. The company has a debt-to-equity ratio of 1.63, a quick ratio of 4.04 and a current ratio of 4.04.

Snap (NYSE:SNAP) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.13). Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. As a group, equities analysts predict that Snap will post -0.39 earnings per share for the current fiscal year.

Insider Activity

In other news, General Counsel Michael J. O’sullivan sold 12,315 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $10.54, for a total value of $129,800.10. Following the transaction, the general counsel now directly owns 1,195,567 shares in the company, valued at approximately $12,601,276.18. This represents a 1.02 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Rebecca Morrow sold 11,154 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $10.55, for a total transaction of $117,674.70. Following the completion of the transaction, the chief accounting officer now owns 465,064 shares in the company, valued at approximately $4,906,425.20. This represents a 2.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 445,184 shares of company stock valued at $4,968,189 in the last 90 days.

Institutional Investors Weigh In On Snap

Hedge funds have recently added to or reduced their stakes in the business. TB Alternative Assets Ltd. increased its position in shares of Snap by 105.6% in the 3rd quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock valued at $85,406,000 after purchasing an additional 4,098,847 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Snap by 62.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,211,360 shares of the company’s stock valued at $66,462,000 after purchasing an additional 2,386,519 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Snap by 49.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,910,459 shares of the company’s stock valued at $41,842,000 after purchasing an additional 1,297,348 shares during the last quarter. Groupama Asset Managment purchased a new stake in shares of Snap in the 3rd quarter valued at approximately $13,032,000. Finally, Assenagon Asset Management S.A. increased its position in shares of Snap by 51.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 3,086,741 shares of the company’s stock valued at $33,244,000 after purchasing an additional 1,050,501 shares during the last quarter. 47.52% of the stock is currently owned by institutional investors and hedge funds.

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.