Wells Fargo & Company Has Lowered Expectations for Snap (NYSE:SNAP) Stock Price

Snap (NYSE:SNAP) had its price target cut by analysts at Wells Fargo & Company from $11.00 to $9.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential upside of 10.02% from the stock’s current price.

SNAP has been the subject of several other reports. Susquehanna increased their target price on Snap from $12.00 to $13.00 and gave the company a “neutral” rating in a report on Wednesday, February 5th. BMO Capital Markets restated an “outperform” rating and set a $16.00 target price (down previously from $18.00) on shares of Snap in a report on Wednesday, January 15th. Needham & Company LLC reissued a “buy” rating and set a $640.00 price target on shares of Snap in a research report on Thursday, December 5th. Citizens Jmp cut Snap from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 5th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Snap from $11.00 to $10.00 and set an “underweight” rating for the company in a report on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, twenty-four have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $36.80.

Snap Trading Down 7.9 %

Snap stock traded down $0.70 during trading hours on Monday, reaching $8.18. 28,297,352 shares of the company’s stock were exchanged, compared to its average volume of 28,886,086. The firm has a market capitalization of $13.88 billion, a PE ratio of -19.48 and a beta of 0.92. Snap has a twelve month low of $8.00 and a twelve month high of $17.33. The company has a quick ratio of 3.95, a current ratio of 3.95 and a debt-to-equity ratio of 1.47. The firm’s 50 day simple moving average is $10.06 and its 200 day simple moving average is $10.80.

Snap (NYSE:SNAP) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.13). Snap had a negative net margin of 13.02% and a negative return on equity of 25.67%. Research analysts predict that Snap will post -0.3 earnings per share for the current year.

Insider Activity at Snap

In other Snap news, CAO Rebecca Morrow sold 8,837 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $10.84, for a total transaction of $95,793.08. Following the sale, the chief accounting officer now directly owns 429,892 shares in the company, valued at $4,660,029.28. This represents a 2.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $11.49, for a total transaction of $206,820.00. Following the sale, the general counsel now owns 480,498 shares in the company, valued at $5,520,922.02. The trade was a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,356,523 shares of company stock worth $12,710,077. Company insiders own 22.68% of the company’s stock.

Hedge Funds Weigh In On Snap

A number of institutional investors have recently modified their holdings of the business. Invenomic Capital Management LP acquired a new position in shares of Snap in the third quarter valued at approximately $2,349,000. Charles Schwab Investment Management Inc. raised its position in Snap by 6.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,601,172 shares of the company’s stock worth $71,095,000 after buying an additional 389,812 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its holdings in shares of Snap by 49.9% in the third quarter. Jacobs Levy Equity Management Inc. now owns 2,639,681 shares of the company’s stock valued at $28,245,000 after acquiring an additional 879,212 shares in the last quarter. Patriot Financial Group Insurance Agency LLC purchased a new stake in shares of Snap in the fourth quarter valued at about $289,000. Finally, Holocene Advisors LP purchased a new position in Snap during the third quarter worth about $3,436,000. 47.52% of the stock is 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.