Snap (NYSE:SNAP) Downgraded to Equal Weight Rating by Wells Fargo & Company

Snap (NYSE:SNAP) was downgraded by Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a report released on Wednesday,Briefing.com Automated Import reports. They currently have a $11.00 price objective on the stock, down from their previous price objective of $15.00. Wells Fargo & Company‘s price target points to a potential downside of 5.21% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the stock. B. Riley lifted their price target 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. Stifel Nicolaus lowered their price target on shares of Snap from $13.00 to $11.00 and set a “hold” rating for the company in a research report on Monday, October 14th. Truist Financial lifted their price target on shares of Snap from $13.00 to $14.00 and gave the stock a “hold” rating in a research report on Wednesday, October 30th. JMP Securities reiterated a “market outperform” rating and set a $16.00 price target on shares of Snap in a research report on Monday, January 27th. Finally, Evercore ISI lifted their price target on shares of Snap from $12.00 to $15.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, twenty-three have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $36.84.

Snap Trading Up 3.9 %

SNAP opened at $11.61 on Wednesday. The company has a current ratio of 4.04, a quick ratio of 4.04 and a debt-to-equity ratio of 1.63. The stock has a market capitalization of $19.46 billion, a PE ratio of -20.01 and a beta of 0.99. Snap has a 1-year low of $8.29 and a 1-year high of $17.50. The firm has a 50-day moving average price of $11.52 and a two-hundred day moving average price of $10.89.

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

Insider Transactions at Snap

In related news, General Counsel Michael J. O’sullivan sold 18,000 shares of the business’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $11.49, for a total transaction of $206,820.00. Following the transaction, the general counsel now directly owns 480,498 shares in the company, valued at approximately $5,520,922.02. The trade was a 3.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Rebecca Morrow sold 2,812 shares of the business’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $11.44, for a total transaction of $32,169.28. Following the transaction, the chief accounting officer now owns 430,252 shares in the company, valued at approximately $4,922,082.88. The trade was a 0.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 445,184 shares of company stock valued at $4,968,189 over the last 90 days.

Hedge Funds Weigh In On Snap

Institutional investors have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new position in Snap during the third quarter worth $29,000. Paladin Wealth LLC acquired a new position in Snap during the third quarter worth $30,000. Advisors Asset Management Inc. increased its holdings in Snap by 141.9% during the third quarter. Advisors Asset Management Inc. now owns 2,782 shares of the company’s stock worth $30,000 after buying an additional 1,632 shares during the last quarter. Comprehensive Financial Planning Inc. PA acquired a new position in Snap during the fourth quarter worth $32,000. Finally, Brooklyn Investment Group acquired a new position in Snap during the third quarter worth $41,000. 47.52% of the stock is currently owned by institutional investors and hedge funds.

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.