Snap (NYSE:SNAP) Given New $9.00 Price Target at Wells Fargo & Company

Snap (NYSE:SNAP) had its target price dropped by equities researchers at Wells Fargo & Company from $11.00 to $9.00 in a report released on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 4.11% from the stock’s previous close.

A number of other brokerages have also commented on SNAP. JMP Securities reiterated a “market outperform” rating and issued a $16.00 target price on shares of Snap in a research report on Monday, January 27th. BMO Capital Markets restated an “outperform” rating and issued a $16.00 target price (down previously from $18.00) on shares of Snap in a research note on Wednesday, January 15th. Needham & Company LLC reissued a “buy” rating and set a $640.00 target price on shares of Snap in a research note on Thursday, December 5th. JPMorgan Chase & Co. dropped their target price 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. Finally, Guggenheim lowered shares of Snap from a “buy” rating to a “neutral” rating in a research report on Tuesday, February 11th. One investment analyst has rated the stock with a sell rating, twenty-five have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $36.80.

Snap Stock Down 2.8 %

Shares of NYSE SNAP traded down $0.25 during trading hours on Monday, hitting $8.65. 9,949,938 shares of the stock were exchanged, compared to its average volume of 27,074,958. The company has a market cap of $14.67 billion, a PE ratio of -20.54 and a beta of 0.92. Snap has a 12 month low of $8.29 and a 12 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 has a fifty day moving average price of $10.16 and a 200-day moving average price of $10.81.

Snap (NYSE:SNAP) last announced its 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%. On average, sell-side analysts expect that Snap will post -0.3 EPS for the current year.

Insider Buying and Selling at Snap

In other Snap news, CAO Rebecca Morrow sold 8,837 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $10.84, for a total transaction of $95,793.08. Following the completion of 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of the 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 directly owns 480,498 shares of the company’s stock, valued at approximately $5,520,922.02. This trade represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,350,523 shares of company stock worth $12,698,797. 22.68% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Snap

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Mountain Hill Investment Partners Corp. purchased a new position in Snap in the 4th quarter valued at about $27,000. Raiffeisen Bank International AG acquired a new stake in shares of Snap during the fourth quarter worth approximately $30,000. Comprehensive Financial Planning Inc. PA acquired a new stake in Snap in the fourth quarter valued at $32,000. Osterweis Capital Management Inc. bought a new position in Snap during the 4th quarter valued at $43,000. Finally, Blue Trust Inc. increased its position in shares of Snap by 128.0% in the 4th quarter. Blue Trust Inc. now owns 4,370 shares of the company’s stock worth $47,000 after purchasing an additional 2,453 shares during the last quarter. 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.