Snap (NYSE:SNAP) Price Target Raised to $28.00 at Wells Fargo & Co

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Snap (NYSE:SNAP) had its price target raised by Wells Fargo & Co from $20.00 to $28.00 in a research note issued to investors on Friday, BenzingaRatingsTable reports. The brokerage currently has an overweight rating on the stock.

SNAP has been the topic of several other reports. UBS Group increased their price objective on shares of Snap from $17.00 to $25.00 and gave the company a buy rating in a research report on Tuesday, June 16th. Deutsche Bank raised their price objective on shares of Snap from $18.00 to $24.00 and gave the stock a buy rating in a research report on Monday, June 1st. Barclays upped their target price on Snap from $19.00 to $20.00 and gave the company an overweight rating in a research report on Wednesday, April 22nd. Goldman Sachs Group lifted their price target on Snap from $16.00 to $18.00 and gave the stock a buy rating in a report on Wednesday, April 22nd. Finally, Royal Bank of Canada upped their price objective on Snap from $18.00 to $21.00 and gave the company an outperform rating in a report on Wednesday, April 22nd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and twenty-six have given a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $19.77.

Snap stock opened at $23.09 on Friday. The stock has a 50-day simple moving average of $19.77 and a 200 day simple moving average of $16.40. The stock has a market capitalization of $33.22 billion, a P/E ratio of -31.63 and a beta of 1.77. The company has a debt-to-equity ratio of 0.56, a quick ratio of 4.83 and a current ratio of 4.83. Snap has a 52 week low of $7.89 and a 52 week high of $24.90.

Snap (NYSE:SNAP) last issued its earnings results on Tuesday, April 21st. The company reported ($0.08) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.12. Snap had a negative return on equity of 46.64% and a negative net margin of 55.40%. The company had revenue of $462.50 million during the quarter, compared to the consensus estimate of $420.01 million. During the same period in the previous year, the company posted ($0.10) EPS. The firm’s revenue for the quarter was up 44.4% compared to the same quarter last year. Research analysts forecast that Snap will post -0.73 earnings per share for the current year.

In related news, General Counsel Michael J. O’sullivan sold 28,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $11.37, for a total value of $318,360.00. Following the completion of the transaction, the general counsel now owns 1,709,242 shares in the company, valued at approximately $19,434,081.54. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Derek Andersen sold 8,542 shares of Snap stock in a transaction that occurred on Thursday, April 16th. The stock was sold at an average price of $13.58, for a total transaction of $116,000.36. Following the sale, the chief financial officer now owns 1,584,599 shares in the company, valued at $21,518,854.42. The disclosure for this sale can be found here. Insiders have sold 8,315,609 shares of company stock valued at $154,513,511 over the last quarter.

Several large investors have recently modified their holdings of the company. Commonwealth Equity Services LLC boosted its holdings in Snap by 15.2% in the first quarter. Commonwealth Equity Services LLC now owns 219,787 shares of the company’s stock valued at $2,613,000 after acquiring an additional 28,971 shares during the last quarter. Forsta AP Fonden bought a new position in Snap during the first quarter worth $1,165,000. Capital Bank & Trust Co bought a new stake in Snap during the fourth quarter valued at $36,000. Amundi Pioneer Asset Management Inc. grew its holdings in Snap by 33.7% during the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 474,964 shares of the company’s stock worth $7,755,000 after acquiring an additional 119,592 shares during the period. Finally, Guggenheim Capital LLC raised its position in shares of Snap by 65.6% in the 4th quarter. Guggenheim Capital LLC now owns 59,248 shares of the company’s stock worth $968,000 after acquiring an additional 23,475 shares in the last quarter. Institutional investors own 39.48% of the company’s stock.

Snap Company Profile

Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page that allows creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps surfacing the stories and shows from publishers, creators, and the community, based on a user's subscriptions and interests.

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Analyst Recommendations for Snap (NYSE:SNAP)

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