Snap (NYSE:SNAP) Price Target Cut to $5.00 by Analysts at Wells Fargo & Company

Snap (NYSE:SNAP) had its price objective dropped by equities research analysts at Wells Fargo & Company from $7.00 to $5.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential upside of 5.04% from the stock’s current price.

SNAP has been the topic of several other reports. TD Cowen assumed coverage on Snap in a research note on Monday, April 27th. They issued a “buy” rating on the stock. Truist Financial set a $8.00 price target on Snap in a research note on Wednesday, June 17th. HSBC lowered Snap from a “hold” rating to a “hold” rating in a research note on Monday, April 27th. Citigroup restated a “market perform” rating on shares of Snap in a research note on Wednesday, June 17th. Finally, KeyCorp raised Snap from a “sector weight” rating to an “overweight” rating in a report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, twenty-three have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $7.72.

Snap Stock Down 1.7%

SNAP opened at $4.76 on Tuesday. The company has a market capitalization of $8.04 billion, a P/E ratio of -19.83 and a beta of 1.05. The company has a debt-to-equity ratio of 1.67, a current ratio of 3.53 and a quick ratio of 3.53. The firm’s fifty day moving average price is $5.41 and its two-hundred day moving average price is $5.82. Snap has a fifty-two week low of $3.81 and a fifty-two week high of $10.41.

Snap (NYSE:SNAP) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.14). Snap had a negative return on equity of 18.92% and a negative net margin of 6.72%.The business had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same period in the previous year, the business posted ($0.08) earnings per share. Snap’s revenue was up 12.2% on a year-over-year basis. On average, analysts anticipate that Snap will post -0.07 EPS for the current year.

Insider Buying and Selling at Snap

In other Snap news, CTO Robert C. Murphy sold 2,000,000 shares of the business’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $5.44, for a total transaction of $10,880,000.00. Following the completion of the sale, the chief technology officer directly owned 47,012,324 shares of the company’s stock, valued at approximately $255,747,042.56. The trade was a 4.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, General Counsel Zachary M. Briers sold 129,493 shares of the company’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $5.60, for a total transaction of $725,160.80. Following the transaction, the general counsel owned 2,644,538 shares in the company, valued at approximately $14,809,412.80. The trade was a 4.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 2,907,554 shares of company stock valued at $16,093,619 over the last ninety days.

Institutional Investors Weigh In On Snap

A number of institutional investors have recently made changes to their positions in SNAP. Allworth Financial LP lifted its stake in Snap by 92.3% in the third quarter. Allworth Financial LP now owns 3,293 shares of the company’s stock valued at $25,000 after buying an additional 1,581 shares during the period. Oak Harvest Investment Services bought a new stake in shares of Snap in the 4th quarter valued at about $26,000. Arax Advisory Partners increased its stake in shares of Snap by 220.0% in the 4th quarter. Arax Advisory Partners now owns 3,309 shares of the company’s stock valued at $27,000 after acquiring an additional 2,275 shares during the last quarter. V Square Quantitative Management LLC acquired a new stake in shares of Snap in the 4th quarter valued at approximately $29,000. Finally, EverSource Wealth Advisors LLC raised its position in shares of Snap by 561.4% in the 4th quarter. EverSource Wealth Advisors LLC now owns 3,618 shares of the company’s stock valued at $29,000 after acquiring an additional 3,071 shares during the period. 47.52% of the stock is owned by institutional investors and hedge funds.

Snap Company Profile

Snap Inc is a camera and social media company best known for developing and operating Snapchat, a multimedia messaging application that allows users to send photos, videos and messages that disappear after being viewed. In addition to its core messaging service, Snap offers a suite of augmented reality (AR) tools, including custom Lenses and Filters, that enable users and third-party developers to create interactive and immersive experiences. The company also provides advertising solutions that allow brands to engage audiences through Snap Ads, Sponsored Lenses and Discover content on the platform.

Founded in 2011 by Evan Spiegel and Bobby Murphy, Snap has continually focused on innovation in camera technology and AR.