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

Wells Fargo & Company lowered shares of Snap (NYSE:SNAP - Free Report) from an overweight rating to an equal weight rating in a report issued on Wednesday, Marketbeat Ratings reports. They currently have $11.00 target price on the stock, down from their prior target price of $15.00.

SNAP has been the subject of a number of other reports. Canaccord Genuity Group upped their price target on Snap from $12.00 to $13.00 and gave the company a "hold" rating in a report on Wednesday, October 30th. Citigroup lifted their target price on Snap from $11.00 to $13.00 and gave the stock a "neutral" rating in a research report on Friday, November 29th. Royal Bank of Canada reissued a "sector perform" rating and issued a $16.00 target price on shares of Snap in a research report on Wednesday, October 30th. Piper Sandler reaffirmed a "neutral" rating and set a $13.00 price target (up previously from $12.00) on shares of Snap in a research report on Wednesday, October 30th. Finally, BMO Capital Markets reissued an "outperform" rating and issued a $16.00 price objective (down from $18.00) on shares of Snap in a report on Wednesday, January 15th. One investment analyst has rated the stock with a sell rating, twenty-four have issued a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Snap presently has an average rating of "Hold" and an average target price of $36.87.

Snap Trading Up 2.0 %

Snap stock traded up $0.22 during midday trading on Wednesday, hitting $10.91. 31,558,889 shares of the stock were exchanged, compared to its average volume of 35,096,188. The stock's 50-day simple moving average is $11.47 and its 200 day simple moving average is $10.86. The company has a current ratio of 3.95, a quick ratio of 4.04 and a debt-to-equity ratio of 1.47. The stock has a market capitalization of $18.29 billion, a price-to-earnings ratio of -25.96 and a beta of 0.99. Snap has a fifty-two week low of $8.29 and a fifty-two week high of $17.33.

Snap (NYSE:SNAP - Get Free Report) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $0.01 earnings per share for the quarter, missing analysts' consensus estimates 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, equities analysts anticipate that Snap will post -0.26 EPS for the current year.

Insider Activity

In related news, CAO Rebecca Morrow sold 2,812 shares of the firm'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 directly owns 430,252 shares in the company, valued at $4,922,082.88. This trade represents a 0.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Eric Young sold 112,020 shares of the business's stock in a transaction on Monday, November 18th. The shares were sold at an average price of $10.55, for a total transaction of $1,181,811.00. Following the transaction, the senior vice president now directly owns 2,791,048 shares of the company's stock, valued at approximately $29,445,556.40. This trade represents a 3.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 445,184 shares of company stock valued at $4,968,189 in the last three months. Corporate insiders own 22.68% of the company's stock.

Institutional Investors Weigh In On Snap

A number of institutional investors have recently added to or reduced their stakes in the company. Checchi Capital Advisers LLC boosted its stake in Snap by 3.0% in the 4th quarter. Checchi Capital Advisers LLC now owns 31,126 shares of the company's stock worth $335,000 after purchasing an additional 901 shares during the period. HCR Wealth Advisors lifted its holdings in shares of Snap by 3.9% in the fourth quarter. HCR Wealth Advisors now owns 25,016 shares of the company's stock valued at $269,000 after purchasing an additional 934 shares in the last quarter. Empowered Funds LLC boosted its position in shares of Snap by 3.1% in the fourth quarter. Empowered Funds LLC now owns 35,639 shares of the company's stock worth $384,000 after buying an additional 1,055 shares during the period. Metis Global Partners LLC grew its holdings in shares of Snap by 6.9% during the third quarter. Metis Global Partners LLC now owns 19,352 shares of the company's stock valued at $207,000 after buying an additional 1,255 shares in the last quarter. Finally, Gradient Investments LLC raised its position in Snap by 0.9% during the fourth quarter. Gradient Investments LLC now owns 142,144 shares of the company's stock valued at $1,531,000 after buying an additional 1,310 shares during the period. 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.