Snap (NYSE:SNAP) PT Raised to $28.00 at Wells Fargo & Co
Snap (NYSE:SNAP) had its price objective lifted by Wells Fargo & Co from $20.00 to $28.00 in a report published on Friday morning, BenzingaRatingsTable reports. Wells Fargo & Co currently has an overweight rating on the stock.
A number of other equities research analysts have also weighed in on the company. Morgan Stanley boosted their target price on Snap from $11.00 to $13.00 and gave the company an equal weight rating in a research note on Thursday, April 23rd. Deutsche Bank lifted their target price on shares of Snap from $18.00 to $24.00 and gave the stock a buy rating in a research note on Monday, June 1st. Nomura Securities reissued a hold rating and set a $16.00 price target on shares of Snap in a research report on Sunday, March 29th. Wedbush raised their price target on shares of Snap from $12.25 to $16.00 and gave the stock a neutral rating in a report on Wednesday, June 24th. They noted that the move was a valuation call. Finally, Argus upgraded Snap from a hold rating to a buy rating and set a $16.00 price target on the stock in a report on Thursday, March 12th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and twenty-six have given a buy rating to the stock. The company has an average rating of Buy and a consensus price target of $19.77.
Shares of SNAP opened at $23.09 on Friday. Snap has a fifty-two week low of $7.89 and a fifty-two week high of $24.90. The firm has a market cap of $33.22 billion, a price-to-earnings ratio of -31.63 and a beta of 1.77. The firm has a 50 day moving average price of $19.77 and a 200-day moving average price of $16.40. The company has a debt-to-equity ratio of 0.56, a quick ratio of 4.83 and a current ratio of 4.83.
In related news, Director Michael Lynton sold 168,102 shares of the company’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $22.00, for a total value of $3,698,244.00. Following the transaction, the director now owns 77,086 shares in the company, valued at approximately $1,695,892. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Jeremi Gorman sold 55,294 shares of the stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $21.12, for a total transaction of $1,167,809.28. Following the sale, the insider now directly owns 2,423,850 shares in the company, valued at $51,191,712. The disclosure for this sale can be found here. Over the last three months, insiders sold 8,315,609 shares of company stock worth $154,513,511.
Several institutional investors and hedge funds have recently made changes to their positions in the stock. Commonwealth Equity Services LLC lifted its position in Snap by 15.2% in the 1st 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 in the last quarter. Forsta AP Fonden bought a new stake in shares of Snap in the 1st quarter worth $1,165,000. Capital Bank & Trust Co bought a new position in shares of Snap during the fourth quarter valued at $36,000. Amundi Pioneer Asset Management Inc. boosted its position in shares of Snap by 33.7% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 474,964 shares of the company’s stock valued at $7,755,000 after buying an additional 119,592 shares during the last quarter. Finally, Guggenheim Capital LLC increased its holdings in 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 buying an additional 23,475 shares in the last quarter. 39.48% of the stock is owned by institutional investors.
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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