Snap (SNAP) Receives a Hold from Wells Fargo

In a report released today, Brian Fitzgerald from Wells Fargo maintained a Hold rating on Snap (SNAPResearch Report), with a price target of $13.00. The company’s shares opened today at $10.82.

Fitzgerald covers the Technology sector, focusing on stocks such as Twitter, Trade Desk, and Snap. According to TipRanks, Fitzgerald has an average return of 15.8% and a 53.27% success rate on recommended stocks.

Snap has an analyst consensus of Hold, with a price target consensus of $14.11, implying a 30.41% upside from current levels. In a report released on September 1, RBC Capital also maintained a Hold rating on the stock with a $11.00 price target.

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Based on Snap’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $1.11 billion and a GAAP net loss of $422.07 million. In comparison, last year the company earned a revenue of $982.11 million and had a GAAP net loss of $151.66 million

Based on the recent corporate insider activity of 128 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SNAP in relation to earlier this year.

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Founded in 2010 and based in California, Snap, Inc. is a social media company and provides a camera platform in the U.S. and internationally. It has developed many technological products and services including Snapchat, which uses the camera and editing tools to take and share Snaps; Bitmojis, which are personal emojis; Spectacles, which are wearable sunglasses capable of taking Snaps and interacting directly with the Snapchat application. The company’s primary source of revenue is advertising.

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