Whittier Trust Co. trimmed its holdings in shares of Snap Inc. (NYSE:SNAP – Get Rating) by 66.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,941 shares of the company’s stock after selling 3,919 shares during the period. Whittier Trust Co.’s holdings in Snap were worth $70,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in SNAP. Lone Pine Capital LLC boosted its position in Snap by 47.9% during the fourth quarter. Lone Pine Capital LLC now owns 33,478,637 shares of the company’s stock valued at $1,574,500,000 after buying an additional 10,839,980 shares during the period. TD Asset Management Inc. boosted its holdings in shares of Snap by 72.7% during the fourth quarter. TD Asset Management Inc. now owns 6,916,034 shares of the company’s stock worth $325,261,000 after purchasing an additional 2,911,656 shares during the period. Capital International Investors purchased a new stake in shares of Snap during the fourth quarter worth about $125,811,000. Marshall Wace LLP purchased a new stake in shares of Snap during the fourth quarter worth about $98,005,000. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of Snap during the fourth quarter worth about $89,918,000. 53.88% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
SNAP has been the subject of a number of analyst reports. MKM Partners dropped their target price on shares of Snap from $26.00 to $17.00 and set a “buy” rating for the company in a report on Friday. Cowen dropped their target price on shares of Snap from $17.00 to $10.00 in a report on Friday. Bank of America decreased their price target on shares of Snap from $50.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, May 24th. Rosenblatt Securities downgraded shares of Snap from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $23.00 to $14.00 in a research note on Friday. Finally, Loop Capital decreased their price target on shares of Snap from $65.00 to $26.00 and set a “buy” rating for the company in a research note on Thursday, May 26th. Two analysts have rated the stock with a sell rating, twenty have assigned a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $21.00.
Insider Buying and Selling
In related news, CTO Robert C. Murphy sold 900,000 shares of the firm’s stock in a transaction that occurred on Monday, April 25th. The shares were sold at an average price of $29.55, for a total value of $26,595,000.00. Following the sale, the chief technology officer now owns 75,110,002 shares in the company, valued at $2,219,500,559.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CTO Robert C. Murphy sold 900,000 shares of Snap stock in a transaction on Monday, April 25th. The shares were sold at an average price of $29.55, for a total transaction of $26,595,000.00. Following the transaction, the chief technology officer now owns 75,110,002 shares in the company, valued at approximately $2,219,500,559.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Evan Spiegel sold 250,000 shares of Snap stock in a transaction on Monday, April 25th. The stock was sold at an average price of $29.25, for a total transaction of $7,312,500.00. Following the transaction, the chief executive officer now owns 4,327,844 shares in the company, valued at approximately $126,589,437. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,520,386 shares of company stock worth $41,751,856.
Snap Trading Down 39.1 %
Shares of SNAP stock opened at $9.96 on Friday. Snap Inc. has a 12-month low of $9.91 and a 12-month high of $83.34. The company has a current ratio of 7.19, a quick ratio of 7.19 and a debt-to-equity ratio of 1.05. The firm’s 50 day moving average is $15.02 and its 200 day moving average is $27.42. The stock has a market capitalization of $16.30 billion, a P/E ratio of -19.15 and a beta of 1.20.
Snap (NYSE:SNAP – Get Rating) last issued its earnings results on Thursday, April 21st. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.03). Snap had a negative return on equity of 21.32% and a negative net margin of 18.31%. The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.07 billion. During the same quarter in the prior year, the business posted ($0.19) EPS. The company’s revenue for the quarter was up 38.1% compared to the same quarter last year. Research analysts expect that Snap Inc. will post -0.56 earnings per share for the current year.
Snap Profile
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Snap Inc operates as a camera company in North America, Europe, and internationally. The company offers Snapchat, a camera application with various functionalities, such as Camera, Communication, Snap Map, Stories, and Spotlight that enable people to communicate visually through short videos and images.
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