CIBC World Markets Inc. purchased a new stake in Snap Inc (NYSE:SNAP) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 20,180 shares of the company’s stock, valued at approximately $222,000.
Several other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc increased its holdings in shares of Snap by 57.6% during the third quarter. Vanguard Group Inc now owns 47,237,907 shares of the company’s stock worth $400,578,000 after purchasing an additional 17,260,731 shares during the period. FMR LLC increased its stake in Snap by 2.8% in the fourth quarter. FMR LLC now owns 22,150,589 shares of the company’s stock valued at $122,050,000 after acquiring an additional 606,983 shares during the last quarter. First Trust Advisors LP increased its stake in Snap by 4.0% in the fourth quarter. First Trust Advisors LP now owns 19,734,691 shares of the company’s stock valued at $108,738,000 after acquiring an additional 752,876 shares during the last quarter. BlackRock Inc. increased its stake in Snap by 9.2% in the first quarter. BlackRock Inc. now owns 16,288,017 shares of the company’s stock valued at $179,493,000 after acquiring an additional 1,368,877 shares during the last quarter. Finally, Hillhouse Capital Advisors Ltd. bought a new position in Snap in the fourth quarter valued at approximately $38,157,000. 26.09% of the stock is currently owned by institutional investors.
In other news, insider Jeremi Gorman sold 56,609 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $10.85, for a total value of $614,207.65. Following the completion of the sale, the insider now directly owns 3,061,689 shares of the company’s stock, valued at approximately $33,219,325.65. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Michael Lynton sold 25,000 shares of the firm’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $13.21, for a total transaction of $330,250.00. Following the completion of the sale, the director now directly owns 126,817 shares of the company’s stock, valued at $1,675,252.57. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,239,911 shares of company stock worth $26,109,071.
Shares of NYSE:SNAP opened at $13.75 on Thursday. The firm has a market capitalization of $18.48 billion, a PE ratio of -14.18 and a beta of 0.82. Snap Inc has a one year low of $4.82 and a one year high of $14.47.
Snap (NYSE:SNAP) last released its earnings results on Tuesday, April 23rd. The company reported ($0.23) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.21) by ($0.02). Snap had a negative net margin of 92.94% and a negative return on equity of 47.71%. The business had revenue of $320.43 million for the quarter, compared to the consensus estimate of $306.28 million. During the same period in the prior year, the business posted ($0.17) EPS. Snap’s revenue for the quarter was up 38.9% on a year-over-year basis. On average, equities research analysts expect that Snap Inc will post -0.76 earnings per share for the current fiscal year.
A number of research analysts recently issued reports on the stock. Summit Insights raised shares of Snap from a “sell” rating to a “hold” rating and set a $11.50 price objective on the stock in a research note on Friday, April 5th. Bank of America boosted their target price on shares of Snap from $10.00 to $12.00 and gave the stock a “neutral” rating in a research note on Friday, April 5th. SunTrust Banks reaffirmed a “hold” rating and set a $11.00 target price on shares of Snap in a research note on Wednesday, April 24th. Wedbush cut shares of Snap from an “outperform” rating to a “neutral” rating and set a $12.25 target price on the stock. in a research note on Thursday, April 18th. Finally, Vertical Group cut shares of Snap from a “mixed” rating to a “negative” rating in a research note on Thursday, April 18th. Four equities research analysts have rated the stock with a sell rating, twenty-two have given a hold rating and eight have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $10.65.
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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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