Snap Inc. (NYSE:SNAP) Shares Acquired by Allen Investment Management LLC

Key Points

• Allen Investment Management LLC increased its holdings in Snap Inc. by 23.5% during the first quarter, now owning approximately $16.47 million worth of the company’s stock.
• Insider trading activity showed notable sales, with SVP Eric Young selling 117,592 shares and CAO Rebecca Morrow selling 9,202 shares, indicating a decline in their ownership percentages.
• Snap has faced challenges as evidenced by its recent earnings report, posting an EPS of ($0.08) and missing analysts' consensus estimates, despite a 14.1% year-over-year revenue increase.

Allen Investment Management LLC increased its position in shares of Snap Inc. (NYSE:SNAP - Free Report) by 23.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,890,749 shares of the company's stock after acquiring an additional 359,379 shares during the period. Allen Investment Management LLC owned about 0.11% of Snap worth $16,468,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently made changes to their positions in SNAP. Raiffeisen Bank International AG bought a new position in Snap during the 4th quarter valued at $30,000. NBC Securities Inc. lifted its stake in Snap by 154,650.0% during the first quarter. NBC Securities Inc. now owns 3,095 shares of the company's stock worth $26,000 after purchasing an additional 3,093 shares during the last quarter. Rakuten Securities Inc. increased its holdings in shares of Snap by 155.4% in the first quarter. Rakuten Securities Inc. now owns 3,489 shares of the company's stock worth $30,000 after buying an additional 2,123 shares during the period. Osterweis Capital Management Inc. purchased a new stake in Snap during the 4th quarter valued at $43,000. Finally, State of Wyoming purchased a new position in shares of Snap during the fourth quarter valued at approximately $61,000. Institutional investors own 47.52% of the company's stock.

Insider Activity at Snap

In other news, CFO Derek Andersen sold 33,886 shares of the stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $8.04, for a total transaction of $272,443.44. Following the transaction, the chief financial officer owned 3,204,418 shares of the company's stock, valued at approximately $25,763,520.72. This trade represents a 1.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Eric Young sold 117,592 shares of Snap stock in a transaction on Friday, May 16th. The stock was sold at an average price of $8.59, for a total transaction of $1,010,115.28. Following the completion of the transaction, the senior vice president directly owned 3,348,290 shares of the company's stock, valued at approximately $28,761,811.10. This represents a 3.39% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,667,802 shares of company stock valued at $13,799,881.

Snap Trading Down 0.7%

Shares of SNAP stock traded down $0.07 during trading hours on Monday, hitting $9.70. The company's stock had a trading volume of 51,258,444 shares, compared to its average volume of 35,138,560. The business has a fifty day moving average of $8.80 and a 200-day moving average of $9.26. The company has a quick ratio of 4.30, a current ratio of 4.30 and a debt-to-equity ratio of 1.55. Snap Inc. has a twelve month low of $7.08 and a twelve month high of $13.95.

Snap (NYSE:SNAP - Get Free Report) last released its earnings results on Tuesday, April 29th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.12). Snap had a negative net margin of 9.63% and a negative return on equity of 21.53%. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same quarter in the previous year, the company posted $0.03 earnings per share. The business's revenue for the quarter was up 14.1% compared to the same quarter last year. On average, equities analysts expect that Snap Inc. will post -0.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SNAP has been the subject of several recent research reports. Piper Sandler lowered their price objective on Snap from $13.00 to $10.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. TD Cowen boosted their price objective on shares of Snap from $9.00 to $10.00 and gave the company a "hold" rating in a report on Tuesday, July 15th. Truist Financial reduced their price target on shares of Snap from $14.00 to $11.00 and set a "hold" rating for the company in a research report on Wednesday, April 30th. Royal Bank Of Canada reiterated a "sector perform" rating and set a $12.00 target price on shares of Snap in a research report on Wednesday, April 30th. Finally, Bank of America reduced their price objective on shares of Snap from $14.50 to $10.50 and set a "neutral" rating for the company in a research note on Wednesday, April 9th. Two investment analysts have rated the stock with a sell rating, twenty-three have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $33.95.

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.