Assenagon Asset Management S.A. Has $17.33 Million Stock Holdings in Snap Inc. $SNAP

Key Points

• Assenagon Asset Management increased its Snap stake by 1,191.8% in the second quarter, acquiring 3.6 million additional shares and bringing its holdings to approximately $17.33 million. Institutional investors and hedge funds own 47.52% of Snap.
• Snap insiders sold 4.87 million shares worth $26.96 million over the past 90 days, including transactions by the chief accounting officer and CFO to cover tax withholding obligations from vested equity awards.
• Analysts remain cautious, with Snap holding a consensus “Hold” rating and an average price target of $7.65. The company recently beat quarterly revenue and EPS estimates, reporting $1.60 billion in revenue, up 18.9% year over year.

Assenagon Asset Management S.A. lifted its stake in shares of Snap Inc. (NYSE:SNAP - Free Report) by 1,191.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,903,141 shares of the company's stock after acquiring an additional 3,601,002 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.23% of Snap worth $17,330,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Allworth Financial LP lifted its position in shares of Snap by 92.3% in the 3rd quarter. Allworth Financial LP now owns 3,293 shares of the company's stock worth $25,000 after purchasing an additional 1,581 shares during the period. Arax Advisory Partners increased its position in shares of Snap by 220.0% during the fourth quarter. Arax Advisory Partners now owns 3,309 shares of the company's stock worth $27,000 after buying an additional 2,275 shares during the period. V Square Quantitative Management LLC bought a new position in Snap during the fourth quarter worth $29,000. EverSource Wealth Advisors LLC raised its stake in Snap by 561.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 3,618 shares of the company's stock worth $29,000 after buying an additional 3,071 shares during the last quarter. Finally, Banque Cantonale Vaudoise acquired a new position in Snap in the third quarter valued at $39,000. 47.52% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CAO Rebecca Morrow sold 16,729 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.60, for a total value of $93,682.40. Following the transaction, the chief accounting officer directly owned 512,811 shares in the company, valued at $2,871,741.60. This trade represents a 3.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Douglas Hott sold 114,702 shares of Snap stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $5.67, for a total transaction of $650,360.34. Following the completion of the sale, the chief financial officer directly owned 2,456,447 shares of the company's stock, valued at approximately $13,928,054.49. The trade was a 4.46% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 4,868,059 shares of company stock valued at $26,955,631.

Analyst Upgrades and Downgrades

SNAP has been the topic of a number of research analyst reports. Guggenheim upped their price target on shares of Snap from $5.00 to $5.50 and gave the company a "neutral" rating in a research report on Tuesday, August 4th. JPMorgan Chase & Co. dropped their price objective on Snap from $7.00 to $6.00 and set an "underweight" rating on the stock in a research note on Thursday, May 7th. Royal Bank Of Canada cut their target price on Snap from $10.00 to $8.00 and set a "sector perform" rating on the stock in a research report on Thursday, May 7th. Truist Financial decreased their target price on Snap from $8.00 to $7.00 and set a "hold" rating for the company in a research note on Tuesday, August 4th. Finally, Cantor Fitzgerald lifted their target price on Snap from $5.00 to $6.00 and gave the stock a "neutral" rating in a report on Tuesday, August 4th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-three have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $7.65.

Snap Stock Performance

Shares of SNAP opened at $5.36 on Tuesday. Snap Inc. has a one year low of $3.81 and a one year high of $9.28. The company has a market cap of $9.05 billion, a PE ratio of -29.78 and a beta of 1.03. The stock has a 50-day moving average of $4.91 and a 200-day moving average of $5.27. The company has a debt-to-equity ratio of 1.75, a current ratio of 2.94 and a quick ratio of 2.94.

Snap (NYSE:SNAP - Get Free Report) last posted its quarterly earnings results on Monday, August 3rd. The company reported ($0.10) earnings per share for the quarter, topping analysts' consensus estimates of ($0.12) by $0.02. The business had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.54 billion. Snap had a negative return on equity of 14.61% and a negative net margin of 4.90%.The firm's revenue for the quarter was up 18.9% on a year-over-year basis. During the same period in the prior year, the business earned ($0.16) EPS. On average, equities research analysts predict that Snap Inc. will post -0.05 EPS for the current fiscal year.

Snap Company Profile

Snap Inc is a camera and social media company best known for developing and operating Snapchat, a multimedia messaging application that allows users to send photos, videos and messages that disappear after being viewed. In addition to its core messaging service, Snap offers a suite of augmented reality (AR) tools, including custom Lenses and Filters, that enable users and third-party developers to create interactive and immersive experiences. The company also provides advertising solutions that allow brands to engage audiences through Snap Ads, Sponsored Lenses and Discover content on the platform.

Founded in 2011 by Evan Spiegel and Bobby Murphy, Snap has continually focused on innovation in camera technology and AR.

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