Assenagon Asset Management S.A. Raises Holdings in Snap Inc. $SNAP

Key Points

• Assenagon Asset Management boosted its stake in Snap by 537.9% in Q4, buying 3,499,578 shares to hold 4,150,134 shares (about 0.24% of the company) valued at $33.49 million.
• Company insiders sold heavily last quarter — CFO Derek Andersen sold 92,956 shares and General Counsel Zachary Briers sold 68,620, with insiders offloading 2,570,641 shares in total; insiders now own 22.68% while institutional investors own 47.52%.
• Snap reported Q results with EPS of $0.03 (missing estimates) and revenue of $1.72 billion, the stock trades around $4.48 with a $7.57B market cap, and analysts' consensus is a "Hold" with an average target of $8.17.

Assenagon Asset Management S.A. increased its holdings in Snap Inc. (NYSE:SNAP - Free Report) by 537.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,150,134 shares of the company's stock after buying an additional 3,499,578 shares during the period. Assenagon Asset Management S.A. owned about 0.24% of Snap worth $33,492,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Gradient Investments LLC boosted its position in Snap by 8.8% during the 4th quarter. Gradient Investments LLC now owns 168,968 shares of the company's stock valued at $1,364,000 after acquiring an additional 13,599 shares in the last quarter. RDA Financial Network increased its holdings in shares of Snap by 15.5% in the 4th quarter. RDA Financial Network now owns 13,884 shares of the company's stock valued at $112,000 after acquiring an additional 1,865 shares during the period. Garde Capital Inc. raised its position in shares of Snap by 209,523.8% in the 3rd quarter. Garde Capital Inc. now owns 44,021 shares of the company's stock worth $339,000 after acquiring an additional 44,000 shares in the last quarter. Allworth Financial LP raised 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 acquiring an additional 1,581 shares in the last quarter. Finally, Swiss Life Asset Management Ltd lifted its stake in shares of Snap by 1.9% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 102,347 shares of the company's stock worth $789,000 after purchasing an additional 1,929 shares during the last quarter. Hedge funds and other institutional investors own 47.52% of the company's stock.

Snap Trading Up 2.8%

Snap stock opened at $4.48 on Thursday. The company has a debt-to-equity ratio of 1.53, a quick ratio of 3.56 and a current ratio of 3.56. The stock has a market cap of $7.57 billion, a PE ratio of -16.61 and a beta of 0.83. The stock has a 50-day moving average of $5.61 and a two-hundred day moving average of $7.12. Snap Inc. has a one year low of $4.31 and a one year high of $10.41.

Snap (NYSE:SNAP - Get Free Report) last issued its quarterly earnings results on Wednesday, February 4th. The company reported $0.03 earnings per share for the quarter, missing analysts' consensus estimates of $0.15 by ($0.12). The business had revenue of $1.72 billion for the quarter, compared to analysts' expectations of $1.70 billion. Snap had a negative return on equity of 20.72% and a negative net margin of 7.76%.Snap's revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.01 EPS. On average, research analysts anticipate that Snap Inc. will post -0.3 EPS for the current fiscal year.

Insider Buying and Selling at Snap

In other news, CFO Derek Andersen sold 92,956 shares of the stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $4.59, for a total value of $426,668.04. Following the transaction, the chief financial officer directly owned 3,799,661 shares of the company's stock, valued at approximately $17,440,443.99. This represents a 2.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Zachary M. Briers sold 68,620 shares of the firm's stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $4.73, for a total value of $324,572.60. Following the completion of the transaction, the general counsel owned 2,785,468 shares of the company's stock, valued at approximately $13,175,263.64. The trade was a 2.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 2,570,641 shares of company stock worth $13,436,343. 22.68% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on SNAP shares. Mizuho cut their target price on Snap from $9.00 to $7.00 and set a "neutral" rating on the stock in a research note on Thursday, February 5th. Arete Research set a $7.30 price target on shares of Snap and gave the company a "buy" rating in a research report on Tuesday, February 10th. TD Cowen lowered their price target on shares of Snap from $9.00 to $8.00 and set a "hold" rating on the stock in a report on Thursday, February 5th. Morgan Stanley cut their price objective on shares of Snap from $9.50 to $6.50 and set an "equal weight" rating on the stock in a research report on Sunday, February 22nd. Finally, Bank of America upgraded shares of Snap from a "neutral" rating to a "buy" rating and set a $10.00 price objective for the company in a research note on Thursday, February 5th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $8.17.

Snap 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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