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

Key Points

• Assenagon Asset Management cut its Snap stake by 92.7% in the first quarter, selling nearly 3.85 million shares and leaving it with 302,139 shares valued at about $1.39 million.
• Snap’s latest quarter showed mixed results: revenue of $1.53 billion matched expectations and rose 12.2% year over year, but EPS came in at -$0.05, missing estimates of $0.09.
• Analysts remain cautious on the stock, with a consensus rating of Hold and an average price target of $7.79; several firms recently lowered or maintained neutral ratings.

Assenagon Asset Management S.A. lowered its position in shares of Snap Inc. (NYSE:SNAP - Free Report) by 92.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 302,139 shares of the company's stock after selling 3,847,995 shares during the period. Assenagon Asset Management S.A.'s holdings in Snap were worth $1,390,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Alyeska Investment Group L.P. purchased a new stake in Snap in the third quarter valued at approximately $176,697,000. AQR Capital Management LLC increased its holdings in shares of Snap by 874.3% in the 4th quarter. AQR Capital Management LLC now owns 10,066,852 shares of the company's stock valued at $81,239,000 after acquiring an additional 9,033,644 shares during the period. Junto Capital Management LP purchased a new stake in Snap in the 3rd quarter valued at $29,071,000. Voloridge Investment Management LLC boosted its stake in Snap by 53.3% during the 3rd quarter. Voloridge Investment Management LLC now owns 10,300,911 shares of the company's stock worth $79,420,000 after purchasing an additional 3,582,223 shares during the period. Finally, Holocene Advisors LP boosted its stake in Snap by 895.9% during the 3rd quarter. Holocene Advisors LP now owns 3,560,234 shares of the company's stock worth $27,449,000 after purchasing an additional 3,202,737 shares during the period. 47.52% of the stock is owned by institutional investors and hedge funds.

Snap Price Performance

Snap stock opened at $4.75 on Thursday. The company has a market cap of $8.02 billion, a P/E ratio of -19.79 and a beta of 1.05. Snap Inc. has a one year low of $3.81 and a one year high of $10.41. The business has a fifty day moving average of $5.47 and a two-hundred day moving average of $5.87. The company has a debt-to-equity ratio of 1.67, a quick ratio of 3.53 and a current ratio of 3.53.

Snap (NYSE:SNAP - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.09 by ($0.14). The company had revenue of $1.53 billion during the quarter, compared to analysts' expectations of $1.53 billion. Snap had a negative net margin of 6.72% and a negative return on equity of 18.92%. The business's revenue for the quarter was up 12.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.08) EPS. As a group, analysts predict that Snap Inc. will post -0.06 earnings per share for the current fiscal year.

Insider Activity at Snap

In other news, General Counsel Zachary M. Briers sold 11,958 shares of Snap stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $6.00, for a total transaction of $71,748.00. Following the completion of the transaction, the general counsel owned 2,560,835 shares of the company's stock, valued at $15,365,010. The trade was a 0.46% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CTO Robert C. Murphy sold 343,945 shares of the business's stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $5.88, for a total transaction of $2,022,396.60. Following the completion of the sale, the chief technology officer owned 4,963,581 shares in the company, valued at $29,185,856.28. This represents a 6.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 2,907,554 shares of company stock valued at $16,093,619 in the last 90 days. 22.68% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have commented on SNAP. Royal Bank Of Canada dropped their price objective on shares of Snap from $10.00 to $8.00 and set a "sector perform" rating on the stock in a research note on Thursday, May 7th. Benchmark reiterated a "hold" rating on shares of Snap in a research note on Wednesday, June 17th. BNP Paribas Exane lowered Snap to a "neutral" rating in a report on Monday, April 27th. Tigress Financial started coverage on shares of Snap in a research report on Monday, April 27th. They set a "buy" rating for the company. Finally, Citigroup restated a "market perform" rating on shares of Snap in a research note on Wednesday, June 17th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, twenty-three have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $7.79.

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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