Asset Management One Co. Ltd. Purchases 389,675 Shares of Snap Inc. $SNAP

Key Points

• Asset Management One initiated a position in Snap by purchasing 389,675 shares valued at approximately $2.1 million. Institutional investors and hedge funds collectively own 47.52% of Snap.
• Analysts remain cautious, with Snap carrying an average “Hold” rating and a consensus price target of $7.68. Recent analyst targets range from $6.00 to $8.00.
• Snap reported better-than-expected quarterly results, with an adjusted loss of $0.10 per share and revenue of $1.60 billion, up 18.9% year over year. Shares opened at $5.43, while insiders sold more than 2.4 million shares worth approximately $13.4 million over the prior 90 days.

Asset Management One Co. Ltd. bought a new position in shares of Snap Inc. (NYSE:SNAP - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 389,675 shares of the company's stock, valued at approximately $2,104,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of SNAP. Saba Capital Management L.P. boosted its stake in shares of Snap by 232.5% in the first quarter. Saba Capital Management L.P. now owns 4,727,808 shares of the company's stock valued at $21,748,000 after buying an additional 3,306,024 shares during the period. Empyrean Capital Partners LP bought a new position in Snap during the 1st quarter worth $25,300,000. Assenagon Asset Management S.A. increased its stake in Snap by 1,191.8% during the 2nd quarter. Assenagon Asset Management S.A. now owns 3,903,141 shares of the company's stock worth $17,330,000 after acquiring an additional 3,601,002 shares during the period. Curated Wealth Partners LLC increased its stake in Snap by 540.0% during the 3rd quarter. Curated Wealth Partners LLC now owns 544,828 shares of the company's stock worth $2,942,000 after acquiring an additional 459,704 shares during the period. Finally, First Trust Advisors LP raised its holdings in Snap by 302.9% in the 1st quarter. First Trust Advisors LP now owns 389,736 shares of the company's stock valued at $1,793,000 after acquiring an additional 293,003 shares in the last quarter. Institutional investors and hedge funds own 47.52% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SNAP. Wall Street Zen downgraded Snap from a "buy" rating to a "hold" rating in a research report on Saturday, September 12th. Wells Fargo & Company raised their price target on Snap from $5.00 to $6.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 4th. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $8.00 price target on shares of Snap in a research note on Thursday, September 17th. Rosenblatt Securities cut their price objective on shares of Snap from $6.40 to $6.00 and set a "neutral" rating for the company in a research report on Tuesday, August 4th. Finally, Piper Sandler reaffirmed a "neutral" rating on shares of Snap in a research report on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twenty-two have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Snap presently has an average rating of "Hold" and an average target price of $7.68.

Insider Activity at Snap

In other Snap news, CAO Rebecca Morrow sold 20,000 shares of the business's stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $5.35, for a total transaction of $107,000.00. Following the sale, the chief accounting officer owned 578,105 shares of the company's stock, valued at approximately $3,092,861.75. The trade was a 3.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Douglas Hott sold 131,884 shares of the company's stock in a transaction on Monday, August 17th. The stock was sold at an average price of $5.20, for a total transaction of $685,796.80. Following the transaction, the chief financial officer owned 2,324,563 shares of the company's stock, valued at $12,087,727.60. This trade represents a 5.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 2,445,926 shares of company stock worth $13,426,930 in the last ninety days.

Snap Trading Up 1.8%

Shares of SNAP stock opened at $5.43 on Tuesday. The stock's fifty day moving average price is $5.76 and its two-hundred day moving average price is $5.44. Snap Inc. has a fifty-two week low of $3.81 and a fifty-two week high of $9.13. The company has a quick ratio of 2.94, a current ratio of 2.94 and a debt-to-equity ratio of 1.75.

Snap (NYSE:SNAP - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.02. Snap had a negative return on equity of 14.61% and a negative net margin of 4.90%. The company had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter last year, the company posted ($0.16) EPS. The company's revenue for the quarter was up 18.9% compared to the same quarter last year. On average, equities analysts forecast that Snap Inc. will post -0.03 earnings per share for the current year.

Snap Profile

Snap Inc is a technology and social media company best known for Snapchat, a visual messaging and social networking application. Snapchat enables users to communicate through photos, videos, messages and Stories, while offering creative tools such as augmented reality (AR) Lenses and filters. The platform also includes features such as Snap Map, Spotlight and content from publishers and creators.

Snap generates most of its revenue from digital advertising, including video, augmented reality and other advertising formats delivered across Snapchat.

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