Bank of New York Mellon Corp Cuts Stock Holdings in Snap Inc. (NYSE:SNAP)

Bank of New York Mellon Corp lowered its holdings in Snap Inc. (NYSE:SNAP - Free Report) by 1.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,513,044 shares of the company's stock after selling 25,067 shares during the quarter. Bank of New York Mellon Corp owned 0.09% of Snap worth $13,179,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Capital World Investors grew its position in Snap by 38.9% in the fourth quarter. Capital World Investors now owns 84,137,317 shares of the company's stock worth $906,161,000 after acquiring an additional 23,569,522 shares during the period. SRS Investment Management LLC grew its position in shares of Snap by 1.4% in the 4th quarter. SRS Investment Management LLC now owns 73,723,115 shares of the company's stock valued at $793,998,000 after buying an additional 1,001,632 shares during the last quarter. Capital International Investors purchased a new position in Snap during the 4th quarter worth approximately $422,049,000. Geode Capital Management LLC increased its holdings in shares of Snap by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 11,831,472 shares of the company's stock valued at $127,078,000 after purchasing an additional 134,017 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Snap by 13.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,075,318 shares of the company's stock worth $76,201,000 after buying an additional 828,285 shares during the period. Hedge funds and other institutional investors own 47.52% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on SNAP shares. Piper Sandler reduced their price target on shares of Snap from $13.00 to $10.00 and set a "neutral" rating for the company in a research note on Thursday, April 10th. Truist Financial reduced their price target on Snap from $14.00 to $11.00 and set a "hold" rating for the company in a report on Wednesday, April 30th. Citizens Jmp raised Snap from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 28th. Bank of America decreased their price target on shares of Snap from $14.50 to $10.50 and set a "neutral" rating on the stock in a research report on Wednesday, April 9th. Finally, Wells Fargo & Company boosted their price target on Snap from $8.00 to $11.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 1st. Two investment analysts have rated the stock with a sell rating, twenty-two have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $34.87.

Insiders Place Their Bets

In other news, CFO Derek Andersen sold 33,886 shares of Snap stock in a transaction on Monday, June 16th. The stock was sold at an average price of $8.04, for a total value of $272,443.44. Following the transaction, the chief financial officer owned 3,204,418 shares in the company, valued at approximately $25,763,520.72. This trade represents a 1.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Rebecca Morrow sold 9,202 shares of the company's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $8.59, for a total value of $79,045.18. Following the sale, the chief accounting officer owned 448,881 shares of the company's stock, valued at $3,855,887.79. This trade represents a 2.01% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,667,802 shares of company stock valued at $13,799,881 in the last ninety days.

Snap Price Performance

Snap stock traded down $0.17 during mid-day trading on Monday, reaching $9.85. The company had a trading volume of 36,611,412 shares, compared to its average volume of 31,417,929. Snap Inc. has a 1 year low of $7.08 and a 1 year high of $15.35. The company has a market capitalization of $16.45 billion, a P/E ratio of -31.76 and a beta of 0.59. The stock's 50-day simple moving average is $8.69 and its 200-day simple moving average is $9.34. The company has a debt-to-equity ratio of 1.55, a current ratio of 4.30 and a quick ratio of 4.30.

Snap (NYSE:SNAP - Get Free Report) last posted 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). The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Snap had a negative net margin of 9.63% and a negative return on equity of 21.53%. The firm's revenue was up 14.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.03 earnings per share. On average, equities analysts predict that Snap Inc. will post -0.3 EPS for the current year.

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.