Snap Inc. (NYSE:SNAP) Shares Purchased by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia increased its holdings in Snap Inc. by 28.8% in the first quarter, owning 569,095 shares worth approximately $4.96 million after purchasing an additional 127,128 shares.
• Multiple hedge funds modified their positions in Snap, contributing to institutional investors owning 47.52% of the company's stock, highlighting increasing interest in Snap's equity.
• Brokerage analysts have differing views on Snap's stock, with average price targets ranging from $8.50 to $34.64, indicating varied expectations for the company’s performance.

Bank of Nova Scotia raised its stake in Snap Inc. (NYSE:SNAP - Free Report) by 28.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 569,095 shares of the company's stock after acquiring an additional 127,128 shares during the period. Bank of Nova Scotia's holdings in Snap were worth $4,957,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Sei Investments Co. bought a new stake in shares of Snap in the 4th quarter worth about $158,000. National Bank of Canada FI increased its holdings in shares of Snap by 32.2% in the 4th quarter. National Bank of Canada FI now owns 20,302 shares of the company's stock worth $219,000 after buying an additional 4,944 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Snap by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 11,831,472 shares of the company's stock worth $127,078,000 after buying an additional 134,017 shares during the last quarter. Prudential PLC increased its holdings in shares of Snap by 181.6% in the 4th quarter. Prudential PLC now owns 42,045 shares of the company's stock worth $453,000 after buying an additional 27,113 shares during the last quarter. Finally, Resona Asset Management Co. Ltd. bought a new stake in shares of Snap in the 4th quarter worth about $3,216,000. 47.52% of the stock is currently owned by institutional investors.

Snap Trading Down 1.5%

Shares of SNAP traded down $0.11 during mid-day trading on Friday, hitting $7.43. The company's stock had a trading volume of 49,673,172 shares, compared to its average volume of 49,837,988. The company's 50-day moving average is $8.89 and its 200-day moving average is $9.11. Snap Inc. has a 52-week low of $7.08 and a 52-week high of $13.28. The company has a debt-to-equity ratio of 1.73, a current ratio of 3.88 and a quick ratio of 4.30.

Snap (NYSE:SNAP - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported ($0.16) EPS for the quarter, hitting the consensus estimate of ($0.16). The firm had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.34 billion. Snap had a negative net margin of 9.69% and a negative return on equity of 23.32%. Snap's revenue was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.15) EPS. As a group, analysts expect that Snap Inc. will post -0.3 EPS for the current year.

Insider Activity

In related news, SVP Eric Young sold 117,592 shares of the business's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $8.59, for a total transaction of $1,010,115.28. Following the completion of the transaction, the senior vice president owned 3,348,290 shares in the company, valued at $28,761,811.10. The trade was a 3.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Ajit Mohan sold 28,201 shares of the business's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $9.40, for a total transaction of $265,089.40. Following the transaction, the insider owned 5,676,293 shares of the company's stock, valued at approximately $53,357,154.20. This trade represents a 0.49% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 667,802 shares of company stock worth $5,813,801. Insiders own 22.68% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Citizens Jmp restated a "market perform" rating on shares of Snap in a report on Wednesday. Canaccord Genuity Group cut their price target on shares of Snap from $10.00 to $9.00 and set a "hold" rating on the stock in a report on Wednesday, April 30th. Loop Capital cut their price target on shares of Snap from $16.00 to $12.00 and set a "buy" rating on the stock in a report on Friday, May 16th. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $7.00 target price on shares of Snap in a research note on Wednesday. Finally, Morgan Stanley raised their price target on Snap from $6.50 to $8.50 and gave the stock an "equal weight" rating in a research note on Monday, July 21st. Two investment analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, Snap presently has an average rating of "Hold" and an average price target of $34.16.

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.