Bayforest Capital Ltd Takes $694,000 Position in Snap Inc. (NYSE:SNAP)

Key Points

• Bayforest Capital Ltd has acquired a new stake in Snap Inc., purchasing 79,625 shares valued at approximately $694,000 during the first quarter.
• Several other institutional investors, including Mackenzie Financial Corp and TD Asset Management Inc, have also adjusted their positions in Snap, indicating increased interest among institutional investors.
• Snap recently reported earnings with an EPS of -$0.08, missing analysts' estimates, but its revenue reached $1.36 billion, marking a 14.1% year-over-year increase.

Bayforest Capital Ltd bought a new position in Snap Inc. (NYSE:SNAP - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 79,625 shares of the company's stock, valued at approximately $694,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. NBC Securities Inc. raised its position in Snap by 154,650.0% in the 1st quarter. NBC Securities Inc. now owns 3,095 shares of the company's stock worth $26,000 after buying an additional 3,093 shares during the last quarter. Raiffeisen Bank International AG bought a new position in shares of Snap during the 4th quarter valued at approximately $30,000. Rakuten Securities Inc. lifted its position in Snap by 155.4% in the first quarter. Rakuten Securities Inc. now owns 3,489 shares of the company's stock worth $30,000 after buying an additional 2,123 shares during the last quarter. Osterweis Capital Management Inc. purchased a new stake in Snap in the fourth quarter worth $43,000. Finally, Olde Wealth Management LLC purchased a new stake in Snap in the first quarter worth $52,000. 47.52% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on SNAP shares. Stifel Nicolaus cut their price target on Snap from $11.00 to $8.00 and set a "hold" rating on the stock in a research note on Wednesday, April 23rd. UBS Group reiterated a "neutral" rating and issued a $10.00 target price (up previously from $9.00) on shares of Snap in a research note on Wednesday, July 16th. Sanford C. Bernstein lifted their target price on Snap from $9.00 to $10.00 and gave the company a "market perform" rating in a research note on Tuesday, July 22nd. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $12.00 target price on shares of Snap in a research note on Wednesday, April 30th. Finally, TD Cowen lifted their target price on Snap from $9.00 to $10.00 and gave the company a "hold" rating in a research note on Tuesday, July 15th. Two research analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Snap has an average rating of "Hold" and an average price target of $33.95.

Insider Buying and Selling

In related news, General Counsel Michael J. O'sullivan sold 68,845 shares of Snap stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $8.59, for a total transaction of $591,378.55. Following the completion of the transaction, the general counsel directly owned 2,173,950 shares in the company, valued at approximately $18,674,230.50. This trade represents a 3.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Eric Young sold 117,592 shares of Snap stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $8.59, for a total value of $1,010,115.28. Following the transaction, the senior vice president owned 3,348,290 shares of the company's stock, valued at approximately $28,761,811.10. This represents a 3.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 643,802 shares of company stock valued at $5,584,121 in the last ninety days. Insiders own 22.68% of the company's stock.

Snap Stock Performance

SNAP stock traded down $0.39 during trading on Friday, hitting $9.04. 37,635,149 shares of the company traded hands, compared to its average volume of 34,598,277. The stock's 50-day simple moving average is $8.87 and its 200 day simple moving average is $9.22. The company has a debt-to-equity ratio of 1.55, a current ratio of 4.30 and a quick ratio of 4.30. The company has a market cap of $15.11 billion, a PE ratio of -29.16 and a beta of 0.59. Snap Inc. has a 1 year low of $7.08 and a 1 year high of $13.28.

Snap (NYSE:SNAP - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.12). The company had revenue of $1.36 billion for the quarter, compared to analysts' expectations 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 posted $0.03 earnings per share. On average, equities analysts expect that Snap Inc. will post -0.3 earnings per share for the current fiscal 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.