Concurrent Investment Advisors LLC Grows Stake in Snap Inc. (NYSE:SNAP)

Concurrent Investment Advisors LLC boosted its position in shares of Snap Inc. (NYSE:SNAP - Free Report) by 193.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 131,043 shares of the company's stock after acquiring an additional 86,441 shares during the period. Concurrent Investment Advisors LLC's holdings in Snap were worth $1,141,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its stake in shares of Snap by 2.0% in the 4th quarter. Bank of New York Mellon Corp now owns 1,538,111 shares of the company's stock valued at $16,565,000 after purchasing an additional 29,526 shares during the period. Jones Financial Companies Lllp boosted its stake in shares of Snap by 13.0% during the 4th quarter. Jones Financial Companies Lllp now owns 16,421 shares of the company's stock worth $177,000 after acquiring an additional 1,894 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Snap by 6.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,601,172 shares of the company's stock worth $71,095,000 after acquiring an additional 389,812 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Snap by 1.7% during the 4th quarter. Victory Capital Management Inc. now owns 286,080 shares of the company's stock worth $3,081,000 after acquiring an additional 4,808 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of Snap during the 4th quarter worth about $3,291,000. Hedge funds and other institutional investors own 47.52% of the company's stock.

Insider Activity at Snap

In other Snap news, insider Ajit Mohan sold 27,608 shares of the stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $8.04, for a total transaction of $221,968.32. Following the transaction, the insider directly owned 2,526,855 shares in the company, valued at $20,315,914.20. This trade represents a 1.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Robert C. Murphy sold 1,000,000 shares of the stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $8.03, for a total transaction of $8,030,000.00. Following the sale, the chief technology officer directly owned 54,517,308 shares of the company's stock, valued at $437,773,983.24. The trade was a 1.80% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,639,601 shares of company stock valued at $13,534,791 in the last ninety days.

Snap Stock Down 1.6%

Shares of SNAP traded down $0.15 during trading hours on Wednesday, hitting $9.17. The stock had a trading volume of 42,034,024 shares, compared to its average volume of 30,780,252. 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 firm has a 50 day simple moving average of $8.48 and a 200-day simple moving average of $9.43. Snap Inc. has a 1-year low of $7.08 and a 1-year high of $17.33. The firm has a market capitalization of $15.32 billion, a P/E ratio of -29.58 and a beta of 0.59.

Snap (NYSE:SNAP - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The company reported ($0.08) EPS for the quarter, missing analysts' consensus estimates of $0.04 by ($0.12). Snap had a negative return on equity of 21.53% and a negative net margin of 9.63%. The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter last year, the business posted $0.03 earnings per share. The business's revenue was up 14.1% compared to the same quarter last year. Sell-side analysts predict that Snap Inc. will post -0.3 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Cantor Fitzgerald set a $7.00 target price on Snap and gave the company a "neutral" rating in a research report on Wednesday, April 30th. Morgan Stanley lowered their target price on shares of Snap from $8.00 to $6.50 and set an "equal weight" rating on the stock in a research note on Thursday, May 1st. Canaccord Genuity Group lowered their target price on shares of Snap from $10.00 to $9.00 and set a "hold" rating on the stock in a research note on Wednesday, April 30th. Piper Sandler cut their price target on Snap from $13.00 to $10.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. Finally, Susquehanna reduced their price target on Snap from $13.00 to $8.00 and set a "neutral" rating on the stock in a report on Wednesday, April 30th. One analyst has 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's stock. According to MarketBeat, Snap has an average rating of "Hold" and an average price target of $35.74.

Snap 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.