Net Worth Advisory Group Buys Shares of 56,359 Snap Inc. (NYSE:SNAP)

Net Worth Advisory Group acquired a new position in shares of Snap Inc. (NYSE:SNAP - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 56,359 shares of the company's stock, valued at approximately $491,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Capital International Investors bought a new position in shares of Snap in the fourth quarter worth $422,049,000. Capital World Investors lifted 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 purchasing an additional 23,569,522 shares during the period. Assenagon Asset Management S.A. lifted its position in Snap by 121.9% in the first quarter. Assenagon Asset Management S.A. now owns 6,848,370 shares of the company's stock worth $59,649,000 after purchasing an additional 3,761,629 shares during the period. Norges Bank acquired a new stake in Snap in the fourth quarter worth approximately $30,162,000. Finally, Renaissance Technologies LLC acquired a new stake in Snap in the fourth quarter worth approximately $27,713,000. 47.52% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Snap news, CFO Derek Andersen sold 33,618 shares of the firm's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $8.83, for a total transaction of $296,846.94. Following the transaction, the chief financial officer now directly owns 3,507,897 shares in the company, valued at $30,974,730.51. This trade represents a 0.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Rebecca Morrow sold 9,202 shares of the firm's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $8.59, for a total value of $79,045.18. Following the transaction, the chief accounting officer now owns 448,881 shares in the company, valued at approximately $3,855,887.79. This trade represents a 2.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,611,593 shares of company stock worth $13,346,752. Corporate insiders own 22.68% of the company's stock.

Snap Stock Down 4.2%

Shares of SNAP traded down $0.35 during mid-day trading on Friday, reaching $7.95. The company's stock had a trading volume of 37,743,315 shares, compared to its average volume of 29,490,099. The business has a fifty day moving average of $8.31 and a 200 day moving average of $9.83. The company has a market cap of $13.29 billion, a price-to-earnings ratio of -18.94 and a beta of 0.59. Snap Inc. has a 1 year low of $7.08 and a 1 year high of $17.33. The company has a quick ratio of 3.95, a current ratio of 3.95 and a debt-to-equity ratio of 1.47.

Snap (NYSE:SNAP - Get Free Report) last released its earnings results on Tuesday, April 29th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.04 by ($0.12). The business had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. Snap had a negative net margin of 13.02% and a negative return on equity of 25.67%. Snap's revenue for the quarter was up 14.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.03 EPS. As a group, analysts forecast that Snap Inc. will post -0.3 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Susquehanna cut their target price on Snap from $13.00 to $8.00 and set a "neutral" rating for the company in a research report on Wednesday, April 30th. B. Riley cut their target price on Snap from $12.00 to $10.00 and set a "neutral" rating for the company in a research report on Wednesday, April 30th. The Goldman Sachs Group cut their target price on Snap from $9.50 to $8.50 and set a "neutral" rating for the company in a research report on Wednesday, April 30th. JMP Securities set a $12.00 target price on Snap in a research report on Friday, April 25th. Finally, JPMorgan Chase & Co. cut their target price on Snap from $10.00 to $8.00 and set an "underweight" rating for the company in a research report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, twenty-three have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $35.62.

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.