Nikko Asset Management Americas Inc. Buys 1,021,677 Shares of Snap Inc. $SNAP

Key Points

• Nikko Asset Management Americas increased its stake in Snap by 94.1% in Q2, purchasing an additional 1,021,677 shares to hold 2,107,288 shares worth about $18.3 million (≈0.13% of the company).
• Snap reported quarterly EPS of -$0.06 (missing the $0.06 estimate) while revenue of $1.51 billion beat estimates and rose 9.8% year-over-year; analysts' consensus is a Hold with an average target of $9.85.
• Corporate insiders have sold a total of 1,426,728 shares (≈$11.46 million) over the past three months — including sales by the GC and CFO — and insiders now own 22.68% of the stock.

Nikko Asset Management Americas Inc. grew its stake in Snap Inc. (NYSE:SNAP - Free Report) by 94.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,107,288 shares of the company's stock after purchasing an additional 1,021,677 shares during the quarter. Nikko Asset Management Americas Inc. owned approximately 0.13% of Snap worth $18,312,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Signaturefd LLC raised its stake in Snap by 169.9% in the 2nd quarter. Signaturefd LLC now owns 2,942 shares of the company's stock worth $26,000 after purchasing an additional 1,852 shares in the last quarter. Quarry LP acquired a new stake in shares of Snap in the first quarter valued at approximately $34,000. Itau Unibanco Holding S.A. bought a new stake in shares of Snap in the first quarter valued at approximately $35,000. Wealth Preservation Advisors LLC acquired a new stake in Snap during the first quarter worth approximately $44,000. Finally, Blue Trust Inc. increased its stake in Snap by 61.5% during the 2nd quarter. Blue Trust Inc. now owns 6,633 shares of the company's stock worth $58,000 after acquiring an additional 2,525 shares during the period. Institutional investors and hedge funds own 47.52% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Cantor Fitzgerald upped their target price on Snap from $7.00 to $9.00 and gave the company a "neutral" rating in a research report on Thursday, November 6th. Morgan Stanley cut their price objective on shares of Snap from $8.50 to $8.00 and set an "equal weight" rating for the company in a research report on Monday, October 20th. Stifel Nicolaus set a $7.00 target price on shares of Snap in a report on Thursday, November 6th. Zacks Research cut shares of Snap from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 20th. Finally, Piper Sandler increased their price target on shares of Snap from $9.00 to $10.00 and gave the stock a "neutral" rating in a research report on Thursday, November 6th. Three investment analysts have rated the stock with a Buy rating, twenty-four have issued a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $9.85.

Snap Stock Down 4.2%

SNAP stock opened at $7.32 on Friday. The firm has a 50-day moving average price of $7.93 and a 200-day moving average price of $8.17. Snap Inc. has a 12 month low of $6.90 and a 12 month high of $13.28. The company has a current ratio of 3.67, a quick ratio of 3.67 and a debt-to-equity ratio of 1.57. The stock has a market capitalization of $12.59 billion, a P/E ratio of -25.24 and a beta of 0.85.

Snap (NYSE:SNAP - Get Free Report) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.12). The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.49 billion. Snap had a negative net margin of 8.60% and a negative return on equity of 21.61%. The company's revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period last year, the firm posted ($0.09) earnings per share. As a group, equities research analysts anticipate that Snap Inc. will post -0.3 EPS for the current fiscal year.

Insider Activity at Snap

In other Snap news, General Counsel Michael J. O'sullivan sold 70,882 shares of the company's stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $8.34, for a total value of $591,155.88. Following the completion of the transaction, the general counsel owned 1,854,982 shares of the company's stock, valued at $15,470,549.88. This represents a 3.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Derek Andersen sold 62,868 shares of the stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $8.34, for a total value of $524,319.12. Following the completion of the transaction, the chief financial officer owned 3,030,301 shares of the company's stock, valued at $25,272,710.34. This represents a 2.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,426,728 shares of company stock valued at $11,458,580 over the last three months. 22.68% of the stock is currently owned by corporate insiders.

About Snap

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.

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