Perpetual Ltd raised its stake in Snap Inc. (NYSE:SNAP - Free Report) by 195.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 70,241 shares of the company's stock after buying an additional 46,459 shares during the period. Perpetual Ltd's holdings in Snap were worth $612,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. NBC Securities Inc. boosted its holdings in shares of Snap by 154,650.0% during the 1st quarter. NBC Securities Inc. now owns 3,095 shares of the company's stock valued at $26,000 after acquiring an additional 3,093 shares in the last quarter. Mountain Hill Investment Partners Corp. bought a new position in Snap in the fourth quarter valued at about $27,000. Raiffeisen Bank International AG acquired a new stake in shares of Snap during the fourth quarter valued at about $30,000. Rakuten Securities Inc. grew its holdings in shares of Snap by 155.4% during the first quarter. Rakuten Securities Inc. now owns 3,489 shares of the company's stock worth $30,000 after purchasing an additional 2,123 shares during the last quarter. Finally, Osterweis Capital Management Inc. acquired a new position in shares of Snap in the fourth quarter valued at approximately $43,000. Institutional investors own 47.52% of the company's stock.
Analysts Set New Price Targets
Several research firms recently commented on SNAP. JMP Securities set a $12.00 target price on shares of Snap in a research report on Friday, April 25th. Citizens Jmp raised shares of Snap from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 28th. The Goldman Sachs Group cut their price target on shares of Snap from $9.50 to $8.50 and set a "neutral" rating on the stock in a report on Wednesday, April 30th. Stifel Nicolaus decreased their price objective on Snap from $11.00 to $8.00 and set a "hold" rating for the company in a report on Wednesday, April 23rd. Finally, Morgan Stanley lowered their target price on Snap from $8.00 to $6.50 and set an "equal weight" rating for the company in a research report on Thursday, May 1st. 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 assigned a strong buy rating to the company. According to MarketBeat.com, Snap has a consensus rating of "Hold" and an average price target of $35.74.
Read Our Latest Analysis on SNAP
Snap Stock Down 0.2%
Shares of SNAP traded down $0.02 during trading hours on Wednesday, hitting $9.34. The stock had a trading volume of 38,899,701 shares, compared to its average volume of 30,498,962. 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 $15.60 billion, a P/E ratio of -30.22 and a beta of 0.59. The firm has a 50 day simple moving average of $8.41 and a 200-day simple moving average of $9.50. The company has a debt-to-equity ratio of 1.55, a current ratio of 4.30 and a quick ratio of 4.30.
Snap (NYSE:SNAP - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter in the previous year, the company posted $0.03 EPS. The firm's revenue was up 14.1% on a year-over-year basis. Sell-side analysts predict that Snap Inc. will post -0.3 EPS for the current fiscal year.
Insider Buying and Selling
In related news, insider Ajit Mohan sold 27,608 shares of the company's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $8.04, for a total transaction of $221,968.32. Following the completion of the sale, the insider owned 2,526,855 shares in the company, valued at approximately $20,315,914.20. This represents a 1.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Derek Andersen sold 33,886 shares of the firm's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $8.04, for a total value of $272,443.44. Following the transaction, the chief financial officer owned 3,204,418 shares in the company, valued at approximately $25,763,520.72. This trade represents a 1.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,615,601 shares of company stock worth $13,325,751 over the last ninety days.
Snap Company Profile
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Free Report)
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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