Perpetual Ltd Buys 46,459 Shares of Snap Inc. (NYSE:SNAP)

Perpetual Ltd grew its stake in shares of Snap Inc. (NYSE:SNAP - Free Report) by 195.4% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 70,241 shares of the company's stock after buying an additional 46,459 shares during the quarter. Perpetual Ltd's holdings in Snap were worth $612,000 as of its most recent SEC filing.

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 bought a new position in Snap in the fourth quarter valued at about $30,000. Rakuten Securities Inc. boosted its stake in shares of Snap by 155.4% during the first quarter. Rakuten Securities Inc. now owns 3,489 shares of the company's stock valued at $30,000 after purchasing an additional 2,123 shares in the last quarter. Finally, Osterweis Capital Management Inc. bought a new stake in shares of Snap during the fourth quarter worth about $43,000. Institutional investors own 47.52% of the company's stock.

Snap Stock Up 7.3%

Snap stock opened at $8.73 on Friday. The firm has a market capitalization of $14.59 billion, a price-to-earnings ratio of -28.17 and a beta of 0.59. The firm's fifty day moving average price is $8.36 and its two-hundred day moving average price is $9.53. Snap Inc. has a 1-year low of $7.08 and a 1-year high of $17.33. The company has a current ratio of 4.30, a quick ratio of 4.30 and a debt-to-equity ratio of 1.55.

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 business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Snap had a negative net margin of 9.63% and a negative return on equity of 21.53%. Snap's revenue was up 14.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.03 EPS. On average, equities research analysts predict that Snap Inc. will post -0.3 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, General Counsel Michael J. O'sullivan sold 24,000 shares of the business's stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $8.60, for a total value of $206,400.00. Following the transaction, the general counsel now owns 507,660 shares in the company, valued at $4,365,876. The trade was a 4.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ajit Mohan sold 27,608 shares of the company's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $8.04, for a total value of $221,968.32. Following the completion of the transaction, the insider now directly owns 2,526,855 shares of the company's stock, valued at approximately $20,315,914.20. This represents a 1.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,639,601 shares of company stock worth $13,532,151. 22.68% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

SNAP has been the subject of a number of research reports. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $12.00 price objective on shares of Snap in a report on Wednesday, April 30th. Loop Capital decreased their price target on shares of Snap from $16.00 to $12.00 and set a "buy" rating for the company in a research report on Friday, May 16th. Cantor Fitzgerald set a $7.00 price target on shares of Snap and gave the stock a "neutral" rating in a report on Wednesday, April 30th. The Goldman Sachs Group reduced their price objective on shares of Snap from $9.50 to $8.50 and set a "neutral" rating on the stock in a research note on Wednesday, April 30th. Finally, Canaccord Genuity Group lowered their target price on Snap from $10.00 to $9.00 and set a "hold" rating for the company in a research report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $35.62.

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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