Snap Inc. $SNAP Shares Sold by DNB Asset Management AS

Key Points

• DNB Asset Management AS cut its Snap position by 43.4% in the fourth quarter, selling 452,114 shares and leaving it with 590,759 shares valued at about $4.77 million.
• Insider selling has been notable, with General Counsel Zachary M. Briers and CFO Derek Andersen both selling shares recently; over the last 90 days, insiders sold 2.16 million shares worth $11.69 million.
• Snap’s latest earnings showed revenue of $1.53 billion, matching estimates, but EPS of -$0.05 missed expectations; analysts currently have a consensus Hold rating with an average price target of $7.91.

DNB Asset Management AS lowered its position in shares of Snap Inc. (NYSE:SNAP - Free Report) by 43.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 590,759 shares of the company's stock after selling 452,114 shares during the quarter. DNB Asset Management AS's holdings in Snap were worth $4,767,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Allworth Financial LP boosted its holdings in shares of Snap by 92.3% in the 3rd quarter. Allworth Financial LP now owns 3,293 shares of the company's stock valued at $25,000 after purchasing an additional 1,581 shares during the last quarter. V Square Quantitative Management LLC acquired a new position in shares of Snap in the 4th quarter valued at $29,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Snap in the 3rd quarter valued at $33,000. Banque Cantonale Vaudoise acquired a new position in shares of Snap in the 3rd quarter valued at $39,000. Finally, Newbridge Financial Services Group Inc. boosted its holdings in shares of Snap by 37.5% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 5,500 shares of the company's stock valued at $44,000 after purchasing an additional 1,500 shares during the last quarter. Institutional investors and hedge funds own 47.52% of the company's stock.

Insider Buying and Selling at Snap

In related news, General Counsel Zachary M. Briers sold 11,437 shares of Snap stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $6.04, for a total transaction of $69,079.48. Following the sale, the general counsel owned 2,774,031 shares of the company's stock, valued at $16,755,147.24. The trade was a 0.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Derek Andersen sold 92,956 shares of Snap stock in a transaction on Monday, March 16th. The stock was sold at an average price of $4.59, for a total transaction of $426,668.04. Following the sale, the chief financial officer directly owned 3,799,661 shares in the company, valued at $17,440,443.99. This trade represents a 2.39% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 2,163,369 shares of company stock worth $11,687,364.

Analyst Upgrades and Downgrades

SNAP has been the topic of a number of research analyst reports. UBS Group set a $8.00 price target on shares of Snap in a report on Thursday, May 7th. TD Cowen initiated coverage on shares of Snap in a report on Monday, April 27th. They issued a "buy" rating on the stock. Wells Fargo & Company lifted their price target on shares of Snap from $6.00 to $7.00 and gave the company an "equal weight" rating in a report on Thursday, May 7th. HSBC lowered shares of Snap from a "hold" rating to a "hold" rating in a report on Monday, April 27th. Finally, Sanford C. Bernstein lowered shares of Snap from a "market perform" rating to a "market perform" rating in a report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty-two have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, Snap currently has a consensus rating of "Hold" and an average target price of $7.91.

Snap Stock Performance

NYSE:SNAP opened at $5.56 on Wednesday. The company has a current ratio of 3.53, a quick ratio of 3.53 and a debt-to-equity ratio of 1.67. The firm has a market capitalization of $9.38 billion, a price-to-earnings ratio of -23.15 and a beta of 1.05. The firm's fifty day simple moving average is $5.20 and its 200 day simple moving average is $6.46. Snap Inc. has a twelve month low of $3.81 and a twelve month high of $10.41.

Snap (NYSE:SNAP - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.14). The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.53 billion. Snap had a negative net margin of 6.72% and a negative return on equity of 18.92%. The business's revenue was up 12.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.08) EPS. As a group, equities research analysts expect that Snap Inc. will post -0.07 earnings per share for the current fiscal year.

Snap Company Profile

Snap Inc is a camera and social media company best known for developing and operating Snapchat, a multimedia messaging application that allows users to send photos, videos and messages that disappear after being viewed. In addition to its core messaging service, Snap offers a suite of augmented reality (AR) tools, including custom Lenses and Filters, that enable users and third-party developers to create interactive and immersive experiences. The company also provides advertising solutions that allow brands to engage audiences through Snap Ads, Sponsored Lenses and Discover content on the platform.

Founded in 2011 by Evan Spiegel and Bobby Murphy, Snap has continually focused on innovation in camera technology and AR.

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