Snap Inc. $SNAP Shares Sold by Handelsbanken Fonder AB

Key Points

• Handelsbanken Fonder AB cut its Snap stake by 42.4% in the fourth quarter, selling 213,995 shares and leaving it with 291,200 shares worth about $2.35 million.
• Snap reported mixed quarterly results, posting an EPS loss of $0.05 versus expectations for a $0.09 gain, while revenue matched forecasts at $1.53 billion and rose 12.2% year over year.
• Insider selling was notable, with Ajit Mohan and General Counsel Zachary M. Briers selling shares in May; analysts currently rate the stock a consensus Hold with an average target price of $7.91.

Handelsbanken Fonder AB reduced its position in shares of Snap Inc. (NYSE:SNAP - Free Report) by 42.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 291,200 shares of the company's stock after selling 213,995 shares during the period. Handelsbanken Fonder AB's holdings in Snap were worth $2,350,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Allworth Financial LP grew its holdings in Snap by 92.3% during the third quarter. Allworth Financial LP now owns 3,293 shares of the company's stock worth $25,000 after acquiring an additional 1,581 shares during the period. V Square Quantitative Management LLC acquired a new position in Snap during the fourth quarter worth about $29,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Snap during the third quarter worth about $33,000. Banque Cantonale Vaudoise acquired a new position in Snap during the third quarter worth about $39,000. Finally, Newbridge Financial Services Group Inc. grew its holdings in Snap by 37.5% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 5,500 shares of the company's stock worth $44,000 after acquiring an additional 1,500 shares during the period. 47.52% of the stock is owned by institutional investors and hedge funds.

Snap Trading Down 0.1%

Shares of SNAP opened at $5.72 on Monday. The business's 50-day moving average price is $5.25 and its 200 day moving average price is $6.41. The stock has a market capitalization of $9.65 billion, a P/E ratio of -23.81 and a beta of 1.05. Snap Inc. has a 1-year low of $3.81 and a 1-year high of $10.41. The company has a current ratio of 3.53, a quick ratio of 3.53 and a debt-to-equity ratio of 1.67.

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

Insider Activity at Snap

In other Snap news, insider Ajit Mohan sold 44,785 shares of Snap stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $5.60, for a total transaction of $250,796.00. Following the transaction, the insider owned 5,057,891 shares of the company's stock, valued at $28,324,189.60. The trade was a 0.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Zachary M. Briers sold 129,493 shares of Snap stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $5.60, for a total value of $725,160.80. Following the transaction, the general counsel directly owned 2,644,538 shares in the company, valued at approximately $14,809,412.80. This trade represents a 4.67% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 2,665,427 shares of company stock worth $14,514,853. Company insiders own 22.68% of the company's stock.

Analyst Ratings Changes

A number of research firms recently issued reports on SNAP. Canaccord Genuity Group lowered their target price on Snap from $7.00 to $6.00 and set a "hold" rating on the stock in a report on Tuesday, April 14th. BNP Paribas Exane lowered Snap to a "neutral" rating in a report on Monday, April 27th. UBS Group set a $8.00 price target on Snap in a research note on Thursday, May 7th. Mizuho dropped their price target on Snap from $9.00 to $7.00 and set a "neutral" rating on the stock in a research note on Thursday, February 5th. Finally, Morgan Stanley dropped their price target on Snap from $9.50 to $6.50 and set an "equal weight" rating on the stock in a research note on Sunday, February 22nd. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twenty-two have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $7.91.

About Snap

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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