Snap Inc. $SNAP Stock Acquired by Curated Wealth Partners LLC

Key Points

• Curated Wealth Partners increased its Snap stake by 540% in the third quarter, acquiring 459,704 additional shares for a total holding of 544,828 shares valued at approximately $2.94 million. Institutional investors and hedge funds collectively own 47.52% of Snap.
• Analysts remain cautious, with Snap carrying a consensus “Hold” rating and an average price target of $7.68. The stock recently traded at $6.17, while analysts’ ratings include one Strong Buy, ten Buys, 23 Holds and two Sells.
• Snap reported quarterly revenue of $1.60 billion, up 18.9% year over year, and an adjusted loss of $0.10 per share that beat estimates. However, insiders sold 2.45 million shares worth $13.4 million over the past 90 days, and the company remains unprofitable.

Curated Wealth Partners LLC increased its holdings in shares of Snap Inc. (NYSE:SNAP - Free Report) by 540.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 544,828 shares of the company's stock after purchasing an additional 459,704 shares during the period. Curated Wealth Partners LLC's holdings in Snap were worth $2,942,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. B. Riley Wealth Advisors Inc. bought a new position in Snap in the third quarter worth approximately $282,000. Krilogy Financial LLC raised its stake in shares of Snap by 13.8% in the third quarter. Krilogy Financial LLC now owns 27,789 shares of the company's stock worth $150,000 after purchasing an additional 3,371 shares during the last quarter. Sequoia Financial Advisors LLC grew its holdings in Snap by 104.1% during the second quarter. Sequoia Financial Advisors LLC now owns 26,588 shares of the company's stock worth $118,000 after buying an additional 13,558 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in Snap during the 2nd quarter worth $93,000. Finally, NewEdge Advisors LLC increased its stake in Snap by 37.8% in the 2nd quarter. NewEdge Advisors LLC now owns 66,568 shares of the company's stock valued at $296,000 after buying an additional 18,265 shares during the last quarter. 47.52% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Royal Bank Of Canada restated a "sector perform" rating and set a $8.00 price target on shares of Snap in a research report on Thursday, September 17th. Evercore set a $8.00 price target on shares of Snap in a research report on Tuesday, August 4th. DA Davidson increased their price objective on Snap from $5.00 to $5.25 and gave the stock a "neutral" rating in a report on Tuesday, August 4th. UBS Group increased their price target on shares of Snap from $5.70 to $7.00 and gave the stock a "neutral" rating in a report on Wednesday. Finally, Citizens Jmp restated a "market perform" rating on shares of Snap in a research report on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty-three have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $7.68.

Insider Transactions at Snap

In other news, insider Ajit Mohan sold 54,608 shares of the stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $5.20, for a total value of $283,961.60. Following the transaction, the insider owned 4,972,097 shares in the company, valued at $25,854,904.40. This represents a 1.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Robert Murphy sold 2,000,000 shares of Snap stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $5.55, for a total transaction of $11,100,000.00. Following the transaction, the chief technology officer owned 41,809,791 shares in the company, valued at $232,044,340.05. This represents a 4.57% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 2,445,926 shares of company stock valued at $13,426,930. Insiders own 22.68% of the company's stock.

Snap Trading Up 1.2%

Shares of NYSE:SNAP traded up $0.07 during trading on Thursday, reaching $6.17. 13,796,656 shares of the company traded hands, compared to its average volume of 45,503,605. The company has a current ratio of 2.94, a quick ratio of 2.94 and a debt-to-equity ratio of 1.75. Snap Inc. has a 52-week low of $3.81 and a 52-week high of $9.13. The business's fifty day moving average is $5.55 and its 200-day moving average is $5.32. The firm has a market capitalization of $10.44 billion, a price-to-earnings ratio of -34.30 and a beta of 1.07.

Snap (NYSE:SNAP - Get Free Report) last issued its quarterly earnings data on Monday, August 3rd. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.12) by $0.02. The business had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.54 billion. Snap had a negative net margin of 4.90% and a negative return on equity of 14.61%. The company's quarterly revenue was up 18.9% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.16) EPS. As a group, analysts forecast that Snap Inc. will post -0.02 EPS for the current year.

About Snap

Snap Inc is a technology and social media company best known for Snapchat, a visual communication platform that enables users to share photos, videos, messages and other content. Snapchat includes features such as Stories, Spotlight for short-form video, Snap Map, augmented reality (AR) Lenses and Bitmoji digital avatars.

The company primarily generates revenue through digital advertising, including advertising formats integrated into Snapchat's content and communication experiences. Snap also offers subscription services through Snapchat+, develops AR-related products and services, and has introduced hardware products such as Spectacles, smart glasses designed to support augmented reality experiences.

Founded in 2011, the company was initially known as Snapchat Inc and adopted the name Snap Inc in 2016.

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