Snap Inc. $SNAP Stock Position Lifted by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Snap position by 278.5% in the third quarter, adding 10.87 million shares to own 14.77 million shares worth approximately $79.8 million. Institutional investors collectively own 47.52% of Snap.
• Snap insiders sold 2.45 million shares worth $13.4 million over the past three months, while company insiders retain a 22.68% ownership stake.
• Analysts maintain a consensus “Hold” rating with an average price target of $7.68. Snap recently reported better-than-expected quarterly results, including $1.60 billion in revenue, up 18.9% year over year, despite remaining unprofitable.

Assenagon Asset Management S.A. lifted its position in shares of Snap Inc. (NYSE:SNAP - Free Report) by 278.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,771,533 shares of the company's stock after purchasing an additional 10,868,392 shares during the period. Assenagon Asset Management S.A. owned about 0.87% of Snap worth $79,766,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fifth Third Bancorp increased its position in Snap by 6,678.0% in the 1st quarter. Fifth Third Bancorp now owns 6,778 shares of the company's stock valued at $31,000 after buying an additional 6,678 shares in the last quarter. NFSG Corp grew its position in shares of Snap by 52.7% during the 1st quarter. NFSG Corp now owns 8,400 shares of the company's stock valued at $39,000 after acquiring an additional 2,900 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of Snap by 135.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 8,525 shares of the company's stock worth $39,000 after acquiring an additional 4,907 shares during the period. Western Wealth Management LLC purchased a new position in Snap in the 1st quarter valued at approximately $48,000. Finally, Waverly Advisors LLC purchased a new position in shares of Snap in the second quarter valued at $47,000. Institutional investors and hedge funds own 47.52% of the company's stock.

Insider Activity

In related news, CFO Douglas Hott sold 131,884 shares of Snap stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $5.20, for a total transaction of $685,796.80. Following the sale, the chief financial officer directly owned 2,324,563 shares in the company, valued at $12,087,727.60. The trade was a 5.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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, CTO Robert Murphy sold 2,000,000 shares of Snap stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $5.55, for a total value of $11,100,000.00. Following the sale, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 2,445,926 shares of company stock worth $13,426,930. Company insiders own 22.68% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Freedom Capital raised shares of Snap from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 4th. Wall Street Zen cut Snap from a "buy" rating to a "hold" rating in a research report on Saturday, September 12th. Piper Sandler restated a "neutral" rating on shares of Snap in a research note on Tuesday, August 4th. Citizens Jmp restated a "market perform" rating on shares of Snap in a research note on Tuesday, August 4th. Finally, DA Davidson raised their price target on Snap from $5.00 to $5.25 and gave the company a "neutral" rating in a report on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twenty-three have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Snap has a consensus rating of "Hold" and an average target price of $7.68.

Snap Trading Down 5.2%

SNAP stock opened at $6.11 on Friday. The firm's 50-day moving average price is $5.59 and its two-hundred day moving average price is $5.34. Snap Inc. has a 12-month low of $3.81 and a 12-month high of $9.13. The company has a debt-to-equity ratio of 1.75, a quick ratio of 2.94 and a current ratio of 2.94.

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