Sumitomo Mitsui Trust Group Inc. Decreases Stock Position in Snap Inc. (NYSE:SNAP)

Sumitomo Mitsui Trust Group Inc. lessened its position in Snap Inc. (NYSE:SNAP - Free Report) by 1.5% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 3,194,940 shares of the company's stock after selling 50,188 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.19% of Snap worth $27,828,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Bank of New York Mellon Corp grew its holdings in Snap by 2.0% during the fourth quarter. Bank of New York Mellon Corp now owns 1,538,111 shares of the company's stock worth $16,565,000 after acquiring an additional 29,526 shares during the period. Jones Financial Companies Lllp boosted its position in shares of Snap by 13.0% during the 4th quarter. Jones Financial Companies Lllp now owns 16,421 shares of the company's stock worth $177,000 after purchasing an additional 1,894 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of Snap during the 4th quarter worth $330,000. Charles Schwab Investment Management Inc. grew its stake in shares of Snap by 6.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,601,172 shares of the company's stock worth $71,095,000 after purchasing an additional 389,812 shares during the period. Finally, Victory Capital Management Inc. increased its holdings in shares of Snap by 1.7% in the 4th quarter. Victory Capital Management Inc. now owns 286,080 shares of the company's stock valued at $3,081,000 after purchasing an additional 4,808 shares in the last quarter. Institutional investors and hedge funds own 47.52% of the company's stock.

Snap Trading Down 1.2%

NYSE SNAP traded down $0.12 during trading hours on Friday, hitting $9.27. 21,788,698 shares of the company's stock were exchanged, compared to its average volume of 30,709,556. The business's 50 day moving average is $8.47 and its 200-day moving average is $9.45. The company has a debt-to-equity ratio of 1.55, a quick ratio of 4.30 and a current ratio of 4.30. Snap Inc. has a 12-month low of $7.08 and a 12-month high of $17.33. The firm has a market capitalization of $15.48 billion, a P/E ratio of -29.89 and a beta of 0.59.

Snap (NYSE:SNAP - Get Free Report) last announced its quarterly earnings data 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). Snap had a negative return on equity of 21.53% and a negative net margin of 9.63%. The company had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. During the same quarter in the previous year, the company earned $0.03 earnings per share. The company's revenue was up 14.1% on a year-over-year basis. As a group, analysts anticipate that Snap Inc. will post -0.3 EPS for the current fiscal year.

Insider Activity at Snap

In related news, CFO Derek Andersen sold 208,525 shares of the stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $9.03, for a total value of $1,882,980.75. Following the transaction, the chief financial officer directly owned 3,299,372 shares of the company's stock, valued at approximately $29,793,329.16. This trade represents a 5.94% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Ajit Mohan sold 27,608 shares of the company's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $8.04, for a total value of $221,968.32. Following the sale, the insider owned 2,526,855 shares of the company's stock, valued at $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. Insiders have sold a total of 1,639,601 shares of company stock valued at $13,534,791 over the last 90 days. 22.68% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

SNAP has been the topic of a number of research analyst reports. Piper Sandler decreased their price objective on shares of Snap from $13.00 to $10.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. Royal Bank Of Canada reissued a "sector perform" rating and set a $12.00 price target on shares of Snap in a research note on Wednesday, April 30th. Cantor Fitzgerald set a $7.00 price objective on Snap and gave the company a "neutral" rating in a research note on Wednesday, April 30th. The Goldman Sachs Group reduced their price objective on Snap from $9.50 to $8.50 and set a "neutral" rating for the company in a report on Wednesday, April 30th. Finally, Loop Capital lowered their target price on Snap from $16.00 to $12.00 and set a "buy" rating on the stock in a report on Friday, May 16th. One investment analyst has rated the stock with a sell rating, twenty-three have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $35.74.

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.