Vanguard Group Inc. Increases Stake in Snap Inc. (NYSE:SNAP)

Key Points

• Vanguard Group Inc. has increased its stake in Snap Inc. by 6.7%, now owning approximately 6.45% of the company's shares, valued at $953.6 million.
• Snap reported earnings of ($0.16) EPS for the last quarter, meeting analyst expectations, with revenue up by 8.7% year-over-year.
• Analysts have varied opinions on Snap, with recent target price changes ranging from $12.00 to $8.50, while maintaining a consensus rating of "Hold."

Vanguard Group Inc. increased its position in shares of Snap Inc. (NYSE:SNAP - Free Report) by 6.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 109,483,491 shares of the company's stock after buying an additional 6,921,841 shares during the period. Vanguard Group Inc. owned about 6.45% of Snap worth $953,601,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Blair William & Co. IL purchased a new position in shares of Snap during the first quarter valued at $90,000. Bank of Nova Scotia grew its stake in Snap by 28.8% in the first quarter. Bank of Nova Scotia now owns 569,095 shares of the company's stock valued at $4,957,000 after purchasing an additional 127,128 shares during the last quarter. Blueshift Asset Management LLC purchased a new position in Snap in the first quarter valued at about $151,000. Baader Bank Aktiengesellschaft grew its stake in Snap by 26.7% in the first quarter. Baader Bank Aktiengesellschaft now owns 203,760 shares of the company's stock valued at $1,768,000 after purchasing an additional 42,969 shares during the last quarter. Finally, Bayforest Capital Ltd purchased a new position in Snap in the first quarter valued at about $694,000. Hedge funds and other institutional investors own 47.52% of the company's stock.

Snap Trading Down 3.0%

Shares of NYSE:SNAP opened at $7.19 on Tuesday. Snap Inc. has a 12-month low of $7.08 and a 12-month high of $13.28. The company has a market capitalization of $12.01 billion, a PE ratio of -22.45 and a beta of 0.62. The business has a 50 day moving average of $8.87 and a two-hundred day moving average of $9.07. The company has a current ratio of 3.88, a quick ratio of 3.88 and a debt-to-equity ratio of 1.73.

Snap (NYSE:SNAP - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported ($0.16) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.16). The company had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.34 billion. Snap had a negative return on equity of 23.32% and a negative net margin of 9.69%. Snap's revenue for the quarter was up 8.7% on a year-over-year basis. During the same period in the previous year, the company posted ($0.15) earnings per share. As a group, analysts forecast that Snap Inc. will post -0.3 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Derek Andersen sold 33,886 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $8.04, for a total value of $272,443.44. Following the completion of the sale, the chief financial officer directly owned 3,204,418 shares in the company, valued at $25,763,520.72. The trade was a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Eric Young sold 117,592 shares of the business's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $8.59, for a total value of $1,010,115.28. Following the completion of the sale, the senior vice president owned 3,348,290 shares of the company's stock, valued at $28,761,811.10. This trade represents a 3.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,667,802 shares of company stock valued at $13,613,801.

Analyst Upgrades and Downgrades

SNAP has been the topic of several analyst reports. Loop Capital cut their target price on Snap from $16.00 to $12.00 and set a "buy" rating on the stock in a research note on Friday, May 16th. Piper Sandler lowered their price target on Snap from $10.00 to $9.00 and set a "neutral" rating for the company in a report on Wednesday, August 6th. Morgan Stanley raised their price target on Snap from $6.50 to $8.50 and gave the stock an "equal weight" rating in a report on Monday, July 21st. Sanford C. Bernstein raised their price target on Snap from $9.00 to $10.00 and gave the stock a "market perform" rating in a report on Tuesday, July 22nd. Finally, The Goldman Sachs Group lowered their price target on Snap from $9.50 to $8.50 and set a "neutral" rating for the company in a report on Wednesday, April 30th. Two equities research analysts have rated the stock with a sell rating, twenty-two have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Snap has a consensus rating of "Hold" and a consensus target price of $34.16.

Snap Company Profile

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.

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