Virtu Financial LLC Acquires 83,620 Shares of Snap Inc. (NYSE:SNAP)

Key Points

• Virtu Financial LLC increased its stake in Snap Inc. by 117.8% in Q1, now holding 154,627 shares worth approximately $1.35 million.
• Snap reported a revenue of $1.34 billion in its recent earnings results, showing an 8.7% increase compared to the same quarter last year, and met earnings per share expectations.
• Insider sales included a transaction by CFO Derek Andersen, who sold 208,525 shares valued at around $1.88 million, resulting in a 5.94% decrease in his ownership stake.

Virtu Financial LLC grew its position in shares of Snap Inc. (NYSE:SNAP - Free Report) by 117.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 154,627 shares of the company's stock after acquiring an additional 83,620 shares during the quarter. Virtu Financial LLC's holdings in Snap were worth $1,347,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Captrust Financial Advisors raised its position in Snap by 8.0% in the fourth quarter. Captrust Financial Advisors now owns 13,918 shares of the company's stock worth $150,000 after acquiring an additional 1,030 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Snap by 1.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 61,365 shares of the company's stock worth $661,000 after buying an additional 1,033 shares during the period. Trajan Wealth LLC raised its holdings in Snap by 5.9% during the 4th quarter. Trajan Wealth LLC now owns 20,191 shares of the company's stock worth $217,000 after buying an additional 1,132 shares during the period. AssuredPartners Investment Advisors LLC raised its holdings in Snap by 6.3% during the 1st quarter. AssuredPartners Investment Advisors LLC now owns 22,128 shares of the company's stock worth $193,000 after buying an additional 1,306 shares during the period. Finally, DMC Group LLC raised its holdings in Snap by 7.2% during the 1st quarter. DMC Group LLC now owns 19,547 shares of the company's stock worth $170,000 after buying an additional 1,313 shares during the period. Institutional investors and hedge funds own 47.52% of the company's stock.

Insider Activity

In other Snap news, CFO Derek Andersen sold 33,886 shares of the company'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 transaction of $272,443.44. Following the completion of the sale, the chief financial officer owned 3,204,418 shares of the company's stock, valued at $25,763,520.72. This represents a 1.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Eric Young sold 117,592 shares of the 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 directly owned 3,348,290 shares of the company's stock, valued at $28,761,811.10. This represents a 3.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,667,802 shares of company stock valued at $13,613,801.

Snap Stock Up 1.0%

Shares of NYSE SNAP traded up $0.07 during trading hours on Tuesday, hitting $7.26. The stock had a trading volume of 36,522,450 shares, compared to its average volume of 51,830,012. The company has a market capitalization of $12.13 billion, a P/E ratio of -22.69 and a beta of 0.62. The company has a debt-to-equity ratio of 1.73, a quick ratio of 3.88 and a current ratio of 3.88. The firm's 50-day moving average price is $8.85 and its two-hundred day moving average price is $9.05. Snap Inc. has a 52 week low of $7.08 and a 52 week high of $13.28.

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

Analyst Ratings Changes

Several analysts have issued reports on the company. B. Riley cut their price objective on Snap from $12.00 to $10.00 and set a "neutral" rating on the stock in a report on Wednesday, April 30th. Wells Fargo & Company boosted their price objective on Snap from $8.00 to $11.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 1st. Sanford C. Bernstein boosted their price objective on Snap from $9.00 to $10.00 and gave the stock a "market perform" rating in a report on Tuesday, July 22nd. Evercore ISI boosted their price objective on Snap from $11.00 to $12.00 and gave the stock an "in-line" rating in a report on Wednesday, August 6th. Finally, BMO Capital Markets cut their price objective on Snap from $13.00 to $12.00 and set an "outperform" rating on the stock in a report on Wednesday, August 6th. Two investment analysts have rated the stock with a sell rating, twenty-two have issued a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $34.16.

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.