Invenomic Capital Management LP Buys 488,284 Shares of Snap Inc. (NYSE:SNAP)

Invenomic Capital Management LP increased its stake in shares of Snap Inc. (NYSE:SNAP - Free Report) by 222.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 707,817 shares of the company's stock after purchasing an additional 488,284 shares during the quarter. Invenomic Capital Management LP's holdings in Snap were worth $7,623,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Capital International Investors purchased a new stake in shares of Snap during the fourth quarter worth $422,049,000. Capital World Investors increased its position in Snap by 38.9% in the 4th quarter. Capital World Investors now owns 84,137,317 shares of the company's stock worth $906,161,000 after purchasing an additional 23,569,522 shares during the last quarter. Norges Bank acquired a new stake in shares of Snap during the 4th quarter valued at about $30,162,000. Renaissance Technologies LLC bought a new stake in shares of Snap in the 4th quarter valued at approximately $27,713,000. Finally, Portolan Capital Management LLC acquired a new position in Snap in the fourth quarter worth approximately $25,447,000. 47.52% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on SNAP shares. Citizens Jmp upgraded shares of Snap from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 28th. Susquehanna cut their target price on Snap from $13.00 to $8.00 and set a "neutral" rating on the stock in a report on Wednesday, April 30th. Wells Fargo & Company lowered their price objective on Snap from $9.00 to $8.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 30th. Citigroup reduced their target price on Snap from $9.00 to $8.00 and set a "neutral" rating for the company in a report on Wednesday, April 30th. Finally, Morgan Stanley lowered their price target on Snap from $8.00 to $6.50 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Snap currently has a consensus rating of "Hold" and an average price target of $35.62.

Snap Price Performance

Snap stock traded up $0.16 during mid-day trading on Friday, hitting $8.74. 30,896,660 shares of the company were exchanged, compared to its average volume of 28,657,735. The company has a market capitalization of $14.60 billion, a PE ratio of -20.81 and a beta of 0.61. The business has a fifty day moving average of $8.48 and a 200 day moving average of $10.28. Snap Inc. has a 1-year low of $7.08 and a 1-year high of $17.33. The company has a quick ratio of 3.95, a current ratio of 3.95 and a debt-to-equity ratio of 1.47.

Snap (NYSE:SNAP - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.12). The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Snap had a negative net margin of 13.02% and a negative return on equity of 25.67%. The company's revenue for the quarter was up 14.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.03 earnings per share. As a group, sell-side analysts expect that Snap Inc. will post -0.3 earnings per share for the current year.

Insider Activity

In other news, CTO Robert C. Murphy sold 1,000,000 shares of the business's stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $9.04, for a total transaction of $9,040,000.00. Following the completion of the sale, the chief technology officer now owns 55,818,548 shares in the company, valued at $504,599,673.92. The trade was a 1.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Derek Andersen sold 61,334 shares of the firm's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $10.84, for a total value of $664,860.56. Following the completion of the transaction, the chief financial officer now owns 3,564,235 shares in the company, valued at approximately $38,636,307.40. This represents a 1.69% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,362,523 shares of company stock worth $20,719,017. Insiders own 22.68% of the company's stock.

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.