Jericho Capital Asset Management L.P. Has $71.42 Million Stake in Snap Inc. (NYSE:SNAP)

Jericho Capital Asset Management L.P. lessened its stake in Snap Inc. (NYSE:SNAP - Free Report) by 39.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,631,299 shares of the company's stock after selling 4,315,669 shares during the quarter. Snap comprises about 1.0% of Jericho Capital Asset Management L.P.'s holdings, making the stock its 27th largest holding. Jericho Capital Asset Management L.P. owned approximately 0.40% of Snap worth $71,419,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Checchi Capital Advisers LLC grew its stake in Snap by 3.0% during the 4th quarter. Checchi Capital Advisers LLC now owns 31,126 shares of the company's stock valued at $335,000 after purchasing an additional 901 shares in the last quarter. HCR Wealth Advisors grew its position in shares of Snap by 3.9% during the fourth quarter. HCR Wealth Advisors now owns 25,016 shares of the company's stock worth $269,000 after buying an additional 934 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Snap by 1.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 61,365 shares of the company's stock valued at $661,000 after acquiring an additional 1,033 shares during the last quarter. Empowered Funds LLC grew its holdings in Snap by 3.1% during the 4th quarter. Empowered Funds LLC now owns 35,639 shares of the company's stock worth $384,000 after acquiring an additional 1,055 shares in the last quarter. Finally, Trajan Wealth LLC grew 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 acquiring an additional 1,132 shares in the last quarter. Hedge funds and other institutional investors own 47.52% of the company's stock.

Snap Price Performance

Shares of NYSE SNAP traded up $0.61 during mid-day trading on Friday, reaching $8.44. 79,060,303 shares of the company traded hands, compared to its average volume of 28,369,804. Snap Inc. has a fifty-two week low of $7.08 and a fifty-two week high of $17.33. The firm has a market cap of $14.32 billion, a PE ratio of -20.09 and a beta of 0.92. The stock has a fifty day simple moving average of $8.69 and a 200-day simple moving average of $10.39. The company has a debt-to-equity ratio of 1.47, a current ratio of 3.95 and a quick ratio of 3.95.

Snap (NYSE:SNAP - Get Free Report) last issued 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 analyst estimates of $1.35 billion. Snap had a negative net margin of 13.02% and a negative return on equity of 25.67%. The firm's revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.03 earnings per share. Equities research analysts anticipate that Snap Inc. will post -0.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Loop Capital set a $9.00 price objective on Snap in a research note on Friday. Rosenblatt Securities reduced their price objective on Snap from $12.00 to $9.00 and set a "neutral" rating on the stock in a research note on Wednesday. Susquehanna decreased their price objective on shares of Snap from $13.00 to $8.00 and set a "neutral" rating for the company in a report on Wednesday. Barclays reissued an "overweight" rating on shares of Snap in a report on Wednesday, February 5th. Finally, Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $12.00 price target on shares of Snap in a report on Wednesday. One research 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 assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $35.58.

Insider Buying and Selling

In related news, CFO Derek Andersen sold 61,334 shares of the business's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $10.84, for a total value of $664,860.56. Following the sale, the chief financial officer now directly owns 3,564,235 shares in the company, valued at $38,636,307.40. The trade was a 1.69 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Michael J. O'sullivan sold 24,000 shares of the stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $7.74, for a total transaction of $185,760.00. Following the sale, the general counsel now directly owns 483,660 shares of the company's stock, valued at approximately $3,743,528.40. This represents a 4.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,362,523 shares of company stock valued at $12,689,017 over the last three months. Company insiders own 22.68% of the company's stock.

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.