Meridiem Capital Partners LP Makes New Investment in Snap Inc. (NYSE:SNAP)

Meridiem Capital Partners LP purchased a new stake in shares of Snap Inc. (NYSE:SNAP - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 751,772 shares of the company's stock, valued at approximately $8,097,000.

Several other large investors have also made changes to their positions in SNAP. Invenomic Capital Management LP lifted its position in shares of Snap by 222.4% in the fourth quarter. Invenomic Capital Management LP now owns 707,817 shares of the company's stock worth $7,623,000 after buying an additional 488,284 shares during the last quarter. Investment Management Corp of Ontario increased its position in Snap by 68.4% in the 4th quarter. Investment Management Corp of Ontario now owns 58,199 shares of the company's stock worth $627,000 after buying an additional 23,643 shares during the period. Jacobs Levy Equity Management Inc. grew its position in Snap by 30.4% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 3,441,259 shares of the company's stock worth $37,062,000 after purchasing an additional 801,578 shares during the last quarter. Gotham Asset Management LLC acquired a new position in shares of Snap during the fourth quarter valued at about $339,000. Finally, Graham Capital Management L.P. bought a new position in Snap during the fourth quarter valued at about $1,466,000. Institutional investors own 47.52% of the company's stock.

Snap Stock Up 1.9%

SNAP traded up $0.16 during trading hours on Friday, hitting $8.74. 30,896,660 shares of the company's stock were exchanged, compared to its average volume of 28,685,235. The stock has a market cap of $14.60 billion, a price-to-earnings ratio of -20.81 and a beta of 0.61. Snap Inc. has a 1-year low of $7.08 and a 1-year high of $17.33. The stock's 50-day moving average is $8.48 and its two-hundred day moving average is $10.27. 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 posted its quarterly earnings data on Tuesday, April 29th. The company reported ($0.08) EPS for the quarter, missing analysts' consensus estimates of $0.04 by ($0.12). Snap had a negative return on equity of 25.67% and a negative net margin of 13.02%. The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same quarter in the prior year, the company earned $0.03 earnings per share. The company's quarterly revenue was up 14.1% on a year-over-year basis. Sell-side analysts predict that Snap Inc. will post -0.3 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Piper Sandler dropped their price objective on shares of Snap from $13.00 to $10.00 and set a "neutral" rating for the company in a research note on Thursday, April 10th. UBS Group cut their price target on shares of Snap from $14.00 to $9.00 and set a "neutral" rating for the company in a report on Friday, April 11th. Loop Capital cut their target price on shares of Snap from $16.00 to $12.00 and set a "buy" rating for the company in a research note on Friday. Stifel Nicolaus decreased their target price on Snap from $11.00 to $8.00 and set a "hold" rating on the stock in a report on Wednesday, April 23rd. Finally, Citigroup dropped their price objective on shares of Snap from $9.00 to $8.00 and set a "neutral" rating for the company in a research report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, twenty-three have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Snap currently has a consensus rating of "Hold" and a consensus price target of $35.62.

Insider Activity

In related news, CTO Robert C. Murphy sold 1,000,000 shares of the business's stock in a transaction that occurred 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 transaction, the chief technology officer now directly owns 55,818,548 shares of the company's stock, valued at approximately $504,599,673.92. The trade was a 1.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Rebecca Morrow sold 8,837 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $10.84, for a total value of $95,793.08. Following the completion of the sale, the chief accounting officer now owns 429,892 shares in the company, valued at approximately $4,660,029.28. This trade represents a 2.01% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,362,523 shares of company stock valued at $20,719,017. 22.68% of the stock is owned by insiders.

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.