751,772 Shares in Snap Inc. (NYSE:SNAP) Acquired by Meridiem Capital Partners LP

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

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on SNAP shares. Guggenheim reaffirmed a "neutral" rating on shares of Snap in a report on Wednesday, April 2nd. Stifel Nicolaus reduced their target price on Snap from $11.00 to $8.00 and set a "hold" rating for the company in a report on Wednesday, April 23rd. UBS Group reduced their target price on Snap from $14.00 to $9.00 and set a "neutral" rating for the company in a report on Friday, April 11th. Canaccord Genuity Group reduced their target price on Snap from $10.00 to $9.00 and set a "hold" rating for the company in a report on Wednesday, April 30th. Finally, Wells Fargo & Company reduced their target price on Snap from $9.00 to $8.00 and set an "equal weight" rating for the company in a report on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, twenty-three have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $35.62.

Insider Buying and Selling at Snap

In other news, General Counsel Michael J. O'sullivan sold 24,000 shares of Snap stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $7.74, for a total value of $185,760.00. Following the transaction, the general counsel now directly owns 483,660 shares of the company's stock, valued at $3,743,528.40. The trade was a 4.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CTO Robert C. Murphy sold 1,000,000 shares of Snap stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $9.04, for a total value of $9,040,000.00. Following the completion of the transaction, the chief technology officer now directly owns 55,818,548 shares in the company, valued at $504,599,673.92. This represents a 1.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,632,116 shares of company stock worth $23,127,182 in the last 90 days. 22.68% of the stock is owned by company insiders.

Snap Price Performance

Snap stock traded up $0.16 during midday trading on Friday, reaching $8.74. 30,896,660 shares of the company were exchanged, compared to its average volume of 28,751,446. The company has a market capitalization of $14.60 billion, a price-to-earnings ratio of -20.81 and a beta of 0.61. The firm's 50-day simple moving average is $8.48 and its 200-day simple moving average is $10.25. Snap Inc. has a 1 year low of $7.08 and a 1 year high of $17.33. The company has a debt-to-equity ratio of 1.47, a quick ratio of 3.95 and a current ratio of 3.95.

Snap (NYSE:SNAP - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.12). The business had revenue of $1.36 billion during the quarter, compared to analysts' expectations 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 quarterly revenue was up 14.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.03 EPS. On average, analysts anticipate that Snap Inc. will post -0.3 EPS for the current year.

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.