Sumitomo Mitsui Financial Group Inc. Cuts Holdings in Snap Inc. (NYSE:SNAP)

Sumitomo Mitsui Financial Group Inc. lowered its position in shares of Snap Inc. (NYSE:SNAP - Free Report) by 80.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,279 shares of the company's stock after selling 93,379 shares during the period. Sumitomo Mitsui Financial Group Inc.'s holdings in Snap were worth $397,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. NBC Securities Inc. lifted its position in Snap by 2,580.4% during the fourth quarter. NBC Securities Inc. now owns 1,501 shares of the company's stock valued at $25,000 after purchasing an additional 1,445 shares during the last quarter. Allworth Financial LP lifted its position in Snap by 161.6% during the fourth quarter. Allworth Financial LP now owns 2,765 shares of the company's stock valued at $47,000 after purchasing an additional 1,708 shares during the last quarter. Rakuten Securities Inc. bought a new stake in Snap during the fourth quarter valued at approximately $73,000. Westpac Banking Corp lifted its holdings in shares of Snap by 108.7% in the 4th quarter. Westpac Banking Corp now owns 4,812 shares of the company's stock worth $81,000 after acquiring an additional 2,506 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd boosted its stake in shares of Snap by 3,121.5% in the 4th quarter. Harvest Fund Management Co. Ltd now owns 6,604 shares of the company's stock valued at $112,000 after purchasing an additional 6,399 shares in the last quarter. 47.52% of the stock is currently owned by institutional investors.

Snap Stock Down 0.9 %

Shares of NYSE:SNAP traded down $0.14 during trading on Tuesday, hitting $15.62. The stock had a trading volume of 29,887,115 shares, compared to its average volume of 32,268,672. Snap Inc. has a 12 month low of $8.28 and a 12 month high of $17.90. The company has a market capitalization of $25.62 billion, a PE ratio of -19.28 and a beta of 1.02. The firm's fifty day moving average is $12.48 and its 200 day moving average is $13.45. The company has a quick ratio of 3.76, a current ratio of 3.76 and a debt-to-equity ratio of 1.55.

Snap (NYSE:SNAP - Get Free Report) last announced its earnings results on Thursday, April 25th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.10. Snap had a negative return on equity of 46.62% and a negative net margin of 26.99%. The firm had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.12 billion. Analysts anticipate that Snap Inc. will post -0.46 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on SNAP shares. Barclays lifted their target price on shares of Snap from $15.00 to $17.00 and gave the stock an "overweight" rating in a research report on Friday, April 26th. UBS Group lowered their target price on Snap from $14.00 to $13.00 and set a "neutral" rating for the company in a research note on Tuesday, April 16th. Morgan Stanley lifted their price target on Snap from $11.00 to $12.00 and gave the stock an "underweight" rating in a research note on Friday, April 26th. Deutsche Bank Aktiengesellschaft upgraded Snap from a "hold" rating to a "buy" rating and boosted their price objective for the company from $10.00 to $19.00 in a research report on Friday, January 26th. Finally, HSBC upgraded shares of Snap from a "reduce" rating to a "buy" rating in a report on Friday, April 26th. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $14.79.

Insiders Place Their Bets

In other news, General Counsel Michael J. O'sullivan sold 18,000 shares of the firm's stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $15.10, for a total transaction of $271,800.00. Following the completion of the transaction, the general counsel now directly owns 456,812 shares in the company, valued at $6,897,861.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Snap news, General Counsel Michael J. O'sullivan sold 18,000 shares of Snap stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $15.10, for a total value of $271,800.00. Following the completion of the transaction, the general counsel now directly owns 456,812 shares of the company's stock, valued at $6,897,861.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Derek Andersen sold 96,953 shares of Snap stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $10.99, for a total transaction of $1,065,513.47. Following the completion of the transaction, the chief financial officer now directly owns 2,534,689 shares of the company's stock, valued at $27,856,232.11. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,475,482 shares of company stock valued at $20,101,811. 22.68% of the stock is currently owned by corporate insiders.

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.