Polar Asset Management Partners Inc. Acquires Shares of 457,200 Snap Inc. (NYSE:SNAP)

Polar Asset Management Partners Inc. acquired a new position in shares of Snap Inc. (NYSE:SNAP - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 457,200 shares of the company's stock, valued at approximately $4,924,000.

A number of other institutional investors also recently made changes to their positions in the company. Capital World Investors boosted its holdings 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 period. SRS Investment Management LLC boosted its holdings in shares of Snap by 1.4% during the fourth quarter. SRS Investment Management LLC now owns 73,723,115 shares of the company's stock worth $793,998,000 after acquiring an additional 1,001,632 shares during the period. Capital International Investors bought a new stake in shares of Snap during the fourth quarter worth approximately $422,049,000. Geode Capital Management LLC boosted its holdings in shares of Snap by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 11,831,472 shares of the company's stock worth $127,078,000 after acquiring an additional 134,017 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Snap by 6.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,601,172 shares of the company's stock valued at $71,095,000 after buying an additional 389,812 shares in the last quarter. Institutional investors own 47.52% of the company's stock.

Snap Trading Down 0.8%

SNAP traded down $0.07 during trading on Wednesday, reaching $8.47. 9,598,318 shares of the stock traded hands, compared to its average volume of 34,408,563. The company has a quick ratio of 3.95, a current ratio of 3.95 and a debt-to-equity ratio of 1.47. The stock has a market capitalization of $14.15 billion, a PE ratio of -20.13 and a beta of 0.61. The stock's 50-day moving average is $8.48 and its 200 day moving average is $10.20. Snap Inc. has a 12 month low of $7.08 and a 12 month high of $17.33.

Snap (NYSE:SNAP - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.12). Snap had a negative net margin of 13.02% and a negative return on equity of 25.67%. The company 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 posted $0.03 EPS. Snap's revenue for the quarter was up 14.1% on a year-over-year basis. Equities analysts anticipate that Snap Inc. will post -0.3 earnings per share for the current year.

Insider Buying and Selling

In related news, CTO Robert C. Murphy sold 1,000,000 shares of the company's 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 sale, the chief technology officer now owns 55,818,548 shares in the company, valued at $504,599,673.92. This represents a 1.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Eric Young sold 117,592 shares of the company's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $8.59, for a total transaction of $1,010,115.28. Following the completion of the sale, the senior vice president now owns 3,348,290 shares in the company, valued at $28,761,811.10. This represents a 3.39% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,586,313 shares of company stock worth $22,190,490 in the last quarter. Insiders own 22.68% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Truist Financial dropped their price target on shares of Snap from $14.00 to $11.00 and set a "hold" rating for the company in a research report on Wednesday, April 30th. Royal Bank of Canada reiterated a "sector perform" rating and issued a $12.00 price target on shares of Snap in a research report on Wednesday, April 30th. Canaccord Genuity Group dropped their price target on shares of Snap from $10.00 to $9.00 and set a "hold" rating for the company in a research report on Wednesday, April 30th. Guggenheim restated a "neutral" rating on shares of Snap in a research report on Wednesday, April 2nd. Finally, Loop Capital decreased their target price on shares of Snap from $16.00 to $12.00 and set a "buy" rating on the stock in a research note on Friday, May 16th. One analyst has rated the stock with a sell rating, twenty-three have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $35.62.

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.