Saba Capital Management L.P. Has $5.15 Million Stake in Snap Inc. (NYSE:SNAP)

Saba Capital Management L.P. cut its position in shares of Snap Inc. (NYSE:SNAP - Free Report) by 49.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 478,090 shares of the company's stock after selling 460,111 shares during the quarter. Saba Capital Management L.P.'s holdings in Snap were worth $5,149,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Capital World Investors boosted its holdings in 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 buying an additional 23,569,522 shares in the last quarter. SRS Investment Management LLC lifted its position in shares of Snap by 1.4% during the 4th quarter. SRS Investment Management LLC now owns 73,723,115 shares of the company's stock valued at $793,998,000 after acquiring an additional 1,001,632 shares during the last quarter. Capital International Investors bought a new stake in shares of Snap during the 4th quarter worth $422,049,000. Geode Capital Management LLC boosted its stake in shares of Snap by 1.1% during the 4th 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 in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Snap by 6.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,601,172 shares of the company's stock worth $71,095,000 after acquiring an additional 389,812 shares during the last quarter. Institutional investors own 47.52% of the company's stock.

Insider Activity

In other news, CAO Rebecca Morrow sold 9,202 shares of Snap stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $8.59, for a total transaction of $79,045.18. Following the completion of the sale, the chief accounting officer now owns 448,881 shares in the company, valued at $3,855,887.79. The trade was a 2.01% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Robert C. Murphy sold 1,000,000 shares of the company's stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $9.04, for a total transaction of $9,040,000.00. Following the sale, the chief technology officer now owns 55,818,548 shares of the company's stock, valued at $504,599,673.92. The trade was a 1.76% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,586,313 shares of company stock worth $22,190,490. Insiders own 22.68% of the company's stock.

Snap Price Performance

Shares of NYSE SNAP traded down $0.25 during midday trading on Wednesday, reaching $8.29. 26,519,528 shares of the company traded hands, compared to its average volume of 28,756,850. Snap Inc. has a 12 month low of $7.08 and a 12 month 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. The stock's 50-day simple moving average is $8.48 and its 200-day simple moving average is $10.20. The firm has a market cap of $13.85 billion, a PE ratio of -19.73 and a beta of 0.61.

Snap (NYSE:SNAP - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The company reported ($0.08) EPS for the quarter, missing analysts' consensus estimates of $0.04 by ($0.12). The firm had revenue of $1.36 billion during 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%. Snap's quarterly revenue was up 14.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.03 earnings per share. As a group, equities analysts anticipate that Snap Inc. will post -0.3 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SNAP. Citigroup decreased their price target on Snap from $9.00 to $8.00 and set a "neutral" rating for the company in a research report on Wednesday, April 30th. BMO Capital Markets decreased their target price on shares of Snap from $16.00 to $13.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Wells Fargo & Company dropped their target price on shares of Snap from $9.00 to $8.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 30th. Bank of America cut their price target on shares of Snap from $14.50 to $10.50 and set a "neutral" rating on the stock in a report on Wednesday, April 9th. Finally, Stifel Nicolaus decreased their price objective on shares of Snap from $11.00 to $8.00 and set a "hold" rating for the company in a research note on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, twenty-three have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus 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.