Prentice Capital Management LP Sells 138,526 Shares of Snap Inc. (NYSE:SNAP)

Prentice Capital Management LP reduced its stake in Snap Inc. (NYSE:SNAP - Free Report) by 24.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 438,308 shares of the company's stock after selling 138,526 shares during the period. Snap accounts for about 8.1% of Prentice Capital Management LP's investment portfolio, making the stock its 6th biggest holding. Prentice Capital Management LP's holdings in Snap were worth $4,721,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of SNAP. Charles Schwab Investment Management Inc. boosted its position in shares of Snap by 6.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,601,172 shares of the company's stock worth $71,095,000 after buying an additional 389,812 shares during the period. Patriot Financial Group Insurance Agency LLC acquired a new position in shares of Snap during the fourth quarter worth approximately $289,000. Bank of New York Mellon Corp raised its holdings in Snap by 2.0% during the fourth quarter. Bank of New York Mellon Corp now owns 1,538,111 shares of the company's stock worth $16,565,000 after purchasing an additional 29,526 shares in the last quarter. Empowered Funds LLC raised its holdings in Snap by 3.1% during the fourth quarter. Empowered Funds LLC now owns 35,639 shares of the company's stock worth $384,000 after purchasing an additional 1,055 shares in the last quarter. Finally, Sei Investments Co. bought a new stake in Snap during the fourth quarter worth approximately $158,000. 47.52% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

SNAP has been the topic of several recent analyst reports. JMP Securities set a $12.00 target price on Snap in a report on Friday, April 25th. B. Riley dropped their target price on Snap from $12.00 to $10.00 and set a "neutral" rating on the stock in a report on Wednesday, April 30th. Piper Sandler dropped their target price on Snap from $13.00 to $10.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. Loop Capital dropped their target price on Snap from $16.00 to $12.00 and set a "buy" rating on the stock in a report on Friday. Finally, UBS Group dropped their target price on Snap from $14.00 to $9.00 and set a "neutral" rating on the stock in a report on Friday, April 11th. One research analyst has rated the stock with a sell rating, twenty-three have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Snap currently has a consensus rating of "Hold" and an average target price of $35.62.

Insider Transactions at Snap

In other Snap news, CTO Robert C. Murphy sold 1,000,000 shares of the 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 transaction, the chief technology officer now directly owns 55,818,548 shares of the company's stock, valued at $504,599,673.92. This represents a 1.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Derek Andersen sold 61,068 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $8.60, for a total transaction of $525,184.80. Following the transaction, the chief financial officer now directly owns 3,238,304 shares in the company, valued at $27,849,414.40. The trade was a 1.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,632,116 shares of company stock valued at $23,127,182. 22.68% of the stock is owned by insiders.

Snap Stock Up 1.9%

NYSE:SNAP traded up $0.16 during trading hours on Friday, hitting $8.74. 30,896,660 shares of the stock traded hands, compared to its average volume of 28,751,446. The firm has a 50 day moving average price of $8.48 and a 200 day moving average price of $10.25. The company has a current ratio of 3.95, a quick ratio of 3.95 and a debt-to-equity ratio of 1.47. Snap Inc. has a fifty-two week low of $7.08 and a fifty-two week high of $17.33. The firm has a market cap of $14.60 billion, a price-to-earnings ratio of -20.81 and a beta of 0.61.

Snap (NYSE:SNAP - Get Free Report) last announced its earnings results on Tuesday, April 29th. The company reported ($0.08) earnings per share (EPS) 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 firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same period last year, the firm earned $0.03 earnings per share. Snap's revenue for the quarter was up 14.1% compared to the same quarter last year. Equities research analysts anticipate that Snap Inc. will post -0.3 earnings per share 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.