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

Prentice Capital Management LP lowered its stake in Snap Inc. (NYSE:SNAP - Free Report) by 24.0% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund 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 holdings, making the stock its 6th largest 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 institutional investors and hedge funds also recently added to or reduced their stakes in SNAP. Capital International Investors purchased a new stake in shares of Snap during the fourth quarter valued at approximately $422,049,000. Capital World Investors boosted its stake in Snap by 38.9% during the 4th quarter. Capital World Investors now owns 84,137,317 shares of the company's stock valued at $906,161,000 after purchasing an additional 23,569,522 shares during the last quarter. Norges Bank purchased a new stake in Snap during the 4th quarter valued at $30,162,000. Renaissance Technologies LLC bought a new stake in shares of Snap in the 4th quarter worth $27,713,000. Finally, Portolan Capital Management LLC purchased a new position in shares of Snap in the fourth quarter worth $25,447,000. Institutional investors own 47.52% of the company's stock.

Insider Buying and Selling

In related news, CFO Derek Andersen sold 61,068 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $8.60, for a total value of $525,184.80. Following the transaction, the chief financial officer now owns 3,238,304 shares of the company's stock, valued at $27,849,414.40. This represents a 1.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Michael J. O'sullivan sold 24,000 shares of the stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $7.74, for a total transaction of $185,760.00. Following the transaction, the general counsel now owns 483,660 shares in the company, valued at approximately $3,743,528.40. The trade was a 4.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,586,313 shares of company stock worth $22,190,490. Corporate insiders own 22.68% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on SNAP. Cantor Fitzgerald set a $7.00 price objective on Snap and gave the company a "neutral" rating in a research report on Wednesday, April 30th. Citizens Jmp raised shares of Snap from a "hold" rating to a "strong-buy" rating in a report on Friday, March 28th. JPMorgan Chase & Co. reduced their price target on shares of Snap from $10.00 to $8.00 and set an "underweight" rating for the company in a research note on Tuesday, April 8th. The Goldman Sachs Group decreased their price objective on shares of Snap from $9.50 to $8.50 and set a "neutral" rating for the company in a report on Wednesday, April 30th. Finally, Truist Financial dropped their target price on shares of Snap from $14.00 to $11.00 and set a "hold" rating on the stock in a report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, twenty-three have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Snap presently has an average rating of "Hold" and an average target price of $35.62.

Snap Price Performance

Shares of SNAP traded down $0.12 during midday trading on Tuesday, hitting $8.57. 13,734,241 shares of the company traded hands, compared to its average volume of 34,511,645. The stock has a market cap of $14.31 billion, a price-to-earnings ratio of -20.39 and a beta of 0.61. The firm has a 50 day moving average of $8.47 and a 200-day moving average of $10.21. 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 Inc. has a 52 week low of $7.08 and a 52 week high of $17.33.

Snap (NYSE:SNAP - Get Free Report) last announced 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). 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 the consensus estimate of $1.35 billion. During the same period in the previous year, the company posted $0.03 earnings per share. Snap's quarterly revenue was up 14.1% on a year-over-year basis. On average, analysts forecast that Snap Inc. will post -0.3 EPS for the current fiscal year.

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.