Snap Inc. (NYSE:SNAP) Shares Sold by Cresset Asset Management LLC

Cresset Asset Management LLC cut its stake in Snap Inc. (NYSE:SNAP - Free Report) by 52.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 78,242 shares of the company's stock after selling 87,733 shares during the period. Cresset Asset Management LLC's holdings in Snap were worth $843,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. increased its holdings in shares of Snap by 6.3% during the 4th 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 last quarter. Patriot Financial Group Insurance Agency LLC purchased a new position in Snap in the fourth quarter worth approximately $289,000. Bank of New York Mellon Corp increased its stake 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 acquiring an additional 29,526 shares during the last quarter. Empowered Funds LLC raised its position in Snap by 3.1% in the fourth quarter. Empowered Funds LLC now owns 35,639 shares of the company's stock valued at $384,000 after purchasing an additional 1,055 shares during the period. Finally, Sei Investments Co. purchased a new stake in Snap in the fourth quarter valued at $158,000. Institutional investors and hedge funds own 47.52% of the company's stock.

Insider Buying and Selling

In other news, SVP Eric Young sold 102,152 shares of Snap stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $10.84, for a total value of $1,107,327.68. Following the sale, the senior vice president now owns 3,443,419 shares of the company's stock, valued at $37,326,661.96. The trade was a 2.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Derek Andersen sold 61,334 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $10.84, for a total transaction of $664,860.56. Following the transaction, the chief financial officer now directly owns 3,564,235 shares of the company's stock, valued at $38,636,307.40. This represents a 1.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,362,523 shares of company stock worth $20,719,017 in the last 90 days. Company insiders own 22.68% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on SNAP shares. Canaccord Genuity Group cut their price objective on Snap from $10.00 to $9.00 and set a "hold" rating for the company in a research report on Wednesday, April 30th. Guggenheim reiterated a "neutral" rating on shares of Snap in a research report on Wednesday, April 2nd. Morgan Stanley decreased their price objective on shares of Snap from $8.00 to $6.50 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. Rosenblatt Securities lowered their price objective on shares of Snap from $12.00 to $9.00 and set a "neutral" rating for the company in a research report on Wednesday, April 30th. Finally, Citizens Jmp raised Snap from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 28th. One analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $35.62.

Snap Stock Up 1.9%

Shares of SNAP traded up $0.16 during mid-day trading on Friday, reaching $8.74. The company's stock had a trading volume of 30,896,660 shares, compared to its average volume of 28,657,900. The company's 50 day moving average is $8.48 and its 200 day moving average is $10.28. The stock has a market cap of $14.60 billion, a PE ratio of -20.81 and a beta of 0.61. 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 current ratio of 3.95 and a quick ratio of 3.95.

Snap (NYSE:SNAP - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported ($0.08) earnings per share for the quarter, missing analysts' consensus estimates of $0.04 by ($0.12). Snap had a negative return on equity of 25.67% and a negative net margin of 13.02%. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same period in the previous year, the business posted $0.03 EPS. The firm's revenue for the quarter was up 14.1% compared to the same quarter last year. Equities analysts anticipate that Snap Inc. will post -0.3 EPS for the current fiscal year.

Snap 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.