Cresset Asset Management LLC Sells 87,733 Shares of Snap Inc. (NYSE:SNAP)

Cresset Asset Management LLC trimmed its stake in Snap Inc. (NYSE:SNAP - Free Report) by 52.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SNAP. Charles Schwab Investment Management Inc. increased 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 valued at $71,095,000 after purchasing an additional 389,812 shares in the last quarter. Patriot Financial Group Insurance Agency LLC acquired a new stake in shares of Snap during the 4th quarter worth about $289,000. Bank of New York Mellon Corp grew its holdings in shares of 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 buying an additional 29,526 shares in the last quarter. Empowered Funds LLC raised its position in shares of 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 buying an additional 1,055 shares during the last quarter. Finally, Sei Investments Co. acquired a new position in shares of Snap in the fourth quarter valued at approximately $158,000. 47.52% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Snap news, General Counsel Michael J. O'sullivan sold 69,119 shares of Snap stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $10.84, for a total transaction of $749,249.96. Following the transaction, the general counsel now owns 2,332,140 shares of the company's stock, valued at $25,280,397.60. The trade was a 2.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Derek Andersen sold 61,068 shares of the company's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $8.60, for a total value of $525,184.80. Following the completion of the transaction, the chief financial officer now owns 3,238,304 shares in the company, valued at $27,849,414.40. This represents a 1.85% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,632,116 shares of company stock worth $23,127,182. 22.68% of the stock is owned by insiders.

Wall Street Analyst Weigh In

SNAP has been the subject of several analyst reports. UBS Group cut their price target on Snap from $14.00 to $9.00 and set a "neutral" rating for the company in a report on Friday, April 11th. Rosenblatt Securities cut their target price on Snap from $12.00 to $9.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 30th. Canaccord Genuity Group dropped their price target on Snap from $10.00 to $9.00 and set a "hold" rating for the company in a research note on Wednesday, April 30th. Loop Capital reduced their price objective on Snap from $16.00 to $12.00 and set a "buy" rating on the stock in a research note on Friday. Finally, Cantor Fitzgerald set a $7.00 target price on Snap and gave the stock a "neutral" rating in a research report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, twenty-three have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Snap has a consensus rating of "Hold" and an average price target of $35.62.

Snap Stock Performance

SNAP stock traded up $0.16 during trading on Friday, reaching $8.74. 30,896,660 shares of the company's stock were exchanged, compared to its average volume of 28,751,446. Snap Inc. has a 1-year low of $7.08 and a 1-year high of $17.33. The firm has a market cap of $14.60 billion, a PE ratio of -20.81 and a beta of 0.61. The company's fifty day moving average price is $8.48 and its 200-day moving average price is $10.24. The company has a quick ratio of 3.95, a current ratio of 3.95 and a debt-to-equity ratio of 1.47.

Snap (NYSE:SNAP - Get Free Report) last posted its quarterly earnings data 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 return on equity of 25.67% and a negative net margin of 13.02%. The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. During the same period in the prior year, the firm posted $0.03 EPS. The firm's quarterly revenue was up 14.1% on a year-over-year basis. On average, research analysts expect 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.