Swiss National Bank Reduces Stake in Snap Inc. (NYSE:SNAP)

Swiss National Bank lessened its stake in shares of Snap Inc. (NYSE:SNAP) by 0.1% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,098,200 shares of the company’s stock after selling 2,700 shares during the quarter. Swiss National Bank’s holdings in Snap were worth $33,151,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. RiverPark Advisors LLC increased its stake in Snap by 20.5% in the 3rd quarter. RiverPark Advisors LLC now owns 83,387 shares of the company’s stock worth $892,000 after acquiring an additional 14,164 shares during the last quarter. Empowered Funds LLC lifted its holdings in shares of Snap by 13.2% during the 3rd quarter. Empowered Funds LLC now owns 34,584 shares of the company’s stock worth $370,000 after acquiring an additional 4,044 shares during the last quarter. CIBC Asset Management Inc lifted its stake in Snap by 5.1% during the third quarter. CIBC Asset Management Inc now owns 47,648 shares of the company’s stock worth $510,000 after purchasing an additional 2,326 shares during the last quarter. OneDigital Investment Advisors LLC bought a new stake in Snap in the 3rd quarter worth approximately $122,000. Finally, Metis Global Partners LLC boosted its stake in Snap by 6.9% in the third quarter. Metis Global Partners LLC now owns 19,352 shares of the company’s stock worth $207,000 after buying an additional 1,255 shares in the last quarter. Institutional investors own 47.52% of the company’s stock.

Insider Buying and Selling at Snap

In related news, General Counsel Michael J. O’sullivan sold 18,000 shares of the stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $12.31, for a total transaction of $221,580.00. Following the completion of the transaction, the general counsel now directly owns 471,058 shares of the company’s stock, valued at approximately $5,798,723.98. This represents a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Robert C. Murphy sold 1,000,000 shares of Snap stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $12.50, for a total value of $12,500,000.00. Following the completion of the sale, the chief technology officer now directly owns 57,210,989 shares in the company, valued at approximately $715,137,362.50. The trade was a 1.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,356,709 shares of company stock valued at $16,088,487 over the last ninety days.

Analyst Upgrades and Downgrades

SNAP has been the subject of several recent research reports. Roth Mkm reissued a “neutral” rating and issued a $14.00 price target on shares of Snap in a research note on Wednesday, September 18th. Argus raised shares of Snap to a “hold” rating in a research note on Thursday, August 8th. The Goldman Sachs Group boosted their price target on Snap from $12.00 to $13.50 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Truist Financial lifted their target price on shares of Snap from $13.00 to $14.00 and gave the company a “hold” rating in a research note on Wednesday, October 30th. Finally, Bank of America raised their price objective on Snap from $13.00 to $14.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Snap has a consensus rating of “Hold” and an average target price of $14.31.

Snap Trading Up 0.9 %

Shares of Snap stock opened at $10.60 on Thursday. The company has a debt-to-equity ratio of 1.63, a current ratio of 4.04 and a quick ratio of 4.04. The stock has a market capitalization of $17.78 billion, a PE ratio of -18.28 and a beta of 0.99. Snap Inc. has a 1-year low of $8.29 and a 1-year high of $17.90. The company’s fifty day simple moving average is $10.79 and its 200-day simple moving average is $12.55.

Snap (NYSE:SNAP) last released its earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.03. The company had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.36 billion. Snap had a negative net margin of 18.49% and a negative return on equity of 35.60%. The firm’s quarterly revenue was up 15.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.21) EPS. As a group, equities analysts anticipate that Snap Inc. will post -0.41 earnings per share for the current 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.