CIBC Asset Management Inc Boosts Stake in Snap Inc. (NYSE:SNAP)

CIBC Asset Management Inc increased its holdings in shares of Snap Inc. (NYSE:SNAP) by 5.1% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 47,648 shares of the company’s stock after acquiring an additional 2,326 shares during the period. CIBC Asset Management Inc’s holdings in Snap were worth $510,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. GraniteShares Advisors LLC grew its holdings in Snap by 2.5% in the second quarter. GraniteShares Advisors LLC now owns 38,154 shares of the company’s stock valued at $634,000 after purchasing an additional 941 shares during the period. Concurrent Investment Advisors LLC grew its stake in Snap by 4.0% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 26,998 shares of the company’s stock valued at $448,000 after acquiring an additional 1,048 shares during the period. Metis Global Partners LLC increased its holdings in Snap by 6.9% in the 3rd quarter. Metis Global Partners LLC now owns 19,352 shares of the company’s stock worth $207,000 after acquiring an additional 1,255 shares in the last quarter. DMC Group LLC raised its position in Snap by 10.5% during the second quarter. DMC Group LLC now owns 15,583 shares of the company’s stock worth $259,000 after acquiring an additional 1,477 shares during the period. Finally, Blue Trust Inc. lifted its holdings in Snap by 354.1% during the second quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock valued at $36,000 after purchasing an additional 1,682 shares in the last quarter. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Snap Trading Up 0.9 %

NYSE SNAP opened at $10.60 on Thursday. The company has a debt-to-equity ratio of 1.63, a quick ratio of 4.04 and a current ratio of 4.04. The firm has a market cap of $17.78 billion, a price-to-earnings ratio of -18.28 and a beta of 0.99. The firm has a 50 day simple moving average of $10.79 and a 200-day simple moving average of $12.55. Snap Inc. has a one year low of $8.29 and a one year high of $17.90.

Snap (NYSE:SNAP) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.05 by $0.03. Snap had a negative net margin of 18.49% and a negative return on equity of 35.60%. The company had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.36 billion. During the same quarter last year, the company posted ($0.21) EPS. The firm’s revenue was up 15.4% compared to the same quarter last year. Equities research analysts anticipate that Snap Inc. will post -0.41 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Hsbc Global Res cut shares of Snap from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 2nd. Evercore ISI increased their target price on Snap from $12.00 to $15.00 and gave the company an “in-line” rating in a report on Wednesday, October 30th. Argus raised Snap to a “hold” rating in a research note on Thursday, August 8th. Benchmark reissued a “hold” rating on shares of Snap in a research note on Friday, October 25th. Finally, Barclays lowered their target price on shares of Snap from $17.00 to $16.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. 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.com, Snap presently has a consensus rating of “Hold” and an average target price of $14.31.

Insider Buying and Selling

In other Snap news, CFO Derek Andersen sold 97,608 shares of Snap stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $9.29, for a total transaction of $906,778.32. Following the completion of the sale, the chief financial officer now directly owns 2,287,970 shares of the company’s stock, valued at $21,255,241.30. The trade was a 4.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Robert C. Murphy sold 1,000,000 shares of the stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $12.50, for a total value of $12,500,000.00. Following the completion of the transaction, the chief technology officer now 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 sold 1,356,709 shares of company stock valued at $16,088,487 in the last three months.

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.