Victory Capital Management Inc. Cuts Stock Holdings in Snap Inc. (NYSE:SNAP)

Victory Capital Management Inc. lowered its stake in shares of Snap Inc. (NYSE:SNAP) by 91.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 281,272 shares of the company’s stock after selling 2,913,332 shares during the quarter. Victory Capital Management Inc.’s holdings in Snap were worth $3,010,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of SNAP. Marshall Wace LLP increased its holdings in Snap by 587.3% in the second quarter. Marshall Wace LLP now owns 14,667,597 shares of the company’s stock valued at $243,629,000 after buying an additional 12,533,653 shares during the last quarter. TB Alternative Assets Ltd. increased its holdings in Snap by 105.6% in the third quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock valued at $85,406,000 after buying an additional 4,098,847 shares during the last quarter. Discovery Capital Management LLC CT purchased a new position in Snap in the second quarter valued at $22,591,000. Assenagon Asset Management S.A. increased its holdings in Snap by 74.0% in the second quarter. Assenagon Asset Management S.A. now owns 2,824,354 shares of the company’s stock valued at $46,913,000 after buying an additional 1,201,565 shares during the last quarter. Finally, Curated Wealth Partners LLC increased its holdings in Snap by 200.0% in the second quarter. Curated Wealth Partners LLC now owns 536,541 shares of the company’s stock valued at $8,912,000 after buying an additional 1,073,082 shares during the last quarter. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Insider Buying and Selling at Snap

In other Snap news, General Counsel Michael J. O’sullivan sold 18,000 shares of the business’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $9.30, for a total value of $167,400.00. Following the completion of the transaction, the general counsel now directly owns 456,662 shares in the company, valued at approximately $4,246,956.60. The trade was a 3.79 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Rebecca Morrow sold 11,154 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $10.55, for a total value of $117,674.70. Following the completion of the transaction, the chief accounting officer now owns 465,064 shares of the company’s stock, valued at $4,906,425.20. This trade represents a 2.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,406,709 shares of company stock worth $16,615,487. Insiders own 22.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Loop Capital increased their target price on Snap from $14.00 to $16.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Piper Sandler reaffirmed a “neutral” rating and set a $13.00 price objective (up previously from $12.00) on shares of Snap in a report on Wednesday, October 30th. Evercore ISI raised their price objective on Snap from $12.00 to $15.00 and gave the stock an “in-line” rating in a report on Wednesday, October 30th. HSBC lowered Snap from a “buy” rating to a “hold” rating in a report on Friday, August 2nd. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $14.00 price objective on shares of Snap in a report on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $14.31.

Snap Trading Up 7.4 %

Shares of Snap stock opened at $11.42 on Friday. The company has a debt-to-equity ratio of 1.63, a current ratio of 4.04 and a quick ratio of 4.04. Snap Inc. has a 1 year low of $8.29 and a 1 year high of $17.90. The company has a market capitalization of $19.15 billion, a P/E ratio of -19.68 and a beta of 0.99. The business has a 50 day moving average price of $10.85 and a 200 day moving average price of $12.50.

Snap (NYSE:SNAP) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.03. The company had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.36 billion. Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. Snap’s revenue was up 15.4% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.21) EPS. Sell-side analysts anticipate that Snap Inc. will post -0.4 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.