Cinctive Capital Management LP Invests $8.87 Million in Snap Inc. $SNAP

Cinctive Capital Management LP bought a new stake in Snap Inc. (NYSE:SNAP) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 1,150,920 shares of the company’s stock, valued at approximately $8,874,000. Cinctive Capital Management LP owned approximately 0.07% of Snap as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Snap in the third quarter valued at about $33,000. Banque Cantonale Vaudoise acquired a new position in Snap during the 3rd quarter worth approximately $39,000. Grey Fox Wealth Advisors LLC purchased a new position in shares of Snap during the 3rd quarter worth approximately $53,000. CoreCap Advisors LLC raised its stake in shares of Snap by 826.1% during the 3rd quarter. CoreCap Advisors LLC now owns 9,363 shares of the company’s stock worth $72,000 after buying an additional 8,352 shares in the last quarter. Finally, West Tower Group LLC acquired a new stake in shares of Snap in the 3rd quarter valued at approximately $77,000. 47.52% of the stock is currently owned by institutional investors and hedge funds.

Snap Stock Performance

Shares of SNAP stock opened at $4.57 on Friday. The stock has a fifty day moving average price of $6.21 and a 200 day moving average price of $7.27. The stock has a market cap of $7.72 billion, a PE ratio of -16.94 and a beta of 0.83. Snap Inc. has a 1 year low of $4.52 and a 1 year high of $10.41. The company has a debt-to-equity ratio of 1.53, a quick ratio of 3.56 and a current ratio of 3.56.

Snap (NYSE:SNAP) last posted its earnings results on Wednesday, February 4th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.12). Snap had a negative net margin of 7.76% and a negative return on equity of 20.72%. The firm had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.70 billion. During the same period last year, the company posted $0.01 EPS. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. Sell-side analysts forecast that Snap Inc. will post -0.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, General Counsel Zachary M. Briers sold 68,620 shares of the stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $4.73, for a total value of $324,572.60. Following the sale, the general counsel directly owned 2,785,468 shares of the company’s stock, valued at approximately $13,175,263.64. This represents a 2.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ajit Mohan sold 119,339 shares of the firm’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $4.70, for a total transaction of $560,893.30. Following the transaction, the insider owned 5,158,477 shares of the company’s stock, valued at $24,244,841.90. This trade represents a 2.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 2,526,487 shares of company stock worth $13,435,587. 22.68% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

SNAP has been the topic of a number of analyst reports. Evercore restated a “mixed” rating on shares of Snap in a research note on Thursday, February 5th. Guggenheim reissued a “neutral” rating and issued a $6.50 target price on shares of Snap in a report on Thursday, February 5th. Citigroup decreased their target price on shares of Snap from $10.00 to $6.00 and set a “neutral” rating on the stock in a research report on Thursday, February 12th. TD Cowen lowered their price target on shares of Snap from $9.00 to $8.00 and set a “hold” rating on the stock in a research note on Thursday, February 5th. Finally, Roth Mkm set a $7.00 price target on shares of Snap in a report on Thursday, February 5th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Snap has an average rating of “Hold” and a consensus price target of $8.17.

Snap Profile

Snap Inc is a camera and social media company best known for developing and operating Snapchat, a multimedia messaging application that allows users to send photos, videos and messages that disappear after being viewed. In addition to its core messaging service, Snap offers a suite of augmented reality (AR) tools, including custom Lenses and Filters, that enable users and third-party developers to create interactive and immersive experiences. The company also provides advertising solutions that allow brands to engage audiences through Snap Ads, Sponsored Lenses and Discover content on the platform.

Founded in 2011 by Evan Spiegel and Bobby Murphy, Snap has continually focused on innovation in camera technology and AR.