Swiss National Bank Buys 209,900 Shares of Snap Inc. $SNAP

Swiss National Bank boosted its stake in Snap Inc. (NYSE:SNAP) by 7.1% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,160,100 shares of the company’s stock after purchasing an additional 209,900 shares during the quarter. Swiss National Bank owned about 0.19% of Snap worth $14,536,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Mackenzie Financial Corp increased its holdings in shares of Snap by 5.1% in the third quarter. Mackenzie Financial Corp now owns 27,638 shares of the company’s stock worth $213,000 after purchasing an additional 1,349 shares during the last quarter. WealthCollab LLC grew its holdings in Snap by 1.2% during the 4th quarter. WealthCollab LLC now owns 115,390 shares of the company’s stock valued at $931,000 after buying an additional 1,369 shares in the last quarter. Alliancebernstein L.P. grew its holdings in Snap by 0.3% during the 3rd quarter. Alliancebernstein L.P. now owns 414,416 shares of the company’s stock valued at $3,195,000 after buying an additional 1,396 shares in the last quarter. Orion Porfolio Solutions LLC increased its stake in Snap by 8.3% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 18,913 shares of the company’s stock worth $164,000 after acquiring an additional 1,451 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. raised its holdings in shares of Snap by 37.5% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 5,500 shares of the company’s stock worth $44,000 after acquiring an additional 1,500 shares in the last quarter. Institutional investors own 47.52% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SNAP. KeyCorp upgraded Snap from a “sector weight” rating to an “overweight” rating in a research report on Monday, April 27th. JPMorgan Chase & Co. reduced their price target on shares of Snap from $7.00 to $6.00 and set an “underweight” rating on the stock in a research report on Thursday, May 7th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Snap in a research note on Friday, July 17th. Barclays upgraded shares of Snap from an “overweight” rating to an “overweight” rating in a research report on Monday, April 27th. Finally, Citigroup restated a “market perform” rating on shares of Snap in a report on Wednesday, June 17th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Snap currently has a consensus rating of “Hold” and an average target price of $7.23.

Snap Stock Performance

NYSE SNAP opened at $4.34 on Friday. The business’s 50 day moving average price is $5.07 and its 200-day moving average price is $5.52. Snap Inc. has a fifty-two week low of $3.81 and a fifty-two week high of $9.90. The company has a market cap of $7.34 billion, a P/E ratio of -18.10 and a beta of 1.05. The company has a debt-to-equity ratio of 1.67, a quick ratio of 3.53 and a current ratio of 3.53.

Snap (NYSE:SNAP) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.14). Snap had a negative return on equity of 18.92% and a negative net margin of 6.72%.The company had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the prior year, the business earned ($0.08) earnings per share. The firm’s quarterly revenue was up 12.2% compared to the same quarter last year. Sell-side analysts predict that Snap Inc. will post -0.07 earnings per share for the current year.

Insider Activity

In related news, CTO Robert C. Murphy sold 2,000,000 shares of the company’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $5.44, for a total transaction of $10,880,000.00. Following the transaction, the chief technology officer directly owned 47,012,324 shares in the company, valued at approximately $255,747,042.56. This represents a 4.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Ajit Mohan sold 44,785 shares of the stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $5.60, for a total transaction of $250,796.00. Following the completion of the sale, the insider directly owned 5,057,891 shares in the company, valued at $28,324,189.60. This trade represents a 0.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 2,868,059 shares of company stock worth $15,855,631 in the last 90 days. Company insiders own 22.68% of the company’s stock.

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.