Cambridge Investment Research Advisors Inc. Increases Position in Snap Inc. (SNAP)
Cambridge Investment Research Advisors Inc. increased its position in Snap Inc. (NYSE:SNAP) by 39.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 54,095 shares of the company’s stock after purchasing an additional 15,259 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Snap were worth $787,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. First Trust Advisors LP boosted its holdings in Snap by 873.8% during the third quarter. First Trust Advisors LP now owns 5,884,101 shares of the company’s stock worth $85,555,000 after buying an additional 5,279,883 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD boosted its holdings in Snap by 2,592.8% during the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 2,533,820 shares of the company’s stock worth $45,025,000 after buying an additional 2,439,725 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Snap by 23.7% during the second quarter. Vanguard Group Inc. now owns 8,353,729 shares of the company’s stock worth $148,446,000 after buying an additional 1,601,170 shares during the last quarter. State Treasurer State of Michigan bought a new position in Snap during the third quarter worth about $15,714,000. Finally, Coatue Management LLC boosted its holdings in Snap by 4.5% during the second quarter. Coatue Management LLC now owns 21,898,624 shares of the company’s stock worth $389,139,000 after buying an additional 940,900 shares during the last quarter. Hedge funds and other institutional investors own 19.35% of the company’s stock.
In other Snap news, General Counsel Michael J. O’sullivan sold 10,016 shares of the business’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $12.54, for a total transaction of $125,600.64. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Mitchell Lasky sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 14th. The stock was sold at an average price of $12.53, for a total value of $313,250.00. The disclosure for this sale can be found here. Insiders have sold a total of 3,362,188 shares of company stock worth $44,494,767 in the last ninety days.
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SNAP has been the topic of a number of recent analyst reports. SunTrust Banks, Inc. restated a “sell” rating and set a $10.00 target price on shares of Snap in a report on Thursday, October 12th. Needham & Company LLC restated an “underperform” rating on shares of Snap in a report on Thursday, October 5th. BidaskClub cut Snap from a “hold” rating to a “sell” rating in a report on Thursday, October 26th. Cantor Fitzgerald reiterated a “buy” rating and set a $15.00 price objective on shares of Snap in a report on Tuesday, August 22nd. Finally, Canaccord Genuity reiterated a “hold” rating and set a $15.00 price objective on shares of Snap in a report on Sunday, October 1st. Fifteen investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $17.12.
Snap Inc. (NYSE:SNAP) traded up $0.31 during trading hours on Friday, hitting $12.93. The company’s stock had a trading volume of 9,618,186 shares, compared to its average volume of 25,460,662. Snap Inc. has a 52-week low of $11.28 and a 52-week high of $29.44.
Snap (NYSE:SNAP) last posted its quarterly earnings results on Tuesday, November 7th. The company reported ($0.14) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.31) by $0.17. The company had revenue of $207.90 million for the quarter, compared to analyst estimates of $236.71 million. The firm’s revenue for the quarter was up 62.2% on a year-over-year basis. sell-side analysts forecast that Snap Inc. will post -3.04 earnings per share for the current fiscal year.
Snap Company Profile
Snap Inc, formerly Snapchat, Inc, is a camera company. The Company’s flagship product, Snapchat, is a camera application that helps people to communicate through short videos and images known as a Snap. The Company offers three ways for people to make Snaps: the Snapchat application, Publishers Tools that help its partners to create Publisher Stories, and Spectacles, its sunglasses that make Snaps.
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