IFP Advisors Inc Grows Holdings in Snap Inc. (SNAP)
IFP Advisors Inc grew its holdings in Snap Inc. (NYSE:SNAP) by 30.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,605 shares of the company’s stock after purchasing an additional 4,838 shares during the quarter. IFP Advisors Inc’s holdings in Snap were worth $300,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in SNAP. Bank of New York Mellon Corp purchased a new position in Snap in the 1st quarter worth approximately $525,000. Prudential Financial Inc. purchased a new position in Snap in the 1st quarter worth approximately $268,000. Principal Financial Group Inc. purchased a new stake in shares of Snap during the 1st quarter valued at approximately $6,511,000. Vanguard Group Inc. purchased a new stake in shares of Snap during the 1st quarter valued at approximately $152,135,000. Finally, BlackRock Inc. purchased a new stake in shares of Snap during the 1st quarter valued at approximately $211,934,000. 17.29% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have recently commented on SNAP. Piper Jaffray Companies reaffirmed a “neutral” rating and set a $16.50 price target (down previously from $20.00) on shares of Snap in a research report on Thursday, July 13th. SunTrust Banks, Inc. began coverage on shares of Snap in a research report on Tuesday, August 15th. They set a “sell” rating and a $10.00 price target on the stock. Zacks Investment Research raised shares of Snap from a “sell” rating to a “hold” rating in a research report on Wednesday, August 16th. Drexel Hamilton reaffirmed a “buy” rating and set a $30.00 price target on shares of Snap in a research report on Monday, July 17th. Finally, Citigroup Inc. reaffirmed a “neutral” rating and set a $13.00 price target (down previously from $19.00) on shares of Snap in a research report on Thursday, August 10th. Eleven equities research analysts have rated the stock with a sell rating, twenty-two have issued a hold rating and fourteen have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $18.14.
In related news, VP Timothy Sehn sold 400,000 shares of the business’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $14.59, for a total transaction of $5,836,000.00. Following the completion of the transaction, the vice president now owns 2,669,279 shares in the company, valued at $38,944,780.61. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Andrew Vollero sold 195,100 shares of the business’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $12.50, for a total transaction of $2,438,750.00. Following the transaction, the chief financial officer now owns 1,882,280 shares of the company’s stock, valued at approximately $23,528,500. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,533,598 shares of company stock valued at $35,540,362.
Snap Inc. (NYSE SNAP) opened at $14.83 on Tuesday. Snap Inc. has a 12 month low of $11.28 and a 12 month high of $29.44.
Snap (NYSE:SNAP) last issued its earnings results on Thursday, August 10th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.07). The company had revenue of $181.70 million for the quarter, compared to analysts’ expectations of $186.49 million. Snap’s quarterly revenue was up 153.1% on a year-over-year basis. analysts predict that Snap Inc. will post -2.81 earnings per share for the current year.
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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