Renaissance Technologies LLC Acquires 2,099,200 Shares of Snap Inc (NYSE:SNAP)
Renaissance Technologies LLC lifted its holdings in shares of Snap Inc (NYSE:SNAP) by 761.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,375,000 shares of the company’s stock after purchasing an additional 2,099,200 shares during the quarter. Renaissance Technologies LLC owned 0.17% of Snap worth $33,963,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Prime Capital Investment Advisors LLC acquired a new stake in Snap in the second quarter valued at approximately $27,000. Atlas Capital Advisors LLC acquired a new position in shares of Snap during the second quarter worth $29,000. Providence Capital Advisors LLC acquired a new position in shares of Snap during the first quarter worth $32,000. Catalyst Capital Advisors LLC lifted its holdings in shares of Snap by 38.8% during the second quarter. Catalyst Capital Advisors LLC now owns 2,386 shares of the company’s stock worth $34,000 after purchasing an additional 667 shares during the period. Finally, Valeo Financial Advisors LLC lifted its holdings in shares of Snap by 400.0% during the second quarter. Valeo Financial Advisors LLC now owns 2,500 shares of the company’s stock worth $36,000 after purchasing an additional 2,000 shares during the period. 26.93% of the stock is currently owned by institutional investors.
A number of equities analysts have recently commented on the stock. Deutsche Bank lifted their price target on shares of Snap from $13.00 to $16.00 and gave the stock a “hold” rating in a report on Wednesday, July 24th. Bank of America lifted their target price on shares of Snap from $12.00 to $17.00 and gave the stock a “neutral” rating in a research note on Thursday, July 11th. Morgan Stanley lifted their target price on shares of Snap from $13.00 to $14.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 24th. Stifel Nicolaus reissued a “buy” rating and set a $19.00 target price on shares of Snap in a research note on Wednesday, September 4th. Finally, Canaccord Genuity lifted their target price on shares of Snap from $13.00 to $17.00 and gave the stock a “hold” rating in a research note on Wednesday, July 24th. Two analysts have rated the stock with a sell rating, nineteen have issued a hold rating and fourteen have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $15.38.
Snap (NYSE:SNAP) last released its earnings results on Tuesday, July 23rd. The company reported ($0.19) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.21) by $0.02. The firm had revenue of $388.02 million for the quarter, compared to analysts’ expectations of $358.16 million. Snap had a negative net margin of 77.54% and a negative return on equity of 46.46%. The company’s quarterly revenue was up 48.0% on a year-over-year basis. During the same period in the previous year, the company earned ($0.14) earnings per share. On average, sell-side analysts predict that Snap Inc will post -0.71 earnings per share for the current fiscal year.
In related news, VP Jerry James Hunter sold 70,702 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $13.74, for a total transaction of $971,445.48. Following the sale, the vice president now directly owns 1,740,621 shares in the company, valued at approximately $23,916,132.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Evan Spiegel sold 2,780,306 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $18.01, for a total transaction of $50,073,311.06. Following the sale, the chief executive officer now owns 69,958,498 shares in the company, valued at $1,259,952,548.98. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,729,278 shares of company stock worth $96,229,935.
Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page that allows creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps surfacing the stories and shows from publishers, creators, and the community, based on a user's subscriptions and interests.
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