Snap Inc. (NYSE:SNAP) Shares Sold by Salem Investment Counselors Inc.

Salem Investment Counselors Inc. cut its holdings in shares of Snap Inc. (NYSE:SNAP) by 10.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,800 shares of the company’s stock after selling 2,005 shares during the quarter. Salem Investment Counselors Inc.’s holdings in Snap were worth $155,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Checchi Capital Advisers LLC lifted its holdings in Snap by 3.0% during the 4th quarter. Checchi Capital Advisers LLC now owns 31,126 shares of the company’s stock worth $335,000 after buying an additional 901 shares in the last quarter. Captrust Financial Advisors lifted its holdings in Snap by 8.0% during the 4th quarter. Captrust Financial Advisors now owns 13,918 shares of the company’s stock worth $150,000 after buying an additional 1,030 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Snap by 1.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 61,365 shares of the company’s stock worth $661,000 after buying an additional 1,033 shares in the last quarter. Empowered Funds LLC lifted its holdings in Snap by 3.1% during the 4th quarter. Empowered Funds LLC now owns 35,639 shares of the company’s stock worth $384,000 after buying an additional 1,055 shares in the last quarter. Finally, Trajan Wealth LLC lifted its holdings in Snap by 5.9% during the 4th quarter. Trajan Wealth LLC now owns 20,191 shares of the company’s stock worth $217,000 after buying an additional 1,132 shares in the last quarter. 47.52% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Snap news, CTO Robert C. Murphy sold 1,000,000 shares of Snap stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $8.03, for a total transaction of $8,030,000.00. Following the completion of the transaction, the chief technology officer now owns 54,517,308 shares in the company, valued at approximately $437,773,983.24. The trade was a 1.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Derek Andersen sold 208,525 shares of Snap stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $9.03, for a total transaction of $1,882,980.75. Following the transaction, the chief financial officer now owns 3,299,372 shares of the company’s stock, valued at approximately $29,793,329.16. The trade was a 5.94% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,611,593 shares of company stock valued at $13,346,752. Corporate insiders own 22.68% of the company’s stock.

Wall Street Analyst Weigh In

SNAP has been the topic of a number of research reports. Guggenheim reiterated a “neutral” rating on shares of Snap in a report on Wednesday, April 2nd. Loop Capital reduced their price objective on shares of Snap from $16.00 to $12.00 and set a “buy” rating on the stock in a report on Friday, May 16th. Stifel Nicolaus reduced their price objective on shares of Snap from $11.00 to $8.00 and set a “hold” rating on the stock in a report on Wednesday, April 23rd. BMO Capital Markets reduced their price objective on shares of Snap from $16.00 to $13.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. Finally, Wells Fargo & Company reduced their price objective on shares of Snap from $9.00 to $8.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, twenty-three have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Snap presently has a consensus rating of “Hold” and an average price target of $35.62.

Snap Stock Down 4.2%

SNAP stock opened at $7.95 on Friday. The company has a market cap of $13.29 billion, a P/E ratio of -18.94 and a beta of 0.59. Snap Inc. has a 52 week low of $7.08 and a 52 week high of $17.33. The company’s 50-day moving average price is $8.31 and its 200 day moving average price is $9.82. The company has a current ratio of 3.95, a quick ratio of 3.95 and a debt-to-equity ratio of 1.47.

Snap (NYSE:SNAP) last released its quarterly earnings data on Tuesday, April 29th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.12). The company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Snap had a negative return on equity of 25.67% and a negative net margin of 13.02%. The firm’s quarterly revenue was up 14.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.03 EPS. On average, research analysts expect that Snap Inc. will post -0.3 earnings per share for the current fiscal year.

About Snap

Snap Inc operates as a technology company in North America, Europe, and internationally. The company offers Snapchat, a visual messaging application with various tabs, such as camera, visual messaging, snap map, stories, and spotlight that enable people to communicate visually through short videos and images.