Snap Inc. $SNAP Stock Position Cut by Contrarius Group Holdings Ltd

Contrarius Group Holdings Ltd trimmed its stake in shares of Snap Inc. (NYSE:SNAP) by 39.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 799,959 shares of the company’s stock after selling 530,247 shares during the quarter. Contrarius Group Holdings Ltd’s holdings in Snap were worth $6,456,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. LPL Financial LLC raised its position in shares of Snap by 6.3% during the 4th quarter. LPL Financial LLC now owns 474,926 shares of the company’s stock worth $3,833,000 after buying an additional 28,081 shares in the last quarter. Capital World Investors increased its stake in shares of Snap by 1.4% during the fourth quarter. Capital World Investors now owns 88,452,006 shares of the company’s stock valued at $713,808,000 after acquiring an additional 1,179,543 shares during the period. Los Angeles Capital Management LLC acquired a new position in shares of Snap during the fourth quarter valued at approximately $41,000. Parallel Advisors LLC increased its stake in shares of Snap by 10.1% during the fourth quarter. Parallel Advisors LLC now owns 34,847 shares of the company’s stock valued at $281,000 after acquiring an additional 3,198 shares during the period. Finally, Daiwa Securities Group Inc. increased its stake in shares of Snap by 44.1% during the fourth quarter. Daiwa Securities Group Inc. now owns 219,769 shares of the company’s stock valued at $1,773,000 after acquiring an additional 67,297 shares during the period. 47.52% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Snap from $7.00 to $6.00 and set an “underweight” rating on the stock in a research note on Thursday, May 7th. Morgan Stanley dropped their price objective on Snap from $9.50 to $6.50 and set an “equal weight” rating on the stock in a research note on Sunday, February 22nd. The Goldman Sachs Group dropped their price objective on Snap from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Thursday, May 7th. Weiss Ratings reissued a “sell (e+)” rating on shares of Snap in a research note on Monday, April 20th. Finally, BMO Capital Markets boosted their price objective on Snap from $13.00 to $15.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty-two have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Snap currently has a consensus rating of “Hold” and an average price target of $7.91.

Snap Trading Down 0.0%

Shares of NYSE:SNAP opened at $5.76 on Monday. The company has a debt-to-equity ratio of 1.67, a quick ratio of 3.53 and a current ratio of 3.53. The stock has a market capitalization of $9.72 billion, a price-to-earnings ratio of -23.99 and a beta of 1.03. The company has a 50 day moving average price of $5.50 and a 200 day moving average price of $6.24. Snap Inc. has a 1-year low of $3.81 and a 1-year high of $10.41.

Snap (NYSE:SNAP) last issued its 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). The company had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.53 billion. Snap had a negative return on equity of 18.92% and a negative net margin of 6.72%.The business’s revenue was up 12.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.08) earnings per share. On average, research analysts anticipate that Snap Inc. will post -0.06 EPS for the current fiscal year.

Insider Activity

In other Snap news, insider Ajit Mohan sold 44,785 shares of the business’s 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 sale, the insider owned 5,057,891 shares in the company, valued at approximately $28,324,189.60. The trade was a 0.88% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Rebecca Morrow sold 16,729 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $5.60, for a total transaction of $93,682.40. Following the completion of the sale, the chief accounting officer owned 512,811 shares of the company’s stock, valued at approximately $2,871,741.60. This trade represents a 3.16% decrease in their position. 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. In the last quarter, insiders have sold 3,021,330 shares of company stock worth $16,608,998.

Snap Company 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.