Snap Inc. (SNAP) Shares Bought by Pacer Advisors Inc.
Pacer Advisors Inc. lifted its position in shares of Snap Inc. (NYSE:SNAP) by 8.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,869 shares of the company’s stock after acquiring an additional 757 shares during the quarter. Pacer Advisors Inc.’s holdings in Snap were worth $175,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in the company. FMR LLC purchased a new stake in Snap in the 1st quarter valued at approximately $737,133,000. BlackRock Inc. purchased a new stake in Snap in the 1st quarter valued at approximately $211,934,000. Vanguard Group Inc. purchased a new stake in Snap in the 1st quarter valued at approximately $152,135,000. General Atlantic LLC purchased a new stake in Snap in the 1st quarter valued at approximately $110,010,000. Finally, Dragoneer Investment Group LLC purchased a new stake in Snap in the 1st quarter valued at approximately $70,970,000. 16.40% of the stock is currently owned by institutional investors and hedge funds.
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Shares of Snap Inc. (NYSE:SNAP) opened at 15.25 on Monday. The company has a 50-day moving average price of $15.12 and a 200 day moving average price of $18.17. Snap Inc. has a one year low of $11.28 and a one year high of $29.44. The firm’s market capitalization is $18.26 billion.
Snap (NYSE:SNAP) last released its quarterly earnings results on Thursday, August 10th. The company reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.07). The firm had revenue of $181.70 million for the quarter, compared to analyst estimates of $186.49 million. The company’s quarterly revenue was up 153.1% on a year-over-year basis. Analysts expect that Snap Inc. will post ($0.64) earnings per share for the current fiscal year.
In other news, VP Timothy Sehn sold 400,000 shares of the firm’s stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $14.34, for a total transaction of $5,736,000.00. Following the transaction, the vice president now owns 2,804,168 shares in the company, valued at approximately $40,211,769.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Imran Khan sold 350,000 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $15.00, for a total transaction of $5,250,000.00. Following the transaction, the insider now owns 9,946,464 shares in the company, valued at approximately $149,196,960. The disclosure for this sale can be found here. Insiders have sold a total of 1,695,724 shares of company stock worth $23,209,887 in the last 90 days.
SNAP has been the topic of a number of recent research reports. Vetr lowered Snap from a “buy” rating to a “hold” rating and set a $13.95 target price on the stock. in a research note on Monday, July 31st. Morgan Stanley reduced their target price on Snap from $16.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 23rd. Drexel Hamilton reaffirmed a “buy” rating and issued a $30.00 target price on shares of Snap in a research note on Tuesday, September 5th. Goldman Sachs Group, Inc. (The) reaffirmed a “buy” rating and issued a $23.00 target price (down previously from $27.00) on shares of Snap in a research note on Friday, August 11th. Finally, J P Morgan Chase & Co reaffirmed a “neutral” rating and issued a $18.00 target price (down previously from $20.00) on shares of Snap in a research note on Monday, June 5th. Ten analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and twelve have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $18.31.
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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