Samlyn Capital LLC Takes $1.88 Million Position in Snap Inc. (SNAP)
Samlyn Capital LLC acquired a new stake in Snap Inc. (NYSE:SNAP) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 105,700 shares of the company’s stock, valued at approximately $1,878,000.
Other large investors have also made changes to their positions in the company. US Bancorp DE purchased a new position in Snap during the first quarter worth about $101,000. Seven Bridges Advisors LLC purchased a new stake in Snap in the 2nd quarter valued at about $101,000. Harel Insurance Investments & Financial Services Ltd. grew its holdings in Snap by 654.0% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company’s stock valued at $134,000 after buying an additional 6,540 shares during the period. Dubuque Bank & Trust Co. purchased a new stake in Snap in the 2nd quarter valued at about $137,000. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in Snap by 9,588.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 9,688 shares of the company’s stock valued at $172,000 after buying an additional 9,588 shares during the period. 16.40% of the stock is owned by institutional investors and hedge funds.
Several research analysts have recently weighed in on SNAP shares. Drexel Hamilton reiterated a “buy” rating and set a $30.00 price objective on shares of Snap in a report on Thursday, September 14th. Cantor Fitzgerald restated a “buy” rating and issued a $17.00 target price (up from $15.00) on shares of Snap in a report on Friday, September 15th. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and set a $23.00 price target on shares of Snap in a research report on Tuesday, July 11th. CIBC reaffirmed an “outperform” rating and set a $23.00 price target on shares of Snap in a research report on Monday, June 12th. Finally, Stifel Nicolaus downgraded shares of Snap from a “buy” rating to a “hold” rating and set a $20.00 price target on the stock. in a research note on Friday, July 14th. Ten analysts have rated the stock with a sell rating, twenty-five have given a hold rating and twelve have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $18.21.
In related news, CFO Andrew Vollero sold 37,874 shares of the stock in a transaction dated Tuesday, September 19th. The shares were sold at an average price of $14.64, for a total value of $554,475.36. Following the completion of the transaction, the chief financial officer now owns 1,797,644 shares of the company’s stock, valued at $26,317,508.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Steven Michael Horowitz sold 50,624 shares of the stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $13.04, for a total transaction of $660,136.96. Following the completion of the transaction, the vice president now directly owns 2,440,055 shares of the company’s stock, valued at approximately $31,818,317.20. The disclosure for this sale can be found here. Insiders have sold a total of 1,733,598 shares of company stock worth $23,764,362 in the last three months.
Snap Inc. (SNAP) traded down 1.673% on Wednesday, hitting $14.395. 5,023,806 shares of the stock were exchanged. Snap Inc. has a 1-year low of $11.28 and a 1-year high of $29.44. The company’s 50 day moving average is $14.45 and its 200 day moving average is $17.63. The stock’s market cap is $17.23 billion.
Snap (NYSE:SNAP) last posted its quarterly earnings results on Thursday, August 10th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.07). The business had revenue of $181.70 million during the quarter, compared to analysts’ expectations of $186.49 million. The firm’s revenue was up 153.1% on a year-over-year basis. On average, equities research analysts expect that Snap Inc. will post ($0.64) earnings per share for the current year.
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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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