Snap Inc. (SNAP) Position Increased by Cubist Systematic Strategies LLC
Cubist Systematic Strategies LLC increased its holdings in Snap Inc. (NYSE:SNAP) by 694.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 55,789 shares of the company’s stock after purchasing an additional 48,765 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in Snap were worth $991,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also bought and sold shares of SNAP. US Bancorp DE bought a new stake in Snap during the 1st quarter valued at approximately $101,000. Seven Bridges Advisors LLC bought a new stake in Snap during the 2nd quarter valued at approximately $101,000. Harel Insurance Investments & Financial Services Ltd. boosted its position in Snap by 654.0% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company’s stock valued at $134,000 after acquiring an additional 6,540 shares in the last quarter. Dubuque Bank & Trust Co. bought a new stake in Snap during the 2nd quarter valued at approximately $137,000. Finally, Northwestern Mutual Wealth Management Co. boosted its position in Snap by 9,588.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 9,688 shares of the company’s stock valued at $172,000 after acquiring an additional 9,588 shares in the last quarter. 16.40% of the stock is currently owned by institutional investors.
Shares of Snap Inc. (NYSE SNAP) opened at 16.50 on Friday. The firm’s market cap is $19.75 billion. Snap Inc. has a 52 week low of $16.22 and a 52 week high of $29.44.
Snap (NYSE:SNAP) last posted its quarterly earnings results on Thursday, August 10th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.07). The business had revenue of $181.70 million for the quarter, compared to analyst estimates of $186.49 million. Snap’s revenue was up 153.1% on a year-over-year basis. Analysts forecast that Snap Inc. will post ($0.64) EPS for the current year.
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Several analysts have weighed in on the company. Piper Jaffray Companies reaffirmed a “neutral” rating and set a $16.50 price objective (down from $20.00) on shares of Snap in a research report on Thursday, July 13th. SunTrust Banks, Inc. assumed coverage on Snap in a research report on Tuesday, August 15th. They set a “sell” rating and a $10.00 price objective on the stock. Zacks Investment Research raised Snap from a “sell” rating to a “hold” rating in a research report on Wednesday, August 16th. Drexel Hamilton reaffirmed a “buy” rating and set a $30.00 price objective on shares of Snap in a research report on Monday, July 17th. Finally, Citigroup Inc. reaffirmed a “neutral” rating and set a $13.00 price objective (down from $19.00) on shares of Snap in a research report on Thursday, August 10th. Nine investment analysts have rated the stock with a sell rating, twenty-five have issued a hold rating and thirteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $18.12.
In other Snap news, VP Steven Michael Horowitz sold 50,624 shares of the firm’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $13.04, for a total value of $660,136.96. Following the completion of the transaction, the vice president now owns 2,440,055 shares of the company’s stock, valued at $31,818,317.20. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Timothy Sehn sold 400,000 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $14.85, for a total transaction of $5,940,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,133,598 shares of company stock valued at $29,704,362.
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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