Penserra Capital Management LLC Buys New Position in Snap Inc (NYSE:SNAP)
Penserra Capital Management LLC purchased a new position in shares of Snap Inc (NYSE:SNAP) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 3,693 shares of the company’s stock, valued at approximately $58,000.
Other hedge funds also recently added to or reduced their stakes in the company. NEXT Financial Group Inc raised its position in Snap by 76.6% in the second quarter. NEXT Financial Group Inc now owns 4,503 shares of the company’s stock worth $64,000 after acquiring an additional 1,953 shares in the last quarter. Commonwealth Equity Services LLC boosted its position in shares of Snap by 4.5% during the 2nd quarter. Commonwealth Equity Services LLC now owns 164,463 shares of the company’s stock valued at $2,351,000 after purchasing an additional 7,138 shares in the last quarter. Daiwa Securities Group Inc. bought a new position in shares of Snap during the 2nd quarter valued at about $370,000. Mn Services Vermogensbeheer B.V. acquired a new position in shares of Snap in the 2nd quarter worth approximately $4,972,000. Finally, Atlas Capital Advisors LLC acquired a new position in shares of Snap in the 2nd quarter worth approximately $29,000. Institutional investors own 32.78% of the company’s stock.
In other news, insider Jared Grusd sold 31,129 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $15.68, for a total transaction of $488,102.72. Following the transaction, the insider now owns 2,430,267 shares of the company’s stock, valued at approximately $38,106,586.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Michael J. O’sullivan sold 18,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $16.84, for a total value of $311,540.00. Following the completion of the transaction, the general counsel now directly owns 1,546,890 shares in the company, valued at $26,049,627.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,062,787 shares of company stock worth $15,461,939.
Snap (NYSE:SNAP) last posted its earnings results on Tuesday, October 22nd. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.18) by $0.14. The firm had revenue of $446.20 million during the quarter, compared to analysts’ expectations of $436.00 million. Snap had a negative net margin of 63.75% and a negative return on equity of 44.16%. The company’s revenue was up 49.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.12) earnings per share. On average, analysts predict that Snap Inc will post -0.69 EPS for the current year.
SNAP has been the subject of several recent research reports. Needham & Company LLC raised shares of Snap from an “underperform” rating to a “hold” rating in a research note on Wednesday, October 23rd. Credit Suisse Group upped their price target on Snap from $20.00 to $21.00 and gave the company an “outperform” rating in a report on Monday, October 21st. Moffett Nathanson increased their price objective on Snap from $11.00 to $14.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. Guggenheim raised Snap from a “neutral” rating to a “buy” rating and set a $22.00 price objective for the company in a research note on Tuesday, September 24th. Finally, Loop Capital raised Snap from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research note on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating and sixteen have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $16.99.
Snap Company Profile
Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page that allows creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps surfacing the stories and shows from publishers, creators, and the community, based on a user's subscriptions and interests.
Want to see what other hedge funds are holding SNAP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Snap Inc (NYSE:SNAP).
Receive News & Ratings for Snap Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Snap and related companies with MarketBeat.com's FREE daily email newsletter.