Man Group plc Raises Stock Position in Snap Inc (NYSE:SNAP)
Man Group plc raised its position in Snap Inc (NYSE:SNAP) by 52.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 96,322 shares of the company’s stock after buying an additional 33,198 shares during the period. Man Group plc’s holdings in Snap were worth $1,522,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Catalyst Capital Advisors LLC increased its holdings in Snap by 38.8% in the second quarter. Catalyst Capital Advisors LLC now owns 2,386 shares of the company’s stock valued at $34,000 after buying an additional 667 shares in the last quarter. Janney Montgomery Scott LLC increased its holdings in Snap by 6.5% in the second quarter. Janney Montgomery Scott LLC now owns 11,340 shares of the company’s stock valued at $162,000 after buying an additional 690 shares in the last quarter. Prudential Financial Inc. increased its holdings in Snap by 2.5% in the second quarter. Prudential Financial Inc. now owns 28,900 shares of the company’s stock valued at $413,000 after buying an additional 700 shares in the last quarter. Cascade Investment Advisors Inc. increased its holdings in Snap by 60.3% in the third quarter. Cascade Investment Advisors Inc. now owns 2,325 shares of the company’s stock valued at $37,000 after buying an additional 875 shares in the last quarter. Finally, Private Advisor Group LLC increased its holdings in Snap by 5.5% in the second quarter. Private Advisor Group LLC now owns 18,025 shares of the company’s stock valued at $258,000 after buying an additional 938 shares in the last quarter. 32.78% of the stock is owned by institutional investors.
SNAP opened at $15.09 on Friday. The firm has a market capitalization of $19.92 billion, a PE ratio of -15.56 and a beta of 1.09. Snap Inc has a twelve month low of $4.82 and a twelve month high of $18.36. The firm’s 50-day moving average price is $14.72 and its 200 day moving average price is $15.03. The company has a current ratio of 7.25, a quick ratio of 7.25 and a debt-to-equity ratio of 0.50.
A number of research analysts have weighed in on SNAP shares. Credit Suisse Group lifted their price objective on shares of Snap from $20.00 to $21.00 and gave the company an “outperform” rating in a report on Monday, October 21st. Morgan Stanley raised shares of Snap from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $14.00 to $17.00 in a report on Friday, October 4th. ValuEngine cut shares of Snap from a “buy” rating to a “hold” rating in a report on Wednesday, September 25th. Aegis started coverage on shares of Snap in a report on Wednesday. They issued a “buy” rating and a $24.00 price objective for the company. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Snap in a report on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating and seventeen have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $17.09.
In related news, VP Jerry James Hunter sold 8,097 shares of the business’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $13.89, for a total transaction of $112,467.33. Following the transaction, the vice president now directly owns 1,562,002 shares in the company, valued at $21,696,207.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Evan Spiegel sold 1,537,712 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $14.62, for a total transaction of $22,481,349.44. Following the completion of the transaction, the chief executive officer now owns 63,866,549 shares in the company, valued at $933,728,946.38. The disclosure for this sale can be found here. Insiders have sold 2,600,499 shares of company stock worth $37,943,289 over the last 90 days.
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.
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