Cinctive Capital Management LP Buys New Stake in Snap Inc. $SNAP

Cinctive Capital Management LP bought a new stake in shares of Snap Inc. (NYSE:SNAP) during the third quarter, HoldingsChannel reports. The fund bought 1,150,920 shares of the company’s stock, valued at approximately $8,874,000.

Other hedge funds also recently bought and sold shares of the company. SG Americas Securities LLC raised its holdings in shares of Snap by 4,603.7% in the second quarter. SG Americas Securities LLC now owns 3,006,711 shares of the company’s stock worth $26,128,000 after acquiring an additional 2,942,789 shares during the last quarter. Freestone Grove Partners LP acquired a new stake in shares of Snap during the third quarter valued at $10,375,000. Dimensional Fund Advisors LP boosted its stake in shares of Snap by 27.9% during the third quarter. Dimensional Fund Advisors LP now owns 6,117,858 shares of the company’s stock valued at $47,224,000 after acquiring an additional 1,335,830 shares during the last quarter. Contrarius Group Holdings Ltd purchased a new stake in Snap during the 3rd quarter worth about $10,256,000. Finally, Capital World Investors increased its position in Snap by 1.5% during the 3rd quarter. Capital World Investors now owns 87,272,463 shares of the company’s stock worth $672,896,000 after purchasing an additional 1,316,448 shares in the last quarter. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Analyst Ratings Changes

SNAP has been the topic of a number of recent research reports. Citigroup reduced their target price on shares of Snap from $10.00 to $6.00 and set a “neutral” rating on the stock in a report on Thursday, February 12th. Bank of America upgraded shares of Snap from a “neutral” rating to a “buy” rating and set a $10.00 price target for the company in a report on Thursday, February 5th. Piper Sandler reissued a “neutral” rating on shares of Snap in a research report on Thursday, February 5th. Citizens Jmp reissued a “market perform” rating on shares of Snap in a research note on Thursday, February 5th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Snap from $8.00 to $7.00 and set an “underweight” rating on the stock in a research report on Thursday, February 5th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twenty have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $8.17.

Insider Buying and Selling

In related news, CAO Rebecca Morrow sold 16,499 shares of the firm’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $4.70, for a total transaction of $77,545.30. Following the sale, the chief accounting officer directly owned 466,682 shares in the company, valued at approximately $2,193,405.40. This trade represents a 3.41% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel Zachary M. Briers sold 68,620 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $4.73, for a total value of $324,572.60. Following the transaction, the general counsel directly owned 2,785,468 shares in the company, valued at $13,175,263.64. This trade represents a 2.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 2,526,487 shares of company stock valued at $13,435,587. 22.68% of the stock is owned by insiders.

Snap Stock Performance

NYSE:SNAP opened at $4.57 on Friday. The company has a current ratio of 3.56, a quick ratio of 3.56 and a debt-to-equity ratio of 1.53. The firm has a market capitalization of $7.72 billion, a price-to-earnings ratio of -16.94 and a beta of 0.83. The firm’s fifty day simple moving average is $6.21 and its 200 day simple moving average is $7.27. Snap Inc. has a twelve month low of $4.52 and a twelve month high of $10.41.

Snap (NYSE:SNAP) last announced its quarterly earnings results on Wednesday, February 4th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.12). Snap had a negative net margin of 7.76% and a negative return on equity of 20.72%. The company had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.70 billion. During the same quarter in the prior year, the company posted $0.01 earnings per share. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, equities research analysts expect that Snap Inc. will post -0.3 earnings per share for the current fiscal year.

Snap Profile

Snap Inc is a camera and social media company best known for developing and operating Snapchat, a multimedia messaging application that allows users to send photos, videos and messages that disappear after being viewed. In addition to its core messaging service, Snap offers a suite of augmented reality (AR) tools, including custom Lenses and Filters, that enable users and third-party developers to create interactive and immersive experiences. The company also provides advertising solutions that allow brands to engage audiences through Snap Ads, Sponsored Lenses and Discover content on the platform.

Founded in 2011 by Evan Spiegel and Bobby Murphy, Snap has continually focused on innovation in camera technology and AR.