Snap Inc. $SNAP Shares Sold by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. decreased its stake in shares of Snap Inc. (NYSE:SNAP) by 92.7% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 302,139 shares of the company’s stock after selling 3,847,995 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Snap were worth $1,390,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Allworth Financial LP lifted its holdings in Snap by 92.3% in the 3rd quarter. Allworth Financial LP now owns 3,293 shares of the company’s stock valued at $25,000 after purchasing an additional 1,581 shares in the last quarter. Oak Harvest Investment Services purchased a new stake in shares of Snap during the fourth quarter worth about $26,000. Arax Advisory Partners raised its position in shares of Snap by 220.0% in the fourth quarter. Arax Advisory Partners now owns 3,309 shares of the company’s stock valued at $27,000 after buying an additional 2,275 shares during the last quarter. V Square Quantitative Management LLC purchased a new position in shares of Snap during the fourth quarter valued at approximately $29,000. Finally, EverSource Wealth Advisors LLC boosted its position in Snap by 561.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 3,618 shares of the company’s stock worth $29,000 after acquiring an additional 3,071 shares during the last quarter. 47.52% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on SNAP. Guggenheim reaffirmed a “neutral” rating and issued a $6.50 target price on shares of Snap in a research note on Thursday, April 16th. TD Cowen started coverage on Snap in a research note on Monday, April 27th. They issued a “buy” rating for the company. Benchmark reissued a “hold” rating on shares of Snap in a research note on Wednesday, June 17th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Snap in a research note on Monday, April 20th. Finally, Royal Bank Of Canada cut their price objective on shares of Snap from $10.00 to $8.00 and set a “sector perform” rating on the stock in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, twenty-three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Snap currently has a consensus rating of “Hold” and an average target price of $7.79.

Snap Trading Up 7.0%

NYSE SNAP opened at $4.75 on Thursday. Snap Inc. has a one year low of $3.81 and a one year high of $10.41. The company’s 50 day moving average price is $5.47 and its 200 day moving average price is $5.87. The company has a debt-to-equity ratio of 1.67, a quick ratio of 3.53 and a current ratio of 3.53. The firm has a market capitalization of $8.02 billion, a price-to-earnings ratio of -19.79 and a beta of 1.05.

Snap (NYSE:SNAP) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.14). Snap had a negative net margin of 6.72% and a negative return on equity of 18.92%. The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period last year, the firm earned ($0.08) earnings per share. The company’s quarterly revenue was up 12.2% on a year-over-year basis. On average, sell-side analysts predict that Snap Inc. will post -0.06 EPS for the current year.

Insider Buying and Selling at Snap

In related news, General Counsel Zachary M. Briers sold 129,493 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.60, for a total value of $725,160.80. Following the completion of the sale, the general counsel directly owned 2,644,538 shares in the company, valued at approximately $14,809,412.80. This represents a 4.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Ajit Mohan sold 44,785 shares of the firm’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $5.60, for a total value of $250,796.00. Following the completion of the transaction, the insider directly owned 5,057,891 shares in the company, valued at $28,324,189.60. This trade represents a 0.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 2,907,554 shares of company stock worth $16,093,619. Corporate insiders own 22.68% of the company’s stock.

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.