Renaissance Technologies LLC Has $8.67 Million Stake in Snap Inc. $SNAP

Renaissance Technologies LLC reduced its stake in shares of Snap Inc. (NYSE:SNAP) by 63.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,885,600 shares of the company’s stock after selling 3,231,800 shares during the quarter. Renaissance Technologies LLC owned about 0.11% of Snap worth $8,674,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Allworth Financial LP boosted its position 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 buying an additional 1,581 shares during the last quarter. Oak Harvest Investment Services bought a new position in Snap in the fourth quarter valued at about $26,000. Arax Advisory Partners increased its position in Snap by 220.0% in the fourth quarter. Arax Advisory Partners now owns 3,309 shares of the company’s stock worth $27,000 after purchasing an additional 2,275 shares during the period. V Square Quantitative Management LLC acquired a new stake in Snap in the fourth quarter worth about $29,000. Finally, EverSource Wealth Advisors LLC grew its position in shares of Snap by 561.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 3,618 shares of the company’s stock worth $29,000 after buying an additional 3,071 shares during the period. Institutional investors own 47.52% of the company’s stock.

Snap Stock Up 0.5%

Shares of SNAP stock opened at $4.71 on Monday. Snap Inc. has a 12-month low of $3.81 and a 12-month high of $9.77. The company has a quick ratio of 3.53, a current ratio of 3.53 and a debt-to-equity ratio of 1.67. The firm has a fifty day moving average of $4.97 and a 200-day moving average of $5.36. The company has a market capitalization of $7.96 billion, a price-to-earnings ratio of -19.65 and a beta of 1.05.

Snap (NYSE:SNAP) last released its earnings results on Wednesday, May 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.14). The firm had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.53 billion. Snap had a negative return on equity of 18.92% and a negative net margin of 6.72%.Snap’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same quarter last year, the company posted ($0.08) EPS. As a group, equities research analysts predict that Snap Inc. will post -0.07 earnings per share for the current fiscal 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 dated Monday, May 18th. The stock was sold at an average price of $5.60, for a total transaction of $725,160.80. Following the completion of the transaction, the general counsel directly owned 2,644,538 shares in the company, valued at approximately $14,809,412.80. This trade represents a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Robert C. Murphy sold 2,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $5.44, for a total value of $10,880,000.00. Following the transaction, the chief technology officer directly owned 47,012,324 shares of the company’s stock, valued at approximately $255,747,042.56. This trade represents a 4.08% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 2,868,059 shares of company stock valued at $15,855,631 in the last 90 days. 22.68% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. BNP Paribas Exane lowered shares of Snap to a “neutral” rating in a report on Monday, April 27th. Wall Street Zen lowered Snap from a “buy” rating to a “hold” rating in a research note on Sunday, July 26th. Barclays upgraded Snap from an “overweight” rating to an “overweight” rating in a report on Monday, April 27th. JPMorgan Chase & Co. cut their price target on shares of Snap from $7.00 to $6.00 and set an “underweight” rating on the stock in a research report on Thursday, May 7th. Finally, Benchmark reissued a “hold” rating on shares of Snap in a research note on Wednesday, June 17th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Snap currently has a consensus rating of “Hold” and an average price target of $7.23.

About Snap

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.