Quantinno Capital Management LP Sells 203,251 Shares of Snap Inc. $SNAP

Quantinno Capital Management LP trimmed its stake in shares of Snap Inc. (NYSE:SNAP) by 30.7% during the first quarter, HoldingsChannel reports. The fund owned 458,748 shares of the company’s stock after selling 203,251 shares during the period. Quantinno Capital Management LP’s holdings in Snap were worth $2,110,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Saba Capital Management L.P. boosted its stake in Snap by 232.5% in the 1st quarter. Saba Capital Management L.P. now owns 4,727,808 shares of the company’s stock worth $21,748,000 after purchasing an additional 3,306,024 shares during the period. OMERS ADMINISTRATION Corp lifted its holdings in shares of Snap by 14.8% in the first quarter. OMERS ADMINISTRATION Corp now owns 219,761 shares of the company’s stock valued at $1,011,000 after purchasing an additional 28,300 shares in the last quarter. Lombard Odier Asset Management Switzerland SA bought a new stake in shares of Snap in the first quarter valued at about $62,000. Lombard Odier Asset Management USA Corp bought a new position in shares of Snap during the first quarter worth about $166,000. Finally, GABELLI & Co INVESTMENT ADVISERS INC. bought a new position in shares of Snap during the first quarter worth about $368,000. 47.52% of the stock is owned by institutional investors.

Snap Price Performance

NYSE:SNAP opened at $5.36 on Tuesday. Snap Inc. has a 1-year low of $3.81 and a 1-year high of $9.28. The company has a current ratio of 2.94, a quick ratio of 2.94 and a debt-to-equity ratio of 1.75. The firm has a fifty day simple moving average of $4.91 and a 200 day simple moving average of $5.27. The stock has a market capitalization of $9.05 billion, a PE ratio of -29.78 and a beta of 1.03.

Snap (NYSE:SNAP) last posted its quarterly earnings results on Monday, August 3rd. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.02. Snap had a negative net margin of 4.90% and a negative return on equity of 14.61%. The firm had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period in the prior year, the firm posted ($0.16) earnings per share. The company’s quarterly revenue was up 18.9% compared to the same quarter last year. On average, research analysts expect that Snap Inc. will post -0.05 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SNAP has been the topic of several research reports. Zacks Research cut Snap from a “hold” rating to a “strong sell” rating in a research note on Monday, August 3rd. TD Cowen began coverage on shares of Snap in a report on Monday, April 27th. They issued a “buy” rating on the stock. Citizens Jmp reissued a “market perform” rating on shares of Snap in a research report on Tuesday, August 4th. Canaccord Genuity Group reduced their target price on shares of Snap from $7.00 to $6.00 and set a “hold” rating for the company in a report on Tuesday, April 14th. Finally, Citigroup raised their target price on shares of Snap from $6.50 to $6.75 and gave the company a “neutral” rating in a research report on Tuesday, August 4th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-three have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $7.65.

Insider Activity at Snap

In related news, CAO Rebecca Morrow sold 16,729 shares of Snap stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $5.60, for a total transaction of $93,682.40. Following the completion of the transaction, the chief accounting officer owned 512,811 shares in the company, valued at approximately $2,871,741.60. This trade represents a 3.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Douglas Hott sold 124,209 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.60, for a total value of $695,570.40. Following the transaction, the chief financial officer directly owned 2,571,149 shares in the company, valued at approximately $14,398,434.40. This trade represents a 4.61% decrease in their position. 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. Insiders sold 4,868,059 shares of company stock worth $26,955,631 over the last ninety days.

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.