Cibc World Market Inc. Has $1.57 Million Holdings in Snap Inc. $SNAP

Cibc World Market Inc. increased its stake in Snap Inc. (NYSE:SNAP) by 327.8% in the fourth quarter, Holdings Channel.com reports. The firm owned 194,824 shares of the company’s stock after purchasing an additional 149,286 shares during the quarter. Cibc World Market Inc.’s holdings in Snap were worth $1,572,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Allworth Financial LP boosted its stake in Snap by 92.3% in the 3rd quarter. Allworth Financial LP now owns 3,293 shares of the company’s stock worth $25,000 after purchasing an additional 1,581 shares during the period. V Square Quantitative Management LLC acquired a new position in Snap in the 4th quarter worth $29,000. EverSource Wealth Advisors LLC boosted its stake in Snap by 561.4% in the 4th quarter. EverSource Wealth Advisors LLC now owns 3,618 shares of the company’s stock worth $29,000 after purchasing an additional 3,071 shares during the period. Banque Cantonale Vaudoise acquired a new position in Snap in the 3rd quarter worth $39,000. Finally, Newbridge Financial Services Group Inc. boosted its stake in Snap by 37.5% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 5,500 shares of the company’s stock worth $44,000 after purchasing an additional 1,500 shares during the period. 47.52% of the stock is owned by institutional investors and hedge funds.

Snap Trading Down 1.3%

Shares of NYSE:SNAP opened at $5.58 on Wednesday. The company’s 50-day moving average price is $5.56 and its two-hundred day moving average price is $6.20. The company has a debt-to-equity ratio of 1.67, a current ratio of 3.53 and a quick ratio of 3.53. Snap Inc. has a one year low of $3.81 and a one year high of $10.41. The stock has a market capitalization of $9.42 billion, a PE ratio of -23.23 and a beta of 1.03.

Snap (NYSE:SNAP) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.09 by ($0.14). Snap had a negative return on equity of 18.92% and a negative net margin of 6.72%.The business had revenue of $1.53 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. On average, equities analysts forecast that Snap Inc. will post -0.06 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on SNAP shares. BMO Capital Markets upped their target price on shares of Snap from $13.00 to $15.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 15th. JPMorgan Chase & Co. reduced their target price on shares of Snap from $7.00 to $6.00 and set an “underweight” rating for the company in a research note on Thursday, May 7th. Wall Street Zen lowered shares of Snap from a “buy” rating to a “hold” rating in a research note on Sunday, May 17th. Loop Capital set a $8.00 target price on shares of Snap in a research note on Monday, February 23rd. Finally, The Goldman Sachs Group reduced their target price on shares of Snap from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty-two have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $7.91.

Insider Activity

In other Snap news, CFO Douglas Hott sold 114,702 shares of the business’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $5.67, for a total transaction of $650,360.34. Following the sale, the chief financial officer directly owned 2,456,447 shares of the company’s stock, valued at $13,928,054.49. The trade was a 4.46% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Robert C. Murphy sold 343,945 shares of the business’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $5.88, for a total transaction of $2,022,396.60. Following the sale, the chief technology officer directly owned 4,963,581 shares in the company, valued at $29,185,856.28. This trade represents a 6.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 3,021,330 shares of company stock worth $16,608,998.

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.