Wealthfront Advisers LLC Boosts Stock Position in Snap Inc. $SNAP

Wealthfront Advisers LLC lifted its stake in Snap Inc. (NYSE:SNAP) by 372.6% in the 1st quarter, Holdings Channel.com reports. The firm owned 372,961 shares of the company’s stock after purchasing an additional 294,048 shares during the period. Wealthfront Advisers LLC’s holdings in Snap were worth $1,716,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Leonteq Securities AG purchased a new stake in Snap in the fourth quarter valued at $1,620,000. Eurizon Capital SGR S.p.A. purchased a new position in shares of Snap during the 4th quarter worth $1,629,000. SG Americas Securities LLC grew its holdings in shares of Snap by 26.1% during the 4th quarter. SG Americas Securities LLC now owns 3,134,605 shares of the company’s stock worth $25,296,000 after purchasing an additional 648,240 shares during the period. Assenagon Asset Management S.A. increased its position in shares of Snap by 537.9% during the 4th quarter. Assenagon Asset Management S.A. now owns 4,150,134 shares of the company’s stock worth $33,492,000 after purchasing an additional 3,499,578 shares during the last quarter. Finally, Marsico Capital Management LLC purchased a new stake in Snap in the 4th quarter valued at about $5,620,000. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Insider Activity at Snap

In other Snap news, insider Ajit Mohan sold 6,923 shares of the business’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $5.58, for a total value of $38,630.34. Following the completion of the transaction, the insider owned 5,050,968 shares in the company, valued at $28,184,401.44. The trade was a 0.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Douglas Hott sold 114,702 shares of the company’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $5.67, for a total value of $650,360.34. Following the sale, the chief financial officer directly owned 2,456,447 shares in the company, valued at $13,928,054.49. This represents a 4.46% 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 2,868,059 shares of company stock worth $15,855,631 over the last 90 days.

Analyst Upgrades and Downgrades

SNAP has been the topic of a number of recent analyst reports. Freedom Capital cut shares of Snap from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 12th. Rothschild & Co Redburn upgraded shares of Snap from a “neutral” rating to a “buy” rating and set a $10.00 price target for the company in a research report on Monday, April 27th. Wells Fargo & Company reduced their price target on shares of Snap from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 7th. BMO Capital Markets upped their price objective on shares of Snap from $13.00 to $15.00 and gave the stock an “outperform” rating in a report on Wednesday, April 15th. Finally, Truist Financial set a $8.00 price objective on shares of Snap in a research report on Wednesday, June 17th. One 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 assigned a Sell rating to the company. According to data from MarketBeat, Snap presently has a consensus rating of “Hold” and an average price target of $7.41.

Snap Stock Up 0.8%

Shares of NYSE:SNAP opened at $4.57 on Tuesday. The firm has a market capitalization of $7.71 billion, a PE ratio of -19.02 and a beta of 1.05. Snap Inc. has a 1 year low of $3.81 and a 1 year high of $10.41. The company has a debt-to-equity ratio of 1.67, a current ratio of 3.53 and a quick ratio of 3.53. The firm’s 50-day moving average is $5.15 and its two-hundred day moving average is $5.60.

Snap (NYSE:SNAP) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.09 by ($0.14). The business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Snap had a negative net margin of 6.72% and a negative return on equity of 18.92%. The company’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.08) EPS. Analysts predict that Snap Inc. will post -0.07 EPS for the current 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.