CNB Bank Reduces Stock Holdings in Snap Inc. (NYSE:SNAP)

CNB Bank decreased its position in Snap Inc. (NYSE:SNAP) by 41.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,942 shares of the company’s stock after selling 1,350 shares during the period. CNB Bank’s holdings in Snap were worth $33,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of SNAP. Acadian Asset Management LLC lifted its position in shares of Snap by 72.6% during the first quarter. Acadian Asset Management LLC now owns 8,456 shares of the company’s stock worth $304,000 after acquiring an additional 3,556 shares in the last quarter. Raymond James Trust N.A. lifted its position in shares of Snap by 28.6% during the first quarter. Raymond James Trust N.A. now owns 8,708 shares of the company’s stock worth $313,000 after acquiring an additional 1,936 shares in the last quarter. Cibc World Market Inc. lifted its position in shares of Snap by 9.4% during the first quarter. Cibc World Market Inc. now owns 23,977 shares of the company’s stock worth $863,000 after acquiring an additional 2,061 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Snap by 0.7% during the first quarter. Dimensional Fund Advisors LP now owns 786,417 shares of the company’s stock worth $28,305,000 after acquiring an additional 5,182 shares in the last quarter. Finally, Lord Abbett & CO. LLC purchased a new stake in shares of Snap during the first quarter worth $3,216,000. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Snap Trading Down 4.0 %

Shares of NYSE:SNAP traded down $0.47 on Friday, reaching $11.16. 30,405,552 shares of the company traded hands, compared to its average volume of 20,785,288. The business’s 50-day simple moving average is $11.21 and its 200 day simple moving average is $12.72. Snap Inc. has a 52 week low of $7.86 and a 52 week high of $17.90. The stock has a market capitalization of $18.42 billion, a P/E ratio of -13.46 and a beta of 1.13. The company has a current ratio of 4.39, a quick ratio of 4.39 and a debt-to-equity ratio of 1.55.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Tuesday, February 6th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.04. Snap had a negative return on equity of 47.47% and a negative net margin of 28.71%. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.39 billion. As a group, equities analysts anticipate that Snap Inc. will post -0.58 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Susquehanna increased their target price on Snap from $9.50 to $12.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 7th. BMO Capital Markets decreased their price target on shares of Snap from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Wednesday, February 7th. Piper Sandler upped their price target on shares of Snap from $12.00 to $17.00 and gave the stock a “neutral” rating in a report on Wednesday, January 17th. Royal Bank of Canada decreased their price target on shares of Snap from $17.00 to $13.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 7th. Finally, Truist Financial upped their price target on shares of Snap from $11.00 to $12.00 and gave the stock a “hold” rating in a report on Wednesday, February 7th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $13.86.

Insider Activity

In other news, CAO Rebecca Morrow sold 9,386 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $11.14, for a total transaction of $104,560.04. Following the transaction, the chief accounting officer now directly owns 495,526 shares of the company’s stock, valued at $5,520,159.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, General Counsel Michael J. O’sullivan sold 13,000 shares of the stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $16.16, for a total transaction of $210,080.00. Following the completion of the sale, the general counsel now directly owns 461,005 shares in the company, valued at $7,449,840.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Rebecca Morrow sold 9,386 shares of the stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $11.14, for a total transaction of $104,560.04. Following the sale, the chief accounting officer now owns 495,526 shares of the company’s stock, valued at $5,520,159.64. The disclosure for this sale can be found here. Over the last three months, insiders have sold 470,482 shares of company stock valued at $5,284,091. 22.68% of the stock is currently owned by insiders.

Snap Company Profile

Snap Inc operates as a technology company in North America, Europe, and internationally. The company offers Snapchat, a visual messaging application with various tabs, such as camera, visual messaging, snap map, stories, and spotlight that enable people to communicate visually through short videos and images.