Polar Asset Management Partners Inc. Takes $4.92 Million Position in Snap Inc. (NYSE:SNAP)

Polar Asset Management Partners Inc. acquired a new stake in shares of Snap Inc. (NYSE:SNAP) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 457,200 shares of the company’s stock, valued at approximately $4,924,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SNAP. Capital World Investors raised its position in Snap by 38.9% in the fourth quarter. Capital World Investors now owns 84,137,317 shares of the company’s stock worth $906,161,000 after acquiring an additional 23,569,522 shares during the period. SRS Investment Management LLC raised its position in Snap by 1.4% in the fourth quarter. SRS Investment Management LLC now owns 73,723,115 shares of the company’s stock worth $793,998,000 after acquiring an additional 1,001,632 shares during the period. Capital International Investors bought a new position in Snap in the fourth quarter worth approximately $422,049,000. Geode Capital Management LLC raised its position in Snap by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 11,831,472 shares of the company’s stock worth $127,078,000 after acquiring an additional 134,017 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in Snap by 6.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,601,172 shares of the company’s stock worth $71,095,000 after acquiring an additional 389,812 shares during the period. Institutional investors own 47.52% of the company’s stock.

Snap Stock Down 4.7%

Shares of SNAP opened at $8.61 on Friday. The firm has a market cap of $14.39 billion, a PE ratio of -20.50 and a beta of 0.61. The company’s fifty day moving average is $8.48 and its two-hundred day moving average is $10.28. Snap Inc. has a fifty-two week low of $7.08 and a fifty-two week high of $17.33. The company has a quick ratio of 3.95, a current ratio of 3.95 and a debt-to-equity ratio of 1.47.

Snap (NYSE:SNAP) last issued its earnings results on Tuesday, April 29th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.12). Snap had a negative net margin of 13.02% and a negative return on equity of 25.67%. The business had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. During the same period in the prior year, the business posted $0.03 EPS. The business’s revenue was up 14.1% on a year-over-year basis. Analysts forecast that Snap Inc. will post -0.3 earnings per share for the current year.

Analysts Set New Price Targets

SNAP has been the topic of several recent analyst reports. Cantor Fitzgerald set a $7.00 price objective on shares of Snap and gave the company a “neutral” rating in a research report on Wednesday, April 30th. Loop Capital set a $9.00 target price on Snap in a research report on Friday, May 2nd. Wells Fargo & Company dropped their target price on Snap from $9.00 to $8.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 30th. Stifel Nicolaus dropped their target price on Snap from $11.00 to $8.00 and set a “hold” rating for the company in a research report on Wednesday, April 23rd. Finally, Bank of America dropped their target price on Snap from $14.50 to $10.50 and set a “neutral” rating for the company in a research report on Wednesday, April 9th. One equities research analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $35.50.

Insider Buying and Selling

In other news, CTO Robert C. Murphy sold 1,000,000 shares of the business’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $9.04, for a total value of $9,040,000.00. Following the completion of the sale, the chief technology officer now owns 55,818,548 shares of the company’s stock, valued at approximately $504,599,673.92. The trade was a 1.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Derek Andersen sold 61,334 shares of the business’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $10.84, for a total transaction of $664,860.56. Following the completion of the sale, the chief financial officer now directly owns 3,564,235 shares of the company’s stock, valued at $38,636,307.40. The trade was a 1.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,362,523 shares of company stock valued at $20,719,017 in the last quarter. Company insiders own 22.68% of the company’s stock.

About Snap

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.