Saba Capital Management L.P. Sells 460,111 Shares of Snap Inc. (NYSE:SNAP)

Saba Capital Management L.P. reduced its stake in Snap Inc. (NYSE:SNAP) by 49.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 478,090 shares of the company’s stock after selling 460,111 shares during the period. Saba Capital Management L.P.’s holdings in Snap were worth $5,149,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in SNAP. Mountain Hill Investment Partners Corp. acquired a new stake in Snap in the 4th quarter valued at $27,000. Raiffeisen Bank International AG bought a new stake in shares of Snap during the fourth quarter valued at about $30,000. Comprehensive Financial Planning Inc. PA bought a new stake in shares of Snap during the fourth quarter valued at about $32,000. Osterweis Capital Management Inc. bought a new position in shares of Snap in the fourth quarter worth approximately $43,000. Finally, Blue Trust Inc. grew its position in Snap by 128.0% during the fourth quarter. Blue Trust Inc. now owns 4,370 shares of the company’s stock valued at $47,000 after acquiring an additional 2,453 shares during the last quarter. 47.52% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, General Counsel Michael J. O’sullivan sold 24,000 shares of the company’s stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $7.74, for a total value of $185,760.00. Following the completion of the sale, the general counsel now directly owns 483,660 shares of the company’s stock, valued at $3,743,528.40. This represents a 4.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Derek Andersen sold 61,334 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $10.84, for a total value 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 approximately $38,636,307.40. This trade represents a 1.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,632,116 shares of company stock valued at $23,127,182 in the last three months. 22.68% of the stock is owned by corporate insiders.

Snap Price Performance

SNAP stock opened at $8.74 on Friday. The company has a current ratio of 3.95, a quick ratio of 3.95 and a debt-to-equity ratio of 1.47. The company has a market capitalization of $14.60 billion, a PE ratio of -20.81 and a beta of 0.61. Snap Inc. has a 12-month low of $7.08 and a 12-month high of $17.33. The business’s fifty day moving average price is $8.48 and its 200 day moving average price is $10.27.

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

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Citigroup lowered their price objective on Snap from $9.00 to $8.00 and set a “neutral” rating for the company in a research report on Wednesday, April 30th. The Goldman Sachs Group lowered their price target on Snap from $9.50 to $8.50 and set a “neutral” rating on the stock in a report on Wednesday, April 30th. Truist Financial decreased their price objective on Snap from $14.00 to $11.00 and set a “hold” rating on the stock in a report on Wednesday, April 30th. Guggenheim reaffirmed a “neutral” rating on shares of Snap in a research report on Wednesday, April 2nd. Finally, Barclays reissued an “overweight” rating on shares of Snap in a research report on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, twenty-three have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $35.62.

Snap 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.