Two Sigma Advisers LP Lowers Position in Snap Inc. (NYSE:SNAP)

Two Sigma Advisers LP cut its holdings in Snap Inc. (NYSE:SNAP) by 36.9% in the fourth quarter, Holdings Channel reports. The fund owned 3,719,577 shares of the company’s stock after selling 2,171,300 shares during the quarter. Two Sigma Advisers LP’s holdings in Snap were worth $40,060,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in SNAP. Capital International Investors purchased a new stake in Snap in the fourth quarter worth about $422,049,000. Capital World Investors lifted its position in shares of Snap by 38.9% during the fourth quarter. Capital World Investors now owns 84,137,317 shares of the company’s stock valued at $906,161,000 after buying an additional 23,569,522 shares during the last quarter. Norges Bank purchased a new stake in shares of Snap during the fourth quarter valued at about $30,162,000. Renaissance Technologies LLC purchased a new stake in shares of Snap during the fourth quarter valued at about $27,713,000. Finally, Portolan Capital Management LLC purchased a new stake in shares of Snap during the fourth quarter valued at about $25,447,000. 47.52% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have commented on the stock. Citizens Jmp raised shares of Snap from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 28th. Stifel Nicolaus decreased their price target on shares of Snap from $11.00 to $8.00 and set a “hold” rating for the company in a research report on Wednesday, April 23rd. JMP Securities set a $12.00 price target on shares of Snap in a research report on Friday, April 25th. Piper Sandler decreased their price target on shares of Snap from $13.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, April 10th. Finally, UBS Group cut their price objective on shares of Snap from $14.00 to $9.00 and set a “neutral” rating on the stock in a report on Friday, April 11th. One research analyst has rated the stock with a sell rating, twenty-three have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Snap has a consensus rating of “Hold” and an average price target of $35.62.

Insider Transactions at Snap

In other news, CAO Rebecca Morrow sold 9,202 shares of the firm’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $8.59, for a total transaction of $79,045.18. Following the sale, the chief accounting officer now owns 448,881 shares of the company’s stock, valued at $3,855,887.79. This trade represents a 2.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Eric Young sold 117,592 shares of the firm’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $8.59, for a total transaction of $1,010,115.28. Following the sale, the senior vice president now directly owns 3,348,290 shares in the company, valued at $28,761,811.10. The trade was a 3.39% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,586,313 shares of company stock valued at $22,190,490 in the last 90 days. 22.68% of the stock is currently owned by company insiders.

Snap Price Performance

Shares of NYSE:SNAP opened at $8.69 on Tuesday. Snap Inc. has a twelve month low of $7.08 and a twelve month high of $17.33. The company’s 50 day moving average is $8.47 and its 200 day moving average is $10.21. 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 cap of $14.52 billion, a PE ratio of -20.69 and a beta of 0.61.

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

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.