Exchange Traded Concepts LLC Buys 15,410 Shares of Snap Inc. (NYSE:SNAP)

Exchange Traded Concepts LLC grew its stake in shares of Snap Inc. (NYSE:SNAP) by 2.2% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 703,230 shares of the company’s stock after buying an additional 15,410 shares during the period. Exchange Traded Concepts LLC’s holdings in Snap were worth $6,125,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in SNAP. Checchi Capital Advisers LLC increased its stake in Snap by 3.0% in the fourth quarter. Checchi Capital Advisers LLC now owns 31,126 shares of the company’s stock valued at $335,000 after acquiring an additional 901 shares during the last quarter. Captrust Financial Advisors increased its position in shares of Snap by 8.0% during the 4th quarter. Captrust Financial Advisors now owns 13,918 shares of the company’s stock valued at $150,000 after purchasing an additional 1,030 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Snap by 1.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 61,365 shares of the company’s stock valued at $661,000 after buying an additional 1,033 shares in the last quarter. Empowered Funds LLC raised its holdings in shares of Snap by 3.1% during the 4th quarter. Empowered Funds LLC now owns 35,639 shares of the company’s stock valued at $384,000 after buying an additional 1,055 shares in the last quarter. Finally, Trajan Wealth LLC lifted its position in Snap by 5.9% in the 4th quarter. Trajan Wealth LLC now owns 20,191 shares of the company’s stock worth $217,000 after buying an additional 1,132 shares during the last quarter. 47.52% of the stock is owned by institutional investors.

Insider Activity

In related news, General Counsel Michael J. O’sullivan sold 24,000 shares of the firm’s stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $8.60, for a total transaction of $206,400.00. Following the completion of the sale, the general counsel now owns 507,660 shares of the company’s stock, valued at $4,365,876. This trade represents a 4.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Rebecca Morrow sold 9,202 shares of the company’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 value of $79,045.18. Following the completion of the transaction, the chief accounting officer now directly owns 448,881 shares in the company, valued at $3,855,887.79. This trade represents a 2.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,561,232 shares of company stock worth $12,902,065 over the last three months. 22.68% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

SNAP has been the topic of several research reports. Citizens Jmp raised shares of Snap from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 28th. Citigroup reduced their target price on shares of Snap from $9.00 to $8.00 and set a “neutral” rating on the stock in a report on Wednesday, April 30th. Guggenheim reissued a “neutral” rating on shares of Snap in a research note on Wednesday, April 2nd. JPMorgan Chase & Co. cut their price target on shares of Snap from $10.00 to $8.00 and set an “underweight” rating for the company in a research report on Tuesday, April 8th. Finally, Wells Fargo & Company decreased their price objective on Snap from $9.00 to $8.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, twenty-three have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $35.62.

Snap Price Performance

Shares of NYSE SNAP opened at $7.95 on Monday. The company has a 50 day simple moving average of $8.31 and a two-hundred day simple moving average of $9.80. Snap Inc. has a fifty-two week low of $7.08 and a fifty-two week high of $17.33. The company has a market capitalization of $13.29 billion, a price-to-earnings ratio of -18.94 and a beta of 0.59. The company has a debt-to-equity ratio of 1.47, a quick ratio of 3.95 and a current ratio of 3.95.

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