Korea Investment CORP Has $1.25 Million Position in Snap Inc. $SNAP

Korea Investment CORP decreased its holdings in shares of Snap Inc. (NYSE:SNAP) by 83.2% in the 2nd quarter, HoldingsChannel reports. The firm owned 143,644 shares of the company’s stock after selling 711,730 shares during the period. Korea Investment CORP’s holdings in Snap were worth $1,248,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Signaturefd LLC increased its holdings in shares of Snap by 169.9% in the second quarter. Signaturefd LLC now owns 2,942 shares of the company’s stock valued at $26,000 after purchasing an additional 1,852 shares during the last quarter. Quarry LP bought a new stake in shares of Snap during the 1st quarter worth about $34,000. Itau Unibanco Holding S.A. acquired a new position in Snap in the 1st quarter valued at about $35,000. Wealth Preservation Advisors LLC acquired a new position in Snap in the 1st quarter valued at about $44,000. Finally, S Bank Fund Management Ltd bought a new position in Snap in the 1st quarter valued at about $53,000. 47.52% of the stock is owned by institutional investors.

Insider Activity

In related news, CTO Robert C. Murphy sold 1,000,000 shares of Snap stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $8.00, for a total value of $8,000,000.00. Following the transaction, the chief technology officer directly owned 51,911,126 shares of the company’s stock, valued at $415,289,008. This trade represents a 1.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Ajit Mohan sold 109,372 shares of the business’s stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $8.34, for a total transaction of $912,162.48. Following the transaction, the insider owned 5,326,801 shares of the company’s stock, valued at approximately $44,425,520.34. This represents a 2.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,426,728 shares of company stock valued at $11,458,580 in the last 90 days.

Snap Price Performance

Shares of NYSE SNAP opened at $7.61 on Wednesday. The business has a fifty day moving average price of $7.99 and a two-hundred day moving average price of $8.20. The stock has a market capitalization of $13.08 billion, a PE ratio of -26.23 and a beta of 0.85. The company has a debt-to-equity ratio of 1.57, a current ratio of 3.67 and a quick ratio of 3.67. Snap Inc. has a fifty-two week low of $6.90 and a fifty-two week high of $13.28.

Snap (NYSE:SNAP) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.12). The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.49 billion. Snap had a negative return on equity of 21.61% and a negative net margin of 8.60%.The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.09) EPS. As a group, equities analysts predict that Snap Inc. will post -0.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SNAP. New Street Research cut Snap from a “buy” rating to a “neutral” rating in a report on Tuesday, October 28th. Citigroup boosted their price target on Snap from $8.50 to $10.00 and gave the company a “neutral” rating in a research note on Wednesday, November 12th. Citizens Jmp reaffirmed a “market perform” rating on shares of Snap in a report on Wednesday, August 6th. Mizuho began coverage on Snap in a report on Monday, September 29th. They set a “neutral” rating and a $9.00 target price for the company. Finally, Rosenblatt Securities upped their price target on shares of Snap from $8.70 to $9.50 and gave the company a “neutral” rating in a research note on Thursday, November 6th. Four equities research analysts have rated the stock with a Buy rating, twenty-five have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $35.06.

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.