DNB Asset Management AS Reduces Holdings in Snap Inc. $SNAP

DNB Asset Management AS decreased its position in shares of Snap Inc. (NYSE:SNAP) by 43.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 590,759 shares of the company’s stock after selling 452,114 shares during the period. DNB Asset Management AS’s holdings in Snap were worth $4,767,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SNAP. Mackenzie Financial Corp increased its position in shares of Snap by 5.1% in the 3rd quarter. Mackenzie Financial Corp now owns 27,638 shares of the company’s stock worth $213,000 after purchasing an additional 1,349 shares during the last quarter. WealthCollab LLC boosted its stake in Snap by 1.2% during the 4th quarter. WealthCollab LLC now owns 115,390 shares of the company’s stock valued at $931,000 after purchasing an additional 1,369 shares during the period. Alliancebernstein L.P. boosted its stake in Snap by 0.3% during the 3rd quarter. Alliancebernstein L.P. now owns 414,416 shares of the company’s stock valued at $3,195,000 after purchasing an additional 1,396 shares during the period. Orion Porfolio Solutions LLC boosted its stake in Snap by 8.3% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 18,913 shares of the company’s stock valued at $164,000 after purchasing an additional 1,451 shares during the period. Finally, Newbridge Financial Services Group Inc. boosted its stake in Snap by 37.5% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 5,500 shares of the company’s stock valued at $44,000 after purchasing an additional 1,500 shares during the period. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Snap Price Performance

NYSE SNAP opened at $5.56 on Wednesday. Snap Inc. has a 12 month low of $3.81 and a 12 month high of $10.41. The company has a debt-to-equity ratio of 1.67, a current ratio of 3.53 and a quick ratio of 3.53. The firm has a market capitalization of $9.38 billion, a PE ratio of -23.15 and a beta of 1.05. The company’s 50 day simple moving average is $5.20 and its 200 day simple moving average is $6.46.

Snap (NYSE:SNAP) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.14). Snap had a negative net margin of 6.72% and a negative return on equity of 18.92%. The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same quarter in the prior year, the business earned ($0.08) EPS. Snap’s revenue was up 12.2% compared to the same quarter last year. As a group, equities research analysts forecast that Snap Inc. will post -0.07 EPS for the current fiscal year.

Insider Activity at Snap

In related news, CTO Robert C. Murphy sold 2,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $5.44, for a total value of $10,880,000.00. Following the sale, the chief technology officer directly owned 47,012,324 shares in the company, valued at $255,747,042.56. The trade was a 4.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Derek Andersen sold 92,956 shares of the business’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $4.59, for a total transaction of $426,668.04. Following the completion of the sale, the chief financial officer owned 3,799,661 shares in the company, valued at $17,440,443.99. The trade was a 2.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 2,163,369 shares of company stock worth $11,687,364 over the last ninety days.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on SNAP shares. Arete Research set a $7.30 target price on shares of Snap and gave the company a “buy” rating in a research note on Tuesday, February 10th. JPMorgan Chase & Co. reduced their target price on shares of Snap from $7.00 to $6.00 and set an “underweight” rating for the company in a research note on Thursday, May 7th. Stifel Nicolaus boosted their target price on shares of Snap from $4.50 to $5.25 and gave the company a “hold” rating in a research note on Tuesday, April 21st. Morgan Stanley reduced their price target on shares of Snap from $9.50 to $6.50 and set an “equal weight” rating for the company in a research note on Sunday, February 22nd. Finally, Guggenheim reiterated a “neutral” rating and issued a $6.50 price objective on shares of Snap in a report on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty-two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $7.91.

Snap Profile

Snap Inc is a camera and social media company best known for developing and operating Snapchat, a multimedia messaging application that allows users to send photos, videos and messages that disappear after being viewed. In addition to its core messaging service, Snap offers a suite of augmented reality (AR) tools, including custom Lenses and Filters, that enable users and third-party developers to create interactive and immersive experiences. The company also provides advertising solutions that allow brands to engage audiences through Snap Ads, Sponsored Lenses and Discover content on the platform.

Founded in 2011 by Evan Spiegel and Bobby Murphy, Snap has continually focused on innovation in camera technology and AR.