Snap Inc. $SNAP Stake Boosted by CenterBook Partners LP

CenterBook Partners LP increased its holdings in Snap Inc. (NYSE:SNAP) by 175.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,197,958 shares of the company’s stock after buying an additional 762,979 shares during the quarter. CenterBook Partners LP’s holdings in Snap were worth $6,469,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in SNAP. Assenagon Asset Management S.A. boosted its stake in shares of Snap by 278.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 14,771,533 shares of the company’s stock worth $79,766,000 after acquiring an additional 10,868,392 shares during the last quarter. Empyrean Capital Partners LP bought a new position in Snap in the 1st quarter worth $25,300,000. Saba Capital Management L.P. lifted its position in Snap by 232.5% during the first quarter. Saba Capital Management L.P. now owns 4,727,808 shares of the company’s stock valued at $21,748,000 after purchasing an additional 3,306,024 shares in the last quarter. Swiss National Bank lifted its position in Snap by 7.1% during the first quarter. Swiss National Bank now owns 3,160,100 shares of the company’s stock valued at $14,536,000 after purchasing an additional 209,900 shares in the last quarter. Finally, Riposte Capital LLC bought a new stake in Snap during the first quarter valued at about $5,520,000. 47.52% of the stock is currently owned by institutional investors.

Snap Price Performance

Shares of Snap stock traded down $0.12 during trading hours on Friday, hitting $4.97. The company’s stock had a trading volume of 40,528,431 shares, compared to its average volume of 41,171,368. The business has a 50 day moving average price of $5.75 and a two-hundred day moving average price of $5.40. Snap Inc. has a 12-month low of $3.81 and a 12-month high of $9.13. The company has a market cap of $8.41 billion, a PE ratio of -55.23 and a beta of 1.23. The company has a debt-to-equity ratio of 1.75, a quick ratio of 2.94 and a current ratio of 2.94.

Snap (NYSE:SNAP) last released its quarterly earnings data on Wednesday, November 4th. The company reported $0.03 earnings per share for the quarter. Snap had a negative return on equity of 14.61% and a negative net margin of 4.90%. The firm had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same quarter in the prior year, the company posted ($0.06) earnings per share. The business’s quarterly revenue was up 14.3% compared to the same quarter last year. Analysts expect that Snap Inc. will post -0.03 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SNAP has been the subject of a number of analyst reports. Susquehanna restated a “neutral” rating on shares of Snap in a research report on Tuesday, August 4th. UBS Group reiterated a “buy” rating on shares of Snap in a research note on Thursday. Evercore set a $8.00 target price on shares of Snap in a report on Tuesday, August 4th. Wall Street Zen upgraded shares of Snap from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Zacks Research raised shares of Snap from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 1st. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, twenty-three have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Snap currently has a consensus rating of “Hold” and an average price target of $7.31.

Snap News Summary

Here are the key news stories impacting Snap this week:

• Positive Sentiment: Snap returned to net profitability and beat adjusted earnings expectations. Its 30 million paid subscribers also point to growing subscription revenue and a potential complement to advertising. Article: Snap Shares Fall More Than 10% as Revenue and User Growth Miss Forecasts Despite Higher Earnings Article: Snap Q3: The Potential Is There – The Conviction Isn’t
• Neutral Sentiment: Traders bought a high volume of Snap call options, suggesting some are positioning for a rebound; options activity is not a reliable indication of future performance. Article: Traders Purchase High Volume of Call Options on Snap
• Negative Sentiment: Third-quarter revenue rose 14% year over year to $1.72 billion but missed estimates, while daily active users also came in below expectations. The shortfalls raised concerns about the pace of Snap’s advertising recovery and overshadowed its earnings improvement. Article: Snap shares fall 13% as revenue and daily users miss estimates
• Negative Sentiment: Several analysts cut price targets, reinforcing a more cautious outlook: Citigroup and UBS lowered targets to $6 and kept neutral ratings; JPMorgan cut its target to $5 and maintained an underweight rating; Cantor Fitzgerald lowered its target to $5 and stayed neutral. Barclays also halved its target to $8, though it retained an overweight rating. Citigroup ratings UBS ratings JPMorgan ratings
• Negative Sentiment: Snap also announced a change in how it measures user engagement, which may complicate comparisons with prior periods as investors assess user trends. Article: Snap tumbles on revenue, user growth miss; announces metric shift

Insiders Place Their Bets

In other Snap news, insider Ajit Mohan sold 54,608 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $5.20, for a total value of $283,961.60. Following the completion of the transaction, the insider directly owned 4,972,097 shares in the company, valued at $25,854,904.40. This represents a 1.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Douglas Hott sold 131,884 shares of the stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $5.20, for a total transaction of $685,796.80. Following the sale, the chief financial officer directly owned 2,324,563 shares of the company’s stock, valued at approximately $12,087,727.60. This trade represents a 5.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 445,926 shares of company stock valued at $2,326,930 in the last 90 days. 22.68% of the stock is currently owned by company insiders.

About Snap

Snap Inc is a technology and social media company best known for Snapchat, a visual messaging and social networking application. Snapchat enables users to communicate through photos, videos, messages and Stories, while offering creative tools such as augmented reality (AR) Lenses and filters. The platform also includes features such as Snap Map, Spotlight and content from publishers and creators.

Snap generates most of its revenue from digital advertising, including video, augmented reality and other advertising formats delivered across Snapchat.