Sei Investments Co. Has $830,000 Stake in Snap Inc. $SNAP

Sei Investments Co. raised its position in shares of Snap Inc. (NYSE:SNAP) by 700.4% in the first quarter, Holdings Channel reports. The fund owned 180,466 shares of the company’s stock after buying an additional 157,920 shares during the quarter. Sei Investments Co.’s holdings in Snap were worth $830,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Militia Capital Management LLC acquired a new position in shares of Snap during the 1st quarter worth about $1,956,000. WealthCollab LLC grew its holdings in Snap by 8.3% in the 1st quarter. WealthCollab LLC now owns 124,920 shares of the company’s stock valued at $575,000 after buying an additional 9,530 shares during the last quarter. First Trust Advisors LP increased its position in Snap by 302.9% in the 1st quarter. First Trust Advisors LP now owns 389,736 shares of the company’s stock worth $1,793,000 after buying an additional 293,003 shares during the period. Oslo Pensjonsforsikring AS bought a new position in Snap in the 1st quarter worth approximately $59,000. Finally, Meeder Advisory Services Inc. acquired a new position in shares of Snap during the first quarter worth approximately $71,000. 47.52% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently weighed in on SNAP. Stifel Nicolaus set a $7.50 price objective on Snap in a research report on Tuesday, August 4th. BMO Capital Markets reiterated an “outperform” rating on shares of Snap in a research note on Tuesday, August 4th. Rothschild & Co Redburn raised shares of Snap from a “neutral” rating to a “buy” rating and set a $10.00 price target for the company in a report on Monday, April 27th. KeyCorp upgraded shares of Snap from a “sector weight” rating to an “overweight” rating in a research report on Monday, April 27th. Finally, Citigroup boosted their price objective on shares of Snap from $6.50 to $6.75 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-three have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $7.65.

Insider Activity at Snap

In other news, General Counsel Zachary M. Briers sold 11,958 shares of the stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $6.00, for a total value of $71,748.00. Following the completion of the transaction, the general counsel directly owned 2,560,835 shares of the company’s stock, valued at approximately $15,365,010. This represents a 0.46% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Ajit Mohan sold 6,923 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $5.58, for a total value of $38,630.34. Following the transaction, the insider owned 5,050,968 shares of the company’s stock, valued at $28,184,401.44. This trade represents a 0.14% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 2,868,059 shares of company stock valued at $16,075,631. Corporate insiders own 22.68% of the company’s stock.

Snap Price Performance

NYSE:SNAP opened at $5.29 on Friday. The company has a debt-to-equity ratio of 1.75, a quick ratio of 2.94 and a current ratio of 2.94. The company has a 50-day moving average of $4.88 and a 200-day moving average of $5.22. Snap Inc. has a 52 week low of $3.81 and a 52 week high of $9.28. The company has a market capitalization of $8.94 billion, a price-to-earnings ratio of -29.42 and a beta of 1.03.

Snap (NYSE:SNAP) last posted its earnings results on Monday, August 3rd. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.02. Snap had a negative net margin of 4.90% and a negative return on equity of 14.61%. The business had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter in the previous year, the firm posted ($0.16) earnings per share. The firm’s revenue for the quarter was up 18.9% on a year-over-year basis. As a group, equities research analysts anticipate that Snap Inc. will post -0.05 earnings per share for the current fiscal year.

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.