Stance Capital LLC Takes $1.41 Million Position in Snap Inc. $SNAP

Stance Capital LLC acquired a new stake in shares of Snap Inc. (NYSE:SNAP) during the 3rd quarter, HoldingsChannel reports. The institutional investor acquired 183,069 shares of the company’s stock, valued at approximately $1,411,000.

A number of other large investors also recently bought and sold shares of SNAP. Empowered Funds LLC lifted its holdings in Snap by 13.3% during the first quarter. Empowered Funds LLC now owns 40,393 shares of the company’s stock worth $352,000 after buying an additional 4,754 shares during the period. Envestnet Asset Management Inc. increased its holdings in shares of Snap by 18.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 27,566 shares of the company’s stock valued at $240,000 after acquiring an additional 4,332 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Snap by 1.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,528,236 shares of the company’s stock valued at $13,280,000 after acquiring an additional 15,192 shares during the period. Prospera Financial Services Inc bought a new position in shares of Snap in the 2nd quarter worth $102,000. Finally, Candriam S.C.A. lifted its stake in shares of Snap by 6.2% during the 2nd quarter. Candriam S.C.A. now owns 61,076 shares of the company’s stock worth $531,000 after purchasing an additional 3,563 shares during the last quarter. Institutional investors own 47.52% of the company’s stock.

Snap Trading Down 0.7%

Snap stock opened at $4.65 on Wednesday. The company has a debt-to-equity ratio of 1.53, a quick ratio of 3.56 and a current ratio of 3.56. The stock has a market cap of $7.85 billion, a PE ratio of -17.20 and a beta of 0.83. The stock has a 50-day moving average of $6.06 and a two-hundred day moving average of $7.24. Snap Inc. has a one year low of $4.52 and a one year high of $10.41.

Snap (NYSE:SNAP) last issued its quarterly earnings results on Wednesday, February 4th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.12). Snap had a negative return on equity of 20.72% and a negative net margin of 7.76%.The business had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.70 billion. During the same quarter in the previous year, the firm posted $0.01 EPS. Snap’s revenue was up 10.2% on a year-over-year basis. On average, research analysts anticipate that Snap Inc. will post -0.3 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have issued reports on SNAP. Mizuho cut their target price on Snap from $9.00 to $7.00 and set a “neutral” rating on the stock in a research note on Thursday, February 5th. UBS Group reissued a “buy” rating on shares of Snap in a research report on Monday, February 23rd. JPMorgan Chase & Co. lowered their price target on shares of Snap from $8.00 to $7.00 and set an “underweight” rating on the stock in a report on Thursday, February 5th. Rosenblatt Securities cut their price objective on shares of Snap from $9.50 to $6.40 and set a “neutral” rating on the stock in a research report on Thursday, February 5th. Finally, Morgan Stanley reduced their price objective 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. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twenty have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $8.17.

Insider Activity at Snap

In other Snap news, General Counsel Zachary M. Briers sold 134,705 shares of the firm’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $4.70, for a total value of $633,113.50. Following the completion of the transaction, the general counsel owned 2,854,088 shares of the company’s stock, valued at approximately $13,414,213.60. This trade represents a 4.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Robert C. Murphy sold 1,000,000 shares of Snap stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $5.36, for a total transaction of $5,360,000.00. Following the sale, the chief technology officer owned 49,313,775 shares of the company’s stock, valued at $264,321,834. The trade was a 1.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 2,570,641 shares of company stock worth $13,436,343.

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.