Pictet Asset Management Holding SA Has $2.02 Million Stock Holdings in Snap Inc. $SNAP

Pictet Asset Management Holding SA decreased its position in shares of Snap Inc. (NYSE:SNAP) by 23.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 440,989 shares of the company’s stock after selling 137,582 shares during the period. Pictet Asset Management Holding SA’s holdings in Snap were worth $2,015,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Empowered Funds LLC raised its holdings in shares of Snap by 13.3% during the 1st quarter. Empowered Funds LLC now owns 40,393 shares of the company’s stock valued at $352,000 after purchasing an additional 4,754 shares in the last quarter. Prudential Financial Inc. bought a new position in shares of Snap in the 2nd quarter valued at approximately $136,000. Investment Management Corp of Ontario lifted its holdings in Snap by 104.0% in the 2nd quarter. Investment Management Corp of Ontario now owns 61,513 shares of the company’s stock worth $535,000 after purchasing an additional 31,357 shares during the last quarter. Nebula Research & Development LLC bought a new stake in Snap during the second quarter worth approximately $1,675,000. Finally, The Manufacturers Life Insurance Company grew its holdings in Snap by 52.0% during the second quarter. The Manufacturers Life Insurance Company now owns 89,337 shares of the company’s stock valued at $776,000 after purchasing an additional 30,561 shares during the last quarter. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Analysts Set New Price Targets

SNAP has been the topic of several recent research reports. Wells Fargo & Company lifted their price objective on Snap from $6.00 to $7.00 and gave the stock an “equal weight” rating in a report on Thursday, May 7th. Sanford C. Bernstein cut Snap from a “market perform” rating to a “market perform” rating in a research report on Monday, April 27th. Truist Financial set a $8.00 price target on shares of Snap in a research note on Wednesday, June 17th. Piper Sandler reaffirmed a “neutral” rating on shares of Snap in a report on Wednesday, June 17th. Finally, The Goldman Sachs Group decreased their target price on shares of Snap from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, twenty-three have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $7.79.

Insider Buying and Selling at Snap

In related news, General Counsel Zachary M. Briers sold 11,958 shares of the stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $6.00, for a total value of $71,748.00. Following the transaction, the general counsel directly owned 2,560,835 shares in the company, valued at $15,365,010. This represents a 0.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Douglas Hott sold 114,702 shares of the stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $5.67, for a total value of $650,360.34. Following the completion of the transaction, the chief financial officer directly owned 2,456,447 shares in the company, valued at approximately $13,928,054.49. This trade represents a 4.46% 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. Insiders sold a total of 2,907,554 shares of company stock valued at $16,093,619 over the last 90 days.

Snap Trading Down 0.1%

SNAP stock opened at $4.83 on Monday. The business has a fifty day moving average price of $5.43 and a 200 day moving average price of $5.84. The company has a debt-to-equity ratio of 1.67, a current ratio of 3.53 and a quick ratio of 3.53. Snap Inc. has a fifty-two week low of $3.81 and a fifty-two week high of $10.41. The stock has a market capitalization of $8.16 billion, a price-to-earnings ratio of -20.14 and a beta of 1.05.

Snap (NYSE:SNAP) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.05) earnings per share 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 during the quarter, compared to analyst estimates of $1.53 billion. During the same period in the prior year, the business earned ($0.08) EPS. The business’s revenue for the quarter was up 12.2% on a year-over-year basis. Analysts expect that Snap Inc. will post -0.07 EPS for the current fiscal year.

About Snap

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.