Snap Inc. $SNAP Shares Sold by Engineers Gate Manager LP

Engineers Gate Manager LP lowered its stake in shares of Snap Inc. (NYSE:SNAP) by 44.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,185,616 shares of the company’s stock after selling 941,801 shares during the period. Engineers Gate Manager LP’s holdings in Snap were worth $5,264,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Saba Capital Management L.P. lifted its stake in shares of Snap by 232.5% in the 1st 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. Empyrean Capital Partners LP acquired a new position in Snap during the first quarter valued at approximately $25,300,000. Assenagon Asset Management S.A. increased its position in shares of Snap by 1,191.8% in the second quarter. Assenagon Asset Management S.A. now owns 3,903,141 shares of the company’s stock worth $17,330,000 after acquiring an additional 3,601,002 shares in the last quarter. Leonteq Securities AG acquired a new stake in shares of Snap in the fourth quarter worth $1,620,000. Finally, Eurizon Capital SGR S.p.A. purchased a new position in shares of Snap in the 4th quarter valued at $1,629,000. 47.52% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Snap

In other news, CAO Rebecca Morrow sold 20,000 shares of Snap stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $5.35, for a total transaction of $107,000.00. Following the sale, the chief accounting officer directly owned 578,105 shares of the company’s stock, valued at approximately $3,092,861.75. The trade was a 3.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Zachary Briers sold 11,257 shares of the stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $6.00, for a total value of $67,542.00. Following the completion of the transaction, the general counsel directly owned 2,345,534 shares of the company’s stock, valued at $14,073,204. This represents a 0.48% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 2,446,052 shares of company stock valued at $13,426,002. Company insiders own 22.68% of the company’s stock.

Snap Price Performance

Shares of SNAP stock opened at $5.67 on Friday. The firm has a fifty day simple moving average of $5.10 and a 200-day simple moving average of $5.17. The company has a market capitalization of $9.58 billion, a PE ratio of -31.47 and a beta of 1.05. Snap Inc. has a twelve month low of $3.81 and a twelve month high of $9.28. The company has a current ratio of 2.94, a quick ratio of 2.94 and a debt-to-equity ratio of 1.75.

Snap (NYSE:SNAP) last released its quarterly earnings results on Monday, August 3rd. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the previous year, the firm posted ($0.16) EPS. The firm’s quarterly revenue was up 18.9% on a year-over-year basis. Equities research analysts anticipate that Snap Inc. will post -0.02 earnings per share for the current fiscal year.

Analyst Ratings Changes

SNAP has been the topic of several recent research reports. Weiss Ratings restated a “sell (e+)” rating on shares of Snap in a report on Friday, July 17th. Citigroup raised their price objective on Snap from $6.50 to $6.75 and gave the company a “neutral” rating in a research report on Tuesday, August 4th. Susquehanna restated a “neutral” rating on shares of Snap in a research note on Tuesday, August 4th. Mizuho upped their target price on Snap from $5.00 to $6.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 4th. Finally, UBS Group set a $6.00 target price on Snap in a research report on Tuesday, August 4th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-four have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Snap currently has a consensus rating of “Hold” and a consensus target price of $7.65.

Snap Company Profile

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, text messages and augmented reality experiences, including Lenses and filters. The platform also offers Stories, Spotlight for short-form video, Snap Map and other tools for discovering and sharing content.

Snap generates most of its business through digital advertising, including advertising displayed across Snapchat’s content and communication features.