TD Asset Management Inc. Takes Position in Snap Inc (NYSE:SNAP)

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TD Asset Management Inc. bought a new stake in Snap Inc (NYSE:SNAP) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 11,916 shares of the company’s stock, valued at approximately $170,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in SNAP. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in Snap during the second quarter worth $36,518,000. Miracle Mile Advisors LLC grew its position in shares of Snap by 1,687.3% in the first quarter. Miracle Mile Advisors LLC now owns 1,429,858 shares of the company’s stock valued at $15,757,000 after purchasing an additional 1,349,858 shares during the last quarter. KCL Capital L.P. acquired a new stake in shares of Snap in the first quarter valued at about $12,122,000. Marshall Wace North America L.P. acquired a new stake in shares of Snap in the first quarter valued at about $8,059,000. Finally, Mn Services Vermogensbeheer B.V. acquired a new stake in shares of Snap in the second quarter valued at about $4,972,000. Institutional investors own 26.52% of the company’s stock.

Shares of SNAP opened at $15.27 on Wednesday. The stock has a market cap of $21.45 billion, a price-to-earnings ratio of -15.74 and a beta of 1.10. The company has a quick ratio of 4.53, a current ratio of 4.53 and a debt-to-equity ratio of 0.15. Snap Inc has a 12 month low of $4.82 and a 12 month high of $18.36. The company has a 50-day moving average price of $16.09 and a two-hundred day moving average price of $12.73.

Snap (NYSE:SNAP) last posted its earnings results on Tuesday, July 23rd. The company reported ($0.19) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.02. Snap had a negative net margin of 77.54% and a negative return on equity of 46.46%. The company had revenue of $388.02 million during the quarter, compared to analysts’ expectations of $358.16 million. During the same quarter in the previous year, the company posted ($0.14) earnings per share. Snap’s quarterly revenue was up 48.0% compared to the same quarter last year. Equities research analysts expect that Snap Inc will post -0.71 EPS for the current fiscal year.

SNAP has been the topic of several research analyst reports. SunTrust Banks raised their price target on Snap from $11.00 to $17.00 and gave the company a “hold” rating in a research report on Wednesday, July 24th. Aegis reaffirmed a “buy” rating and issued a $19.00 price target (up from $17.00) on shares of Snap in a research report on Wednesday, July 24th. Deutsche Bank raised their price target on Snap from $13.00 to $16.00 and gave the company a “hold” rating in a research report on Wednesday, July 24th. Bank of America raised their price target on Snap from $12.00 to $17.00 and gave the company a “neutral” rating in a research report on Thursday, July 11th. Finally, China Renaissance Securities initiated coverage on Snap in a research report on Wednesday, May 29th. They issued a “hold” rating and a $12.00 price target on the stock. Three analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have given a buy rating to the stock. Snap has a consensus rating of “Hold” and a consensus price target of $14.88.

In other news, CEO Evan Spiegel sold 2,780,306 shares of Snap stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $18.01, for a total value of $50,073,311.06. Following the completion of the transaction, the chief executive officer now owns 69,958,498 shares in the company, valued at $1,259,952,548.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael Lynton sold 25,000 shares of Snap stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $13.21, for a total transaction of $330,250.00. Following the completion of the transaction, the director now owns 126,817 shares of the company’s stock, valued at approximately $1,675,252.57. The disclosure for this sale can be found here. Insiders sold 5,797,074 shares of company stock valued at $90,994,583 in the last quarter.

About Snap

Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page that allows creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps surfacing the stories and shows from publishers, creators, and the community, based on a user's subscriptions and interests.

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Institutional Ownership by Quarter for Snap (NYSE:SNAP)

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