Point72 Asset Management L.P. purchased a new position in shares of Snap Inc (NYSE:SNAP) during the fourth quarter, HoldingsChannel reports. The firm purchased 843,402 shares of the company’s stock, valued at approximately $13,773,000.
Several other institutional investors have also recently modified their holdings of the company. FIL Ltd boosted its stake in shares of Snap by 67.6% in the fourth quarter. FIL Ltd now owns 14,327,572 shares of the company’s stock valued at $233,969,000 after buying an additional 5,778,674 shares in the last quarter. First Trust Advisors LP increased its holdings in shares of Snap by 6.8% in the 4th quarter. First Trust Advisors LP now owns 13,325,736 shares of the company’s stock valued at $217,609,000 after purchasing an additional 842,739 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Snap by 408.3% in the fourth quarter. Renaissance Technologies LLC now owns 9,951,900 shares of the company’s stock valued at $162,515,000 after purchasing an additional 7,994,000 shares during the period. State Street Corp lifted its stake in shares of Snap by 4.6% in the fourth quarter. State Street Corp now owns 7,450,655 shares of the company’s stock valued at $121,669,000 after purchasing an additional 329,142 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Snap by 1.1% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,592,638 shares of the company’s stock valued at $74,998,000 after purchasing an additional 48,049 shares during the period. Institutional investors and hedge funds own 36.32% of the company’s stock.
NYSE:SNAP traded up $0.72 on Thursday, reaching $11.95. The stock had a trading volume of 19,971,545 shares, compared to its average volume of 30,746,553. Snap Inc has a 12-month low of $7.89 and a 12-month high of $19.75. The company has a market cap of $15.62 billion, a price-to-earnings ratio of -15.93 and a beta of 1.31. The firm’s fifty day moving average is $14.07 and its two-hundred day moving average is $15.36. The company has a debt-to-equity ratio of 0.53, a current ratio of 5.29 and a quick ratio of 5.29.
Several research analysts have weighed in on SNAP shares. Credit Suisse Group upped their target price on shares of Snap from $22.00 to $25.00 and gave the stock an “outperform” rating in a research report on Monday, February 3rd. Cowen upgraded Snap from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $16.00 to $20.00 in a report on Thursday, January 9th. Nomura reaffirmed a “hold” rating and issued a $16.00 price objective on shares of Snap in a research note on Monday, January 6th. Stifel Nicolaus reaffirmed a “buy” rating and set a $22.00 price objective on shares of Snap in a report on Wednesday, February 5th. Finally, JPMorgan Chase & Co. decreased their target price on Snap from $20.00 to $16.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 18th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and twenty-five have assigned a buy rating to the company. Snap currently has a consensus rating of “Buy” and a consensus target price of $18.59.
In related news, CFO Derek Andersen sold 8,873 shares of the stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $18.25, for a total transaction of $161,932.25. Following the transaction, the chief financial officer now directly owns 1,314,528 shares in the company, valued at $23,990,136. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Rebecca Morrow sold 9,379 shares of the stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $18.28, for a total value of $171,448.12. Following the transaction, the chief accounting officer now owns 265,621 shares in the company, valued at $4,855,551.88. The disclosure for this sale can be found here. Insiders have sold 5,152,218 shares of company stock worth $63,847,226 in the last three months.
Snap Company Profile
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.
See Also: What is the market perform rating?
Want to see what other hedge funds are holding SNAP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Snap Inc (NYSE:SNAP).
Receive News & Ratings for Snap Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Snap and related companies with MarketBeat.com's FREE daily email newsletter.