Point72 Asset Management L.P. Takes Position in Snap Inc (NYSE:SNAP)

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.

Snap (NYSE:SNAP) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.02. The business had revenue of $560.90 million during the quarter, compared to the consensus estimate of $561.87 million. Snap had a negative net margin of 60.25% and a negative return on equity of 46.63%. The company’s quarterly revenue was up 43.9% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.04) earnings per share. As a group, research analysts forecast that Snap Inc will post -0.54 earnings per share for the current fiscal year.

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.

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Institutional Ownership by Quarter for Snap (NYSE:SNAP)

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