Parisi Gray Wealth Management Invests $61,000 in Snap Inc. (NYSE:SNAP)

Parisi Gray Wealth Management acquired a new stake in Snap Inc. (NYSE:SNAP) during the second quarter, according to its most recent filing with the SEC. The firm acquired 893 shares of the company’s stock, valued at approximately $61,000.

A number of other institutional investors have also added to or reduced their stakes in the business. Gryphon Financial Partners LLC increased its position in Snap by 44.9% during the 2nd quarter. Gryphon Financial Partners LLC now owns 16,047 shares of the company’s stock worth $419,000 after purchasing an additional 4,969 shares in the last quarter. Berkshire Capital Holdings Inc. lifted its position in Snap by 5,046,000.0% during the 2nd quarter. Berkshire Capital Holdings Inc. now owns 504,610 shares of the company’s stock worth $34,384,000 after acquiring an additional 504,600 shares in the last quarter. PAX Financial Group LLC raised its position in shares of Snap by 12.1% in the 2nd quarter. PAX Financial Group LLC now owns 7,173 shares of the company’s stock valued at $489,000 after purchasing an additional 775 shares in the last quarter. Lincoln National Corp raised its position in shares of Snap by 21.7% in the 2nd quarter. Lincoln National Corp now owns 16,594 shares of the company’s stock valued at $1,131,000 after purchasing an additional 2,960 shares in the last quarter. Finally, Neuberger Berman Group LLC raised its position in shares of Snap by 9.8% in the 2nd quarter. Neuberger Berman Group LLC now owns 5,148,884 shares of the company’s stock valued at $350,750,000 after purchasing an additional 458,220 shares in the last quarter. 52.55% of the stock is owned by institutional investors.

SNAP has been the subject of a number of recent research reports. Truist upped their price objective on Snap from $85.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, July 23rd. Wedbush upped their price objective on Snap from $75.00 to $88.00 and gave the company an “outperform” rating in a report on Friday, July 23rd. Guggenheim reaffirmed an “average” rating and set a $85.00 target price on shares of Snap in a report on Friday, September 24th. Susquehanna increased their price objective on Snap from $62.00 to $76.00 and gave the stock a “neutral” rating in a research note on Friday, July 23rd. Finally, Royal Bank of Canada assumed coverage on Snap in a research note on Thursday, September 30th. They issued an “outperform” rating and a $88.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and thirty have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $78.47.

Shares of Snap stock opened at $77.38 on Thursday. The company has a market cap of $122.35 billion, a P/E ratio of -146.96 and a beta of 1.27. Snap Inc. has a 52-week low of $26.68 and a 52-week high of $83.34. The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.88. The firm’s 50 day moving average price is $74.64 and its 200-day moving average price is $66.33.

Snap (NYSE:SNAP) last posted its earnings results on Thursday, July 22nd. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.28. The firm had revenue of $982.11 million during the quarter, compared to analysts’ expectations of $846.57 million. Snap had a negative net margin of 22.49% and a negative return on equity of 32.45%. The business’s revenue was up 116.2% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.09) EPS. As a group, equities research analysts forecast that Snap Inc. will post -0.4 EPS for the current fiscal year.

In other Snap news, General Counsel Michael J. O’sullivan sold 6,000 shares of the stock in a transaction that occurred on Thursday, September 30th. The shares were sold at an average price of $73.82, for a total value of $442,920.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CTO Robert C. Murphy sold 950,000 shares of the firm’s stock in a transaction that occurred on Monday, July 26th. The stock was sold at an average price of $75.48, for a total transaction of $71,706,000.00. The disclosure for this sale can be found here. Insiders have sold 4,191,708 shares of company stock valued at $316,728,536 in the last ninety days.

Snap Profile

Snap, Inc engages in the operation of its camera platform. Its products include Snapchat, using the camera and editing tools to take and share Snaps, Friends Page, which lets users create and use Stories, Groups, Video and Chat, Discover for searching and surfacing relevant Stories, Snap Map, which shows friends, Stories and Snaps near the user, Memories, for saving personal collections, and Spectacles, wearable sunglasses capable of taking Snaps and interacting directly with the Snapchat application.

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Institutional Ownership by Quarter for Snap (NYSE:SNAP)

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