Cibc World Markets Corp Cuts Position in Snap Inc. (NYSE:SNAP)

Cibc World Markets Corp cut its stake in Snap Inc. (NYSE:SNAP) by 17.7% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 60,197 shares of the company’s stock after selling 12,915 shares during the period. Cibc World Markets Corp’s holdings in Snap were worth $648,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its position in Snap by 62.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,211,360 shares of the company’s stock valued at $66,462,000 after buying an additional 2,386,519 shares during the period. Groupama Asset Managment purchased a new stake in Snap during the third quarter valued at about $13,032,000. Assenagon Asset Management S.A. boosted its position in Snap by 51.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 3,086,741 shares of the company’s stock valued at $33,244,000 after buying an additional 1,050,501 shares during the period. Senvest Management LLC purchased a new stake in Snap during the third quarter valued at about $10,064,000. Finally, Jacobs Levy Equity Management Inc. boosted its position in Snap by 49.9% during the third quarter. Jacobs Levy Equity Management Inc. now owns 2,639,681 shares of the company’s stock valued at $28,245,000 after buying an additional 879,212 shares during the period. 47.52% of the stock is currently owned by hedge funds and other institutional investors.

Snap Price Performance

Shares of SNAP opened at $9.33 on Friday. The company has a market capitalization of $15.83 billion, a P/E ratio of -22.22 and a beta of 0.92. The company has a quick ratio of 3.95, a current ratio of 3.95 and a debt-to-equity ratio of 1.47. The firm has a 50 day moving average of $10.38 and a 200 day moving average of $10.79. Snap Inc. has a twelve month low of $8.29 and a twelve month high of $17.33.

Snap (NYSE:SNAP) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.13). Snap had a negative net margin of 13.02% and a negative return on equity of 25.67%. As a group, equities research analysts anticipate that Snap Inc. will post -0.3 earnings per share for the current fiscal year.

Insider Activity at Snap

In other Snap news, CAO Rebecca Morrow sold 8,837 shares of Snap stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $10.84, for a total value of $95,793.08. Following the completion of the sale, the chief accounting officer now owns 429,892 shares of the company’s stock, valued at approximately $4,660,029.28. The trade was a 2.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Derek Andersen sold 61,334 shares of Snap stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $10.84, for a total transaction of $664,860.56. Following the completion of the sale, the chief financial officer now directly owns 3,564,235 shares of the company’s stock, valued at approximately $38,636,307.40. This trade represents a 1.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,350,523 shares of company stock valued at $12,698,797 over the last 90 days. Corporate insiders own 22.68% of the company’s stock.

Analyst Upgrades and Downgrades

SNAP has been the subject of several recent analyst reports. Susquehanna upped their price objective on shares of Snap from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Citizens Jmp downgraded shares of Snap from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, February 5th. Needham & Company LLC reaffirmed a “buy” rating and set a $640.00 price objective on shares of Snap in a research note on Thursday, December 5th. Citigroup upped their price objective on shares of Snap from $13.00 to $13.50 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Snap from $11.00 to $10.00 and set an “underweight” rating for the company in a research note on Wednesday, February 5th. One analyst has rated the stock with a sell rating, twenty-five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Snap presently has a consensus rating of “Hold” and an average price target of $36.87.

Snap Company Profile

Snap Inc operates as a technology company in North America, Europe, and internationally. The company offers Snapchat, a visual messaging application with various tabs, such as camera, visual messaging, snap map, stories, and spotlight that enable people to communicate visually through short videos and images.