Handelsbanken Fonder AB Decreases Position in Snap Inc. (NYSE:SNAP)

Handelsbanken Fonder AB cut its stake in shares of Snap Inc. (NYSE:SNAP) by 56.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 251,007 shares of the company’s stock after selling 326,076 shares during the period. Handelsbanken Fonder AB’s holdings in Snap were worth $4,250,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Snap by 1.5% during the third quarter. Vanguard Group Inc. now owns 91,814,471 shares of the company’s stock valued at $818,067,000 after buying an additional 1,352,655 shares during the last quarter. Jump Financial LLC grew its stake in shares of Snap by 565.4% during the third quarter. Jump Financial LLC now owns 262,952 shares of the company’s stock valued at $2,343,000 after buying an additional 223,432 shares during the last quarter. Allworth Financial LP grew its stake in shares of Snap by 161.6% during the fourth quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock valued at $47,000 after buying an additional 1,708 shares during the last quarter. Illinois Municipal Retirement Fund bought a new position in shares of Snap during the third quarter valued at approximately $423,000. Finally, Korea Investment CORP grew its stake in shares of Snap by 191.7% during the third quarter. Korea Investment CORP now owns 415,635 shares of the company’s stock valued at $3,703,000 after buying an additional 273,156 shares during the last quarter. 47.52% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on SNAP. The Goldman Sachs Group cut their target price on Snap from $15.00 to $13.50 and set a “neutral” rating on the stock in a research note on Thursday, February 8th. UBS Group cut their target price on Snap from $14.00 to $13.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 16th. Piper Sandler increased their price objective on Snap from $12.00 to $17.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 17th. Royal Bank of Canada dropped their price objective on Snap from $17.00 to $13.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 7th. Finally, Roth Mkm reissued a “neutral” rating and issued a $14.00 price objective on shares of Snap in a research note on Tuesday. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $13.86.

Snap Stock Performance

Shares of SNAP opened at $11.40 on Friday. Snap Inc. has a 12 month low of $7.86 and a 12 month high of $17.90. The stock has a fifty day moving average price of $11.20 and a 200-day moving average price of $12.80. The company has a current ratio of 4.39, a quick ratio of 4.39 and a debt-to-equity ratio of 1.55. The firm has a market cap of $18.82 billion, a PE ratio of -13.73 and a beta of 1.13.

Snap (NYSE:SNAP) last issued its quarterly earnings data on Tuesday, February 6th. The company reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.04. Snap had a negative return on equity of 47.47% and a negative net margin of 28.71%. The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.39 billion. Equities research analysts predict that Snap Inc. will post -0.58 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Rebecca Morrow sold 2,442 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $11.00, for a total transaction of $26,862.00. Following the completion of the sale, the chief accounting officer now owns 493,084 shares in the company, valued at approximately $5,423,924. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, General Counsel Michael J. O’sullivan sold 13,000 shares of the firm’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $16.16, for a total value of $210,080.00. Following the completion of the transaction, the general counsel now owns 461,005 shares in the company, valued at approximately $7,449,840.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Rebecca Morrow sold 2,442 shares of the firm’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $11.00, for a total value of $26,862.00. Following the completion of the transaction, the chief accounting officer now owns 493,084 shares of the company’s stock, valued at approximately $5,423,924. The disclosure for this sale can be found here. In the last quarter, insiders sold 470,482 shares of company stock worth $5,284,091. Insiders own 22.68% of the company’s stock.

Snap 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.