Snap Inc. (NYSE:SNAP) Holdings Lowered by CIBC Private Wealth Group LLC

CIBC Private Wealth Group LLC cut its stake in Snap Inc. (NYSE:SNAP) by 22.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,625 shares of the company’s stock after selling 3,645 shares during the period. CIBC Private Wealth Group LLC’s holdings in Snap were worth $136,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Norges Bank acquired a new stake in Snap in the 4th quarter valued at about $30,162,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Snap during the fourth quarter valued at approximately $21,639,000. Groupama Asset Managment acquired a new stake in Snap during the 3rd quarter valued at $13,032,000. Assenagon Asset Management S.A. lifted its stake in Snap by 51.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 3,086,741 shares of the company’s stock worth $33,244,000 after acquiring an additional 1,050,501 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of Snap in the fourth quarter worth approximately $7,614,000. Institutional investors and hedge funds own 47.52% of the company’s stock.

Snap Trading Down 4.3 %

Shares of SNAP opened at $7.71 on Tuesday. The stock’s 50-day moving average price is $9.89 and its 200 day moving average price is $10.77. The company has a quick ratio of 3.95, a current ratio of 3.95 and a debt-to-equity ratio of 1.47. Snap Inc. has a 12-month low of $7.46 and a 12-month high of $17.33. The firm has a market capitalization of $13.07 billion, a price-to-earnings ratio of -18.34 and a beta of 0.92.

Snap (NYSE:SNAP) last released its quarterly earnings data on Tuesday, February 4th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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, research analysts predict that Snap Inc. will post -0.3 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on SNAP shares. JPMorgan Chase & Co. cut their target price on shares of Snap from $11.00 to $10.00 and set an “underweight” rating for the company in a research report on Wednesday, February 5th. Guggenheim reissued a “neutral” rating on shares of Snap in a research report on Wednesday, April 2nd. Barclays reaffirmed an “overweight” rating on shares of Snap in a research report on Wednesday, February 5th. Bank of America lifted their price target on Snap from $14.00 to $14.50 and gave the company a “neutral” rating in a report on Wednesday, February 5th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $16.00 price objective (down previously from $18.00) on shares of Snap in a report on Wednesday, January 15th. One analyst has rated the stock with a sell rating, twenty-four have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $36.80.

Insider Transactions at Snap

In other Snap news, General Counsel Michael J. O’sullivan sold 24,000 shares of Snap stock in a transaction on Monday, March 31st. The stock was sold at an average price of $8.60, for a total transaction of $206,400.00. Following the completion of the transaction, the general counsel now directly owns 507,660 shares of the company’s stock, valued at approximately $4,365,876. This trade represents a 4.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Eric Young sold 102,152 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $10.84, for a total transaction of $1,107,327.68. Following the completion of the sale, the senior vice president now directly owns 3,443,419 shares in the company, valued at approximately $37,326,661.96. The trade was a 2.88 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,356,523 shares of company stock valued at $12,710,077. Company insiders own 22.68% of the company’s stock.

About Snap

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.