BB&T Securities LLC Invests $157,000 in Snap Inc (SNAP) Stock

BB&T Securities LLC acquired a new position in Snap Inc (NYSE:SNAP) in the 2nd quarter, HoldingsChannel.com reports. The fund acquired 12,046 shares of the company’s stock, valued at approximately $157,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. CIBC Private Wealth Group LLC boosted its stake in Snap by 18.7% in the 2nd quarter. CIBC Private Wealth Group LLC now owns 25,268 shares of the company’s stock worth $331,000 after purchasing an additional 3,982 shares during the period. United Services Automobile Association boosted its stake in Snap by 12.4% in the 2nd quarter. United Services Automobile Association now owns 41,342 shares of the company’s stock worth $541,000 after purchasing an additional 4,571 shares during the period. Ladenburg Thalmann Financial Services Inc. boosted its stake in Snap by 8.1% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 70,634 shares of the company’s stock worth $1,121,000 after purchasing an additional 5,289 shares during the period. Independent Advisor Alliance boosted its stake in Snap by 6.8% in the 2nd quarter. Independent Advisor Alliance now owns 83,835 shares of the company’s stock worth $1,097,000 after purchasing an additional 5,310 shares during the period. Finally, Steward Partners Investment Advisory LLC boosted its stake in Snap by 188.1% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 10,041 shares of the company’s stock worth $131,000 after purchasing an additional 6,556 shares during the period. 22.29% of the stock is owned by institutional investors.

Several brokerages have commented on SNAP. Zacks Investment Research upgraded Snap from a “sell” rating to a “hold” rating and set a $14.00 target price for the company in a research note on Friday, August 10th. Credit Suisse Group cut their target price on Snap from $16.00 to $15.00 and set an “outperform” rating for the company in a research note on Wednesday, August 8th. BTIG Research restated a “neutral” rating on shares of Snap in a research note on Tuesday, August 7th. Aegis cut their target price on Snap from $12.00 to $10.00 and set a “hold” rating for the company in a research note on Friday, September 21st. Finally, Nomura began coverage on Snap in a research note on Wednesday, July 11th. They issued a “neutral” rating and a $13.00 target price for the company. Eleven investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and eight have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $14.45.

In related news, VP Lara Sweet sold 10,268 shares of the business’s stock in a transaction that occurred on Monday, July 16th. The stock was sold at an average price of $13.18, for a total value of $135,332.24. Following the completion of the sale, the vice president now owns 620,358 shares in the company, valued at approximately $8,176,318.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Timothy R. Stone sold 8,619 shares of the business’s stock in a transaction that occurred on Monday, September 17th. The stock was sold at an average price of $9.29, for a total value of $80,070.51. Following the completion of the sale, the chief financial officer now owns 1,224,343 shares of the company’s stock, valued at approximately $11,374,146.47. The disclosure for this sale can be found here. Insiders sold a total of 3,346,960 shares of company stock valued at $37,977,549 in the last 90 days.

Shares of SNAP opened at $8.80 on Friday. The stock has a market cap of $11.56 billion, a PE ratio of -4.23 and a beta of -2.84. Snap Inc has a 12-month low of $8.67 and a 12-month high of $21.22.

Snap (NYSE:SNAP) last released its earnings results on Tuesday, August 7th. The company reported ($0.14) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.32) by $0.18. The company had revenue of $262.26 million during the quarter, compared to the consensus estimate of $247.24 million. Snap had a negative return on equity of 49.79% and a negative net margin of 155.31%. sell-side analysts forecast that Snap Inc will post -1.07 earnings per share for the current year.

About Snap

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 to 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 to surface the most interesting stories 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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