Korea Investment CORP Raises Stock Position in Snap Inc. (NYSE:SNAP)

Korea Investment CORP raised its position in shares of Snap Inc. (NYSE:SNAP) by 150.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 502,995 shares of the company’s stock after acquiring an additional 301,842 shares during the quarter. Korea Investment CORP’s holdings in Snap were worth $5,417,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Mountain Hill Investment Partners Corp. acquired a new stake in shares of Snap in the fourth quarter valued at approximately $27,000. Fox Run Management L.L.C. raised its position in Snap by 152.0% in the fourth quarter. Fox Run Management L.L.C. now owns 31,457 shares of the company’s stock valued at $339,000 after purchasing an additional 18,973 shares during the period. KLP Kapitalforvaltning AS acquired a new position in Snap during the 4th quarter worth about $5,002,000. Sei Investments Co. acquired a new stake in shares of Snap during the fourth quarter worth about $158,000. Finally, Virtu Financial LLC purchased a new position in Snap in the 4th quarter valued at approximately $765,000. 47.52% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Snap

In other news, SVP Eric Young sold 102,152 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $10.84, for a total value of $1,107,327.68. Following the completion of the sale, the senior vice president now owns 3,443,419 shares in the company, valued at approximately $37,326,661.96. This trade represents a 2.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Michael J. O’sullivan sold 14,183 shares of Snap stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $8.83, for a total transaction of $125,235.89. Following the sale, the general counsel now owns 2,256,101 shares in the company, valued at $19,921,371.83. This represents a 0.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,332,523 shares of company stock worth $12,503,677 in the last three months. 22.68% of the stock is currently owned by company insiders.

Snap Trading Down 2.1 %

Shares of Snap stock opened at $8.71 on Tuesday. The firm has a market cap of $14.77 billion, a PE ratio of -20.73 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. Snap Inc. has a fifty-two week low of $8.29 and a fifty-two week high of $17.33. The business’s fifty day moving average is $10.12 and its two-hundred day moving average is $10.82.

Snap (NYSE:SNAP) last released its earnings results 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%. Analysts anticipate that Snap Inc. will post -0.3 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SNAP. Citizens Jmp cut Snap from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, February 5th. Barclays reissued an “overweight” rating on shares of Snap in a research report on Wednesday, February 5th. Wells Fargo & Company dropped their price target on Snap from $11.00 to $9.00 and set an “equal weight” rating on the stock in a research note on Monday. Guggenheim downgraded shares of Snap from a “buy” rating to a “neutral” rating in a report on Tuesday, February 11th. Finally, Bank of America lifted their price target on Snap from $14.00 to $14.50 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, twenty-five have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $36.80.

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.