USS Investment Management Ltd Reduces Holdings in Snap Inc. (NYSE:SNAP)

USS Investment Management Ltd trimmed its position in shares of Snap Inc. (NYSE:SNAP) by 7.2% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 213,273 shares of the company’s stock after selling 16,530 shares during the quarter. USS Investment Management Ltd’s holdings in Snap were worth $2,296,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its position in shares of Snap by 6.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,601,172 shares of the company’s stock worth $71,095,000 after purchasing an additional 389,812 shares in the last quarter. Patriot Financial Group Insurance Agency LLC purchased a new stake in shares of Snap during the fourth quarter worth approximately $289,000. Bank of New York Mellon Corp increased its position in shares of Snap by 2.0% during the fourth quarter. Bank of New York Mellon Corp now owns 1,538,111 shares of the company’s stock worth $16,565,000 after purchasing an additional 29,526 shares in the last quarter. Empowered Funds LLC increased its position in shares of Snap by 3.1% during the fourth quarter. Empowered Funds LLC now owns 35,639 shares of the company’s stock worth $384,000 after purchasing an additional 1,055 shares in the last quarter. Finally, Sei Investments Co. purchased a new stake in shares of Snap during the fourth quarter worth approximately $158,000. 47.52% of the stock is currently owned by hedge funds and other institutional investors.

Snap Stock Performance

Shares of Snap stock opened at $8.23 on Friday. Snap Inc. has a 52 week low of $7.08 and a 52 week high of $17.33. The business’s fifty day simple moving average is $8.45 and its 200-day simple moving average is $10.13. The firm has a market cap of $13.75 billion, a PE ratio of -19.58 and a beta of 0.61. 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 (NYSE:SNAP) last posted its earnings results on Tuesday, April 29th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.12). Snap had a negative return on equity of 25.67% and a negative net margin of 13.02%. The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same period in the previous year, the company posted $0.03 EPS. Snap’s revenue was up 14.1% on a year-over-year basis. Equities analysts forecast that Snap Inc. will post -0.3 earnings per share for the current year.

Insider Buying and Selling

In other Snap news, CFO Derek Andersen sold 22,720 shares of the company’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $8.58, for a total transaction of $194,937.60. Following the sale, the chief financial officer now owns 3,541,515 shares in the company, valued at $30,386,198.70. This represents a 0.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Robert C. Murphy sold 1,000,000 shares of the company’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $9.04, for a total value of $9,040,000.00. Following the sale, the chief technology officer now owns 55,818,548 shares in the company, valued at approximately $504,599,673.92. This trade represents a 1.76% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,586,313 shares of company stock valued at $22,190,490. Corporate insiders own 22.68% of the company’s stock.

Wall Street Analyst Weigh In

SNAP has been the subject of several research reports. JMP Securities set a $12.00 price target on Snap in a research report on Friday, April 25th. B. Riley lowered their price objective on Snap from $12.00 to $10.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 30th. JPMorgan Chase & Co. lowered their price objective on Snap from $10.00 to $8.00 and set an “underweight” rating on the stock in a research note on Tuesday, April 8th. Guggenheim reissued a “neutral” rating on shares of Snap in a research note on Wednesday, April 2nd. Finally, Citigroup lowered their price objective on Snap from $9.00 to $8.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $35.62.

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.