Readystate Asset Management LP Takes $8.87 Million Position in Snap Inc. $SNAP

Readystate Asset Management LP bought a new position in shares of Snap Inc. (NYSE:SNAP) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 1,150,906 shares of the company’s stock, valued at approximately $8,873,000. Readystate Asset Management LP owned approximately 0.07% of Snap at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. SG Americas Securities LLC lifted its position in shares of Snap by 4,603.7% during the second quarter. SG Americas Securities LLC now owns 3,006,711 shares of the company’s stock worth $26,128,000 after purchasing an additional 2,942,789 shares in the last quarter. Jump Financial LLC acquired a new stake in Snap during the 2nd quarter worth approximately $10,330,000. PDT Partners LLC boosted its position in Snap by 815.3% in the 2nd quarter. PDT Partners LLC now owns 1,162,409 shares of the company’s stock valued at $10,101,000 after buying an additional 1,035,409 shares during the period. Nikko Asset Management Americas Inc. grew its stake in shares of Snap by 94.1% in the second quarter. Nikko Asset Management Americas Inc. now owns 2,107,288 shares of the company’s stock worth $18,312,000 after acquiring an additional 1,021,677 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in shares of Snap by 31.7% during the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,208,697 shares of the company’s stock worth $36,574,000 after acquiring an additional 1,013,757 shares during the period. 47.52% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Snap

In other news, CFO Derek Andersen sold 23,715 shares of the firm’s stock in a transaction that occurred on Wednesday, January 14th. The shares were sold at an average price of $7.83, for a total transaction of $185,688.45. Following the transaction, the chief financial officer directly owned 2,972,051 shares in the company, valued at approximately $23,271,159.33. This trade represents a 0.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Rebecca Morrow sold 3,783 shares of Snap stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $7.34, for a total transaction of $27,767.22. Following the completion of the transaction, the chief accounting officer directly owned 483,181 shares in the company, valued at $3,546,548.54. The trade was a 0.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 2,121,108 shares of company stock worth $11,527,802 over the last three months.

Analysts Set New Price Targets

Several research firms recently commented on SNAP. Susquehanna lowered their target price on Snap from $9.00 to $6.50 and set a “neutral” rating for the company in a research note on Thursday, February 5th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $8.00 price objective on shares of Snap in a research note on Thursday, February 5th. Citigroup cut their target price on shares of Snap from $10.00 to $6.00 and set a “neutral” rating on the stock in a research note on Thursday, February 12th. Bank of America upgraded shares of Snap from a “neutral” rating to a “buy” rating and set a $10.00 price target for the company in a research note on Thursday, February 5th. Finally, Truist Financial increased their price objective on shares of Snap from $10.00 to $11.00 and gave the company a “hold” rating in a research report on Friday, November 7th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, twenty-one have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Snap currently has a consensus rating of “Hold” and a consensus target price of $8.43.

Snap Stock Down 2.1%

SNAP stock opened at $4.73 on Wednesday. The stock has a market cap of $7.99 billion, a P/E ratio of -17.52 and a beta of 0.83. The company has a current ratio of 3.56, a quick ratio of 3.56 and a debt-to-equity ratio of 1.53. Snap Inc. has a twelve month low of $4.66 and a twelve month high of $11.05. The company’s 50 day moving average is $7.19 and its two-hundred day moving average is $7.58.

Snap (NYSE:SNAP) last posted its earnings results on Wednesday, February 4th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.12). Snap had a negative net margin of 7.76% and a negative return on equity of 20.72%. The company had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.70 billion. During the same period last year, the business earned $0.01 earnings per share. The company’s quarterly revenue was up 10.2% on a year-over-year basis. Research analysts expect that Snap Inc. will post -0.3 earnings per share for the current fiscal year.

About Snap

Snap Inc is a camera and social media company best known for developing and operating Snapchat, a multimedia messaging application that allows users to send photos, videos and messages that disappear after being viewed. In addition to its core messaging service, Snap offers a suite of augmented reality (AR) tools, including custom Lenses and Filters, that enable users and third-party developers to create interactive and immersive experiences. The company also provides advertising solutions that allow brands to engage audiences through Snap Ads, Sponsored Lenses and Discover content on the platform.

Founded in 2011 by Evan Spiegel and Bobby Murphy, Snap has continually focused on innovation in camera technology and AR.