Saba Capital Management L.P. Has $21.75 Million Stock Position in Snap Inc. $SNAP

Saba Capital Management L.P. increased its stake in shares of Snap Inc. (NYSE:SNAP) by 232.5% during the 1st quarter, HoldingsChannel.com reports. The fund owned 4,727,808 shares of the company’s stock after acquiring an additional 3,306,024 shares during the period. Snap accounts for about 0.6% of Saba Capital Management L.P.’s holdings, making the stock its 26th biggest holding. Saba Capital Management L.P.’s holdings in Snap were worth $21,748,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. Mackenzie Financial Corp increased its position in shares of Snap by 5.1% during the 3rd quarter. Mackenzie Financial Corp now owns 27,638 shares of the company’s stock worth $213,000 after purchasing an additional 1,349 shares during the last quarter. WealthCollab LLC boosted its holdings in shares of Snap by 1.2% in the 4th quarter. WealthCollab LLC now owns 115,390 shares of the company’s stock valued at $931,000 after buying an additional 1,369 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Snap by 0.3% in the 3rd quarter. Alliancebernstein L.P. now owns 414,416 shares of the company’s stock valued at $3,195,000 after buying an additional 1,396 shares during the last quarter. Orion Porfolio Solutions LLC grew its stake in shares of Snap by 8.3% in the second quarter. Orion Porfolio Solutions LLC now owns 18,913 shares of the company’s stock valued at $164,000 after buying an additional 1,451 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. grew its stake in shares of Snap by 37.5% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 5,500 shares of the company’s stock valued at $44,000 after buying an additional 1,500 shares in the last quarter. 47.52% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Snap

In other news, CAO Rebecca Morrow sold 16,729 shares of the business’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $5.60, for a total value of $93,682.40. Following the completion of the sale, the chief accounting officer owned 512,811 shares of the company’s stock, valued at approximately $2,871,741.60. The trade was a 3.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Ajit Mohan sold 6,923 shares of the company’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $5.58, for a total transaction of $38,630.34. Following the completion of the transaction, the insider owned 5,050,968 shares in the company, valued at $28,184,401.44. This trade represents a 0.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 2,868,059 shares of company stock valued at $15,855,631. 22.68% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on SNAP. BNP Paribas Exane downgraded shares of Snap to a “neutral” rating in a research report on Monday, April 27th. UBS Group dropped their target price on shares of Snap from $7.00 to $5.00 and set a “neutral” rating on the stock in a report on Monday, July 13th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Snap in a report on Friday, July 17th. BMO Capital Markets lifted their price target on Snap from $13.00 to $15.00 and gave the stock an “outperform” rating in a report on Wednesday, April 15th. Finally, Truist Financial set a $8.00 price target on Snap in a research report on Wednesday, June 17th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $7.23.

Snap Stock Performance

NYSE:SNAP opened at $4.53 on Tuesday. The stock has a market cap of $7.64 billion, a P/E ratio of -18.85 and a beta of 1.05. The stock has a 50 day simple moving average of $5.04 and a 200 day simple moving average of $5.47. The company has a current ratio of 3.53, a quick ratio of 3.53 and a debt-to-equity ratio of 1.67. Snap Inc. has a 1-year low of $3.81 and a 1-year high of $9.90.

Snap (NYSE:SNAP) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.14). Snap had a negative net margin of 6.72% and a negative return on equity of 18.92%. The firm had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same period in the prior year, the company earned ($0.08) earnings per share. The business’s quarterly revenue was up 12.2% compared to the same quarter last year. Research analysts anticipate that Snap Inc. will post -0.07 earnings per share for the current year.

Snap Profile

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.