Snap Inc. (SNAP) Stake Increased by WFG Advisors LP

WFG Advisors LP grew its stake in shares of Snap Inc. (NYSE:SNAP) by 52.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,377 shares of the company’s stock after purchasing an additional 2,537 shares during the quarter. WFG Advisors LP’s holdings in Snap were worth $131,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Cetera Investment Advisers purchased a new stake in shares of Snap during the second quarter valued at $267,000. Westwood Holdings Group Inc. purchased a new stake in shares of Snap during the second quarter valued at $148,000. Highlander Capital Management LLC boosted its stake in shares of Snap by 5,500.0% during the second quarter. Highlander Capital Management LLC now owns 11,200 shares of the company’s stock valued at $197,000 after purchasing an additional 11,000 shares during the period. Raymond James Financial Services Advisors Inc. boosted its stake in shares of Snap by 72.6% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 52,412 shares of the company’s stock valued at $931,000 after purchasing an additional 22,052 shares during the period. Finally, Moors & Cabot Inc. purchased a new stake in shares of Snap during the second quarter valued at $250,000. 16.40% of the stock is owned by hedge funds and other institutional investors.

Snap Inc. (NYSE:SNAP) opened at 15.56 on Friday. Snap Inc. has a one year low of $11.28 and a one year high of $29.44. The company has a 50-day moving average of $14.88 and a 200 day moving average of $17.07. The firm’s market cap is $18.63 billion.

Snap (NYSE:SNAP) last released its earnings results on Thursday, August 10th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.07). The firm had revenue of $181.70 million during the quarter, compared to analyst estimates of $186.49 million. The company’s revenue for the quarter was up 153.1% on a year-over-year basis. Equities research analysts expect that Snap Inc. will post ($0.65) earnings per share for the current fiscal year.

A number of research firms recently weighed in on SNAP. Drexel Hamilton reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Snap in a research note on Thursday, September 14th. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $17.00 price objective (up from $15.00) on shares of Snap in a research note on Friday, September 15th. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $23.00 price objective on shares of Snap in a research note on Tuesday, July 11th. Stifel Nicolaus lowered shares of Snap from a “buy” rating to a “hold” rating and set a $20.00 price objective for the company. in a research note on Friday, July 14th. Finally, Credit Suisse Group reaffirmed an “outperform” rating and issued a $25.00 price objective (down from $30.00) on shares of Snap in a research note on Monday, July 10th. Ten research analysts have rated the stock with a sell rating, twenty-three have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $18.17.

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In related news, VP Timothy Sehn sold 150,000 shares of the company’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $15.00, for a total transaction of $2,250,000.00. Following the transaction, the vice president now owns 2,679,168 shares of the company’s stock, valued at $40,187,520. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Steven Michael Horowitz sold 50,624 shares of the company’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $13.04, for a total value of $660,136.96. Following the transaction, the vice president now directly owns 2,440,055 shares in the company, valued at approximately $31,818,317.20. The disclosure for this sale can be found here. In the last three months, insiders sold 2,133,598 shares of company stock worth $29,704,362.

Snap Profile

Snap Inc, formerly Snapchat, Inc, is a camera company. The Company’s flagship product, Snapchat, is a camera application that helps people to communicate through short videos and images known as a Snap. The Company offers three ways for people to make Snaps: the Snapchat application, Publishers Tools that help its partners to create Publisher Stories, and Spectacles, its sunglasses that make Snaps.

Institutional Ownership by Quarter for Snap (NYSE:SNAP)

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