Optimum Investment Advisors purchased a new position in Snap Inc (NYSE:SNAP) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 2,000 shares of the company’s stock, valued at approximately $32,000.
A number of other large investors have also modified their holdings of the business. Aperio Group LLC lifted its stake in shares of Snap by 199.6% in the 2nd quarter. Aperio Group LLC now owns 35,988 shares of the company’s stock valued at $515,000 after purchasing an additional 23,976 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Snap by 41.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 842,232 shares of the company’s stock valued at $12,044,000 after purchasing an additional 246,345 shares in the last quarter. Andra AP fonden acquired a new position in shares of Snap in the 2nd quarter valued at about $2,990,000. Atria Investments LLC acquired a new position in shares of Snap in the 2nd quarter valued at about $560,000. Finally, Point72 Asset Management L.P. acquired a new position in shares of Snap in the 2nd quarter valued at about $1,717,000. 26.89% of the stock is currently owned by hedge funds and other institutional investors.
In other news, CAO Lara Sweet sold 22,339 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $17.00, for a total value of $379,763.00. Following the completion of the sale, the chief accounting officer now directly owns 1,178,818 shares in the company, valued at approximately $20,039,906. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Evan Spiegel sold 2,780,306 shares of the business’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $18.01, for a total value of $50,073,311.06. Following the completion of the sale, the chief executive officer now owns 69,958,498 shares of the company’s stock, valued at $1,259,952,548.98. The disclosure for this sale can be found here. Insiders have sold a total of 5,075,045 shares of company stock worth $86,802,372 over the last 90 days.
Snap (NYSE:SNAP) last posted its quarterly earnings data on Tuesday, July 23rd. The company reported ($0.19) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.02. Snap had a negative return on equity of 46.46% and a negative net margin of 77.54%. The company had revenue of $388.02 million for the quarter, compared to the consensus estimate of $358.16 million. During the same period in the previous year, the business earned ($0.14) EPS. Snap’s revenue for the quarter was up 48.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Snap Inc will post -0.71 EPS for the current year.
Several research firms have recently weighed in on SNAP. Stifel Nicolaus reaffirmed a “buy” rating and issued a $19.00 price objective on shares of Snap in a research note on Monday. ValuEngine lowered Snap from a “buy” rating to a “hold” rating in a research note on Wednesday, September 25th. Guggenheim raised Snap from a “neutral” rating to a “buy” rating and set a $22.00 price target on the stock in a research report on Tuesday, September 24th. JPMorgan Chase & Co. boosted their price target on Snap from $11.00 to $17.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 24th. They noted that the move was a valuation call. Finally, Susquehanna Bancshares raised Snap from a “negative” rating to a “neutral” rating and boosted their price target for the stock from $12.00 to $18.00 in a research report on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. Snap currently has a consensus rating of “Hold” and an average target price of $16.48.
Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page that allows creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps surfacing the stories and shows from publishers, creators, and the community, based on a user's subscriptions and interests.
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