SteelPeak Wealth LLC Lowers Position in Snap Inc. (NYSE:SNAP)

SteelPeak Wealth LLC cut its stake in Snap Inc. (NYSE:SNAP) by 64.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,064 shares of the company’s stock after selling 30,629 shares during the period. SteelPeak Wealth LLC’s holdings in Snap were worth $183,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. V Square Quantitative Management LLC bought a new position in shares of Snap during the third quarter valued at approximately $29,000. Paladin Wealth LLC bought a new position in shares of Snap during the third quarter valued at approximately $30,000. Hollencrest Capital Management bought a new stake in shares of Snap during the second quarter valued at approximately $33,000. Blue Trust Inc. increased its position in shares of Snap by 354.1% during the second quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock valued at $36,000 after acquiring an additional 1,682 shares in the last quarter. Finally, Rothschild Investment LLC bought a new stake in shares of Snap during the second quarter valued at approximately $40,000. Institutional investors own 47.52% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on SNAP shares. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $14.00 price target on shares of Snap in a research report on Wednesday, September 18th. Bank of America raised their price target on shares of Snap from $13.00 to $14.00 and gave the company a “neutral” rating in a research report on Wednesday. Citigroup reduced their price target on shares of Snap from $16.00 to $11.00 and set a “neutral” rating for the company in a research report on Monday, August 12th. Susquehanna reduced their price target on shares of Snap from $15.00 to $12.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Finally, JPMorgan Chase & Co. cut their target price on shares of Snap from $13.00 to $11.00 and set an “underweight” rating for the company in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $14.25.

Insider Activity

In other news, CTO Robert C. Murphy sold 1,000,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $8.69, for a total transaction of $8,690,000.00. Following the sale, the chief technology officer now directly owns 58,553,813 shares in the company, valued at approximately $508,832,634.97. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Derek Andersen sold 97,608 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $9.29, for a total value of $906,778.32. Following the sale, the chief financial officer now directly owns 2,287,970 shares of the company’s stock, valued at $21,255,241.30. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Robert C. Murphy sold 1,000,000 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $8.69, for a total transaction of $8,690,000.00. Following the completion of the sale, the chief technology officer now directly owns 58,553,813 shares in the company, valued at $508,832,634.97. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,497,051 shares of company stock worth $13,261,098. 22.68% of the stock is currently owned by corporate insiders.

Snap Stock Up 3.0 %

Shares of NYSE SNAP opened at $12.53 on Friday. The firm’s 50-day moving average price is $10.12 and its 200-day moving average price is $12.69. The company has a current ratio of 3.98, a quick ratio of 3.98 and a debt-to-equity ratio of 1.74. The stock has a market capitalization of $20.79 billion, a price-to-earnings ratio of -21.60 and a beta of 1.01. Snap Inc. has a 12-month low of $8.29 and a 12-month high of $17.90.

Snap (NYSE:SNAP) last announced its earnings results on Thursday, August 1st. The company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.02. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.25 billion. Snap had a negative net margin of 18.49% and a negative return on equity of 35.63%. On average, equities research analysts anticipate that Snap Inc. will post -0.47 EPS for the current fiscal year.

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.