River & Mercantile Asset Management LLP Cuts Stake in Snap Inc (SNAP)

River & Mercantile Asset Management LLP decreased its stake in shares of Snap Inc (NYSE:SNAP) by 16.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 513,973 shares of the company’s stock after selling 102,859 shares during the period. River & Mercantile Asset Management LLP’s holdings in Snap were worth $4,356,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in SNAP. OppenheimerFunds Inc. boosted its stake in shares of Snap by 171.4% during the 2nd quarter. OppenheimerFunds Inc. now owns 37,157,073 shares of the company’s stock valued at $486,385,000 after purchasing an additional 23,468,531 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of Snap by 87.8% during the 3rd quarter. First Trust Advisors LP now owns 18,981,815 shares of the company’s stock valued at $160,966,000 after purchasing an additional 8,872,583 shares in the last quarter. Hillhouse Capital Management Ltd. boosted its stake in shares of Snap by 81.1% during the 2nd quarter. Hillhouse Capital Management Ltd. now owns 10,989,529 shares of the company’s stock valued at $143,853,000 after purchasing an additional 4,921,688 shares in the last quarter. FMR LLC boosted its stake in shares of Snap by 18.4% during the 2nd quarter. FMR LLC now owns 24,968,882 shares of the company’s stock valued at $326,842,000 after purchasing an additional 3,886,373 shares in the last quarter. Finally, BlackRock Inc. boosted its stake in shares of Snap by 22.1% during the 2nd quarter. BlackRock Inc. now owns 15,367,441 shares of the company’s stock valued at $201,159,000 after purchasing an additional 2,779,756 shares in the last quarter. 23.93% of the stock is currently owned by hedge funds and other institutional investors.

In other news, CFO Timothy R. Stone sold 8,619 shares of Snap stock in a transaction that occurred on Monday, September 17th. The shares were sold at an average price of $9.29, for a total value of $80,070.51. Following the completion of the sale, the chief financial officer now directly owns 1,224,343 shares in the company, valued at $11,374,146.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Jerry James Hunter sold 97,656 shares of Snap stock in a transaction that occurred on Monday, November 19th. The stock was sold at an average price of $6.42, for a total transaction of $626,951.52. Following the completion of the sale, the vice president now owns 1,767,834 shares of the company’s stock, valued at $11,349,494.28. The disclosure for this sale can be found here. Insiders sold 2,224,747 shares of company stock valued at $15,082,625 over the last ninety days.

A number of equities research analysts have recently weighed in on SNAP shares. Wedbush raised shares of Snap from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $11.50 to $12.25 in a research note on Tuesday, September 11th. Bank of America cut shares of Snap from a “buy” rating to a “neutral” rating in a research report on Friday, October 26th. Zacks Investment Research cut shares of Snap from a “buy” rating to a “hold” rating in a research report on Thursday, August 16th. Jefferies Financial Group lowered their price target on shares of Snap from $11.00 to $8.00 and set a “hold” rating for the company in a research report on Friday, October 26th. Finally, Aegis lowered their price target on shares of Snap from $12.00 to $10.00 and set a “hold” rating for the company in a research report on Friday, September 21st. Nine analysts have rated the stock with a sell rating, nineteen have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Snap presently has an average rating of “Hold” and an average target price of $11.64.

Shares of Snap stock opened at $5.80 on Friday. The stock has a market capitalization of $7.71 billion, a price-to-earnings ratio of -2.79 and a beta of -0.46. Snap Inc has a 52-week low of $5.75 and a 52-week high of $21.22.

Snap (NYSE:SNAP) last issued its earnings results on Thursday, October 25th. The company reported ($0.22) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.05. The business had revenue of $297.70 million during the quarter, compared to analysts’ expectations of $283.54 million. Snap had a negative net margin of 131.39% and a negative return on equity of 49.42%. As a group, sell-side analysts predict that Snap Inc will post -1.01 EPS for the current fiscal year.

TRADEMARK VIOLATION NOTICE: This piece of content was originally published by American Banking News and is the property of of American Banking News. If you are reading this piece of content on another website, it was illegally stolen and republished in violation of U.S. & international trademark and copyright law. The correct version of this piece of content can be accessed at https://www.americanbankingnews.com/2018/12/08/river-mercantile-asset-management-llp-cuts-stake-in-snap-inc-snap.html.

Snap Profile

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 to 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 to surface the most interesting stories from publishers, creators, and the community, based on a user's subscriptions and interests.

Featured Article: What is Depreciation?

Want to see what other hedge funds are holding SNAP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Snap Inc (NYSE:SNAP).

Institutional Ownership by Quarter for Snap (NYSE:SNAP)

Receive News & Ratings for Snap Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Snap and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply