Geode Capital Management LLC Purchases 469,795 Shares of Snap Inc. $SNAP

Geode Capital Management LLC raised its position in shares of Snap Inc. (NYSE:SNAP) by 3.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 13,525,119 shares of the company’s stock after purchasing an additional 469,795 shares during the quarter. Geode Capital Management LLC owned 0.79% of Snap worth $108,711,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Allworth Financial LP increased its stake in Snap by 92.3% during the 3rd quarter. Allworth Financial LP now owns 3,293 shares of the company’s stock valued at $25,000 after purchasing an additional 1,581 shares in the last quarter. V Square Quantitative Management LLC bought a new stake in Snap during the 4th quarter valued at about $29,000. EverSource Wealth Advisors LLC increased its stake in Snap by 561.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 3,618 shares of the company’s stock valued at $29,000 after purchasing an additional 3,071 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in Snap during the 3rd quarter valued at about $33,000. Finally, Banque Cantonale Vaudoise bought a new stake in Snap during the 3rd quarter valued at about $39,000. 47.52% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. TD Cowen assumed coverage on shares of Snap in a research note on Monday, April 27th. They issued a “buy” rating for the company. Morgan Stanley reduced their price target on shares of Snap from $9.50 to $6.50 and set an “equal weight” rating for the company in a research note on Sunday, February 22nd. The Goldman Sachs Group reduced their price target on shares of Snap from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Thursday, May 7th. Tigress Financial started coverage on shares of Snap in a research note on Monday, April 27th. They issued a “buy” rating for the company. Finally, BNP Paribas Exane downgraded shares of Snap to a “neutral” rating in a report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twenty-two have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $7.91.

Insider Buying and Selling at Snap

In other Snap news, General Counsel Zachary M. Briers sold 129,493 shares of the business’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $5.60, for a total transaction of $725,160.80. Following the transaction, the general counsel owned 2,644,538 shares in the company, valued at $14,809,412.80. The trade was a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Robert C. Murphy sold 2,000,000 shares of the business’s stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $5.44, for a total transaction of $10,880,000.00. Following the transaction, the chief technology officer owned 47,012,324 shares in the company, valued at $255,747,042.56. This trade represents a 4.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 3,021,330 shares of company stock valued at $16,608,998. Insiders own 22.68% of the company’s stock.

Snap Price Performance

Shares of NYSE:SNAP opened at $5.76 on Friday. The company has a debt-to-equity ratio of 1.67, a current ratio of 3.53 and a quick ratio of 3.53. Snap Inc. has a 1-year low of $3.81 and a 1-year high of $10.41. The company has a market capitalization of $9.72 billion, a P/E ratio of -23.99 and a beta of 1.03. The firm’s 50 day simple moving average is $5.50 and its two-hundred day simple moving average is $6.25.

Snap (NYSE:SNAP) last released its earnings results on Wednesday, May 6th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.09 by ($0.14). Snap had a negative return on equity of 18.92% and a negative net margin of 6.72%.The company had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same period last year, the firm posted ($0.08) EPS. Snap’s quarterly revenue was up 12.2% compared to the same quarter last year. Research analysts expect that Snap Inc. will post -0.06 EPS for the current fiscal year.

Snap Company 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.