Cibc World Market Inc. Buys 149,286 Shares of Snap Inc. $SNAP

Cibc World Market Inc. increased its stake in Snap Inc. (NYSE:SNAP) by 327.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 194,824 shares of the company’s stock after purchasing an additional 149,286 shares during the period. Cibc World Market Inc.’s holdings in Snap were worth $1,572,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Allworth Financial LP raised its position in Snap by 92.3% in the 3rd quarter. Allworth Financial LP now owns 3,293 shares of the company’s stock worth $25,000 after purchasing an additional 1,581 shares during the last quarter. Oak Harvest Investment Services bought a new position in Snap in the 4th quarter worth approximately $26,000. V Square Quantitative Management LLC bought a new position in Snap in the 4th quarter worth approximately $29,000. EverSource Wealth Advisors LLC raised its position in Snap by 561.4% in the 4th quarter. EverSource Wealth Advisors LLC now owns 3,618 shares of the company’s stock worth $29,000 after purchasing an additional 3,071 shares during the last quarter. Finally, Banque Cantonale Vaudoise bought a new position in Snap in the 3rd quarter worth approximately $39,000. Institutional investors own 47.52% of the company’s stock.

Insider Buying and Selling

In other news, 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 value of $10,880,000.00. Following the completion of the transaction, the chief technology officer owned 47,012,324 shares of the company’s stock, valued at $255,747,042.56. The trade was a 4.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ajit Mohan sold 44,785 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 $250,796.00. Following the completion of the transaction, the insider directly owned 5,057,891 shares of the company’s stock, valued at $28,324,189.60. This trade represents a 0.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 3,021,330 shares of company stock worth $16,608,998 over the last ninety days.

Analysts Set New Price Targets

SNAP has been the subject of a number of analyst reports. Wells Fargo & Company lifted their target price on shares of Snap from $6.00 to $7.00 and gave the stock an “equal weight” rating in a report on Thursday, May 7th. Benchmark initiated coverage on shares of Snap in a report on Monday, April 27th. They set a “buy” rating for the company. Canaccord Genuity Group lowered their target price on shares of Snap from $7.00 to $6.00 and set a “hold” rating for the company in a report on Tuesday, April 14th. JPMorgan Chase & Co. lowered their target price on shares of Snap from $7.00 to $6.00 and set an “underweight” rating for the company in a report on Thursday, May 7th. Finally, Tigress Financial initiated coverage on shares of Snap in a report on Monday, April 27th. They set a “buy” rating for the company. One equities 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 MarketBeat.com, Snap has an average rating of “Hold” and a consensus price target of $7.91.

Snap Price Performance

SNAP opened at $5.58 on Wednesday. The company has a fifty day moving average price of $5.56 and a two-hundred day moving average price of $6.20. The company has a debt-to-equity ratio of 1.67, a quick ratio of 3.53 and a current ratio of 3.53. Snap Inc. has a 52 week low of $3.81 and a 52 week high of $10.41. The firm has a market capitalization of $9.42 billion, a PE ratio of -23.23 and a beta of 1.03.

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