Ardmore Road Asset Management LP Reduces Stock Holdings in Snap Inc. $SNAP

Ardmore Road Asset Management LP reduced its position in shares of Snap Inc. (NYSE:SNAP) by 38.9% in the 1st quarter, Holdings Channel.com reports. The firm owned 700,000 shares of the company’s stock after selling 446,509 shares during the quarter. Ardmore Road Asset Management LP’s holdings in Snap were worth $3,220,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Allworth Financial LP boosted its holdings in Snap by 92.3% in 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 during the last quarter. Oak Harvest Investment Services purchased a new stake in shares of Snap in the 4th quarter valued at approximately $26,000. Arax Advisory Partners raised its stake in shares of Snap by 220.0% in the 4th quarter. Arax Advisory Partners now owns 3,309 shares of the company’s stock valued at $27,000 after acquiring an additional 2,275 shares during the period. V Square Quantitative Management LLC acquired a new position in shares of Snap in the 4th quarter worth approximately $29,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of 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 acquiring an additional 3,071 shares during the last quarter. 47.52% of the stock is owned by hedge funds and other institutional investors.

Snap Price Performance

Shares of SNAP opened at $4.34 on Monday. The company has a market cap of $7.34 billion, a P/E ratio of -18.10 and a beta of 1.05. Snap Inc. has a fifty-two week low of $3.81 and a fifty-two week high of $9.90. The company has a quick ratio of 3.53, a current ratio of 3.53 and a debt-to-equity ratio of 1.67. The firm’s 50 day moving average price is $5.07 and its 200 day moving average price is $5.50.

Snap (NYSE:SNAP) last issued its quarterly 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 net margin of 6.72% and a negative return on equity of 18.92%. The business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same period in the prior year, the business earned ($0.08) EPS. The business’s quarterly revenue was up 12.2% on a year-over-year basis. On average, research analysts forecast that Snap Inc. will post -0.07 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SNAP has been the subject of several research reports. KeyCorp upgraded shares of Snap from a “sector weight” rating to an “overweight” rating in a report on Monday, April 27th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $5.00 price objective on shares of Snap in a research note on Monday, July 20th. Canaccord Genuity Group dropped their price objective on Snap from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Tuesday, April 14th. Tigress Financial began coverage on Snap in a report on Monday, April 27th. They issued a “buy” rating on the stock. Finally, Truist Financial set a $8.00 target price on Snap in a research note on Wednesday, June 17th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $7.23.

Insider Buying and Selling at Snap

In related news, CTO Robert C. Murphy sold 343,945 shares of Snap stock in a transaction on Friday, May 29th. The stock was sold at an average price of $5.88, for a total value of $2,022,396.60. Following the completion of the transaction, the chief technology officer directly owned 4,963,581 shares in the company, valued at approximately $29,185,856.28. This trade represents a 6.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Ajit Mohan sold 6,923 shares of the business’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $5.58, for a total value of $38,630.34. Following the transaction, the insider directly owned 5,050,968 shares of the company’s stock, valued at $28,184,401.44. The trade was a 0.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 2,868,059 shares of company stock valued at $15,855,631.

Snap 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.