Swedbank AB Decreases Stock Position in Snap Inc. (NYSE:SNAP)

Swedbank AB cut its holdings in Snap Inc. (NYSE:SNAP) by 78.9% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 152,563 shares of the company’s stock after selling 570,200 shares during the period. Swedbank AB’s holdings in Snap were worth $1,632,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. V Square Quantitative Management LLC purchased a new stake in shares of Snap in the 3rd quarter worth about $29,000. Paladin Wealth LLC purchased a new position in Snap in the 3rd quarter valued at about $30,000. Advisors Asset Management Inc. lifted its holdings in Snap by 141.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 2,782 shares of the company’s stock valued at $30,000 after purchasing an additional 1,632 shares in the last quarter. Hollencrest Capital Management purchased a new position in Snap in the 2nd quarter valued at about $33,000. Finally, Blue Trust Inc. lifted its holdings in Snap by 354.1% in the 2nd quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock valued at $36,000 after purchasing an additional 1,682 shares in the last quarter. 47.52% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CTO Robert C. Murphy sold 1,000,000 shares of the stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $12.50, for a total transaction of $12,500,000.00. Following the completion of the transaction, the chief technology officer now directly owns 57,210,989 shares in the company, valued at approximately $715,137,362.50. This represents a 1.72 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $9.30, for a total value of $167,400.00. Following the transaction, the general counsel now owns 456,662 shares in the company, valued at $4,246,956.60. This trade represents a 3.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,406,709 shares of company stock worth $16,615,487. 22.68% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Piper Sandler restated a “neutral” rating and issued a $13.00 target price (up from $12.00) on shares of Snap in a report on Wednesday, October 30th. Royal Bank of Canada restated a “sector perform” rating and issued a $16.00 target price on shares of Snap in a report on Wednesday, October 30th. Truist Financial upped their target price on shares of Snap from $13.00 to $14.00 and gave the company a “hold” rating in a report on Wednesday, October 30th. HSBC lowered shares of Snap from a “buy” rating to a “hold” rating in a report on Friday, August 2nd. Finally, Evercore ISI upped their price objective on shares of Snap from $12.00 to $15.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Snap currently has an average rating of “Hold” and an average price target of $14.31.

Snap Stock Up 0.1 %

Shares of NYSE:SNAP opened at $11.61 on Thursday. The company has a quick ratio of 4.04, a current ratio of 4.04 and a debt-to-equity ratio of 1.63. Snap Inc. has a 52-week low of $8.29 and a 52-week high of $17.90. The company has a 50 day moving average of $10.94 and a two-hundred day moving average of $12.38. The company has a market capitalization of $19.47 billion, a price-to-earnings ratio of -19.76 and a beta of 0.99.

Snap (NYSE:SNAP) last released its earnings results on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.05 by $0.03. The company had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.36 billion. Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. The business’s revenue was up 15.4% on a year-over-year basis. During the same period in the prior year, the business posted ($0.21) EPS. As a group, analysts forecast that Snap Inc. will post -0.4 earnings per share for the current fiscal year.

About Snap

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.