Cibc World Markets Corp Sells 12,915 Shares of Snap Inc. (NYSE:SNAP)

Cibc World Markets Corp decreased its holdings in shares of Snap Inc. (NYSE:SNAP) by 17.7% in the fourth quarter, HoldingsChannel reports. The fund owned 60,197 shares of the company’s stock after selling 12,915 shares during the quarter. Cibc World Markets Corp’s holdings in Snap were worth $648,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Skandinaviska Enskilda Banken AB publ grew its position in shares of Snap by 2.1% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 224,326 shares of the company’s stock valued at $2,435,000 after acquiring an additional 4,592 shares during the period. Citizens Financial Group Inc. RI lifted its stake in shares of Snap by 182.5% during the 4th quarter. Citizens Financial Group Inc. RI now owns 30,602 shares of the company’s stock valued at $330,000 after buying an additional 19,769 shares in the last quarter. Independent Advisor Alliance lifted its stake in shares of Snap by 19.4% during the 4th quarter. Independent Advisor Alliance now owns 20,105 shares of the company’s stock valued at $217,000 after buying an additional 3,267 shares in the last quarter. Inceptionr LLC purchased a new position in shares of Snap during the 4th quarter valued at $145,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Snap during the 4th quarter valued at $3,291,000. Institutional investors own 47.52% of the company’s stock.

Insiders Place Their Bets

In other news, General Counsel Michael J. O’sullivan sold 18,000 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $11.49, for a total value of $206,820.00. Following the completion of the sale, the general counsel now owns 480,498 shares of the company’s stock, valued at approximately $5,520,922.02. This represents a 3.61 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Derek Andersen sold 22,720 shares of the company’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $8.58, for a total transaction of $194,937.60. Following the completion of the sale, the chief financial officer now directly owns 3,541,515 shares of the company’s stock, valued at $30,386,198.70. The trade was a 0.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,350,523 shares of company stock worth $12,698,797 in the last three months. Corporate insiders own 22.68% of the company’s stock.

Wall Street Analysts Forecast Growth

SNAP has been the topic of a number of analyst reports. Bank of America lifted their target price on shares of Snap from $14.00 to $14.50 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. BMO Capital Markets reiterated an “outperform” rating and issued a $16.00 price target (down previously from $18.00) on shares of Snap in a research note on Wednesday, January 15th. Susquehanna boosted their price target on shares of Snap from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. Citigroup boosted their price target on shares of Snap from $13.00 to $13.50 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. Finally, Barclays reiterated an “overweight” rating on shares of Snap in a research note on Wednesday, February 5th. One analyst has rated the stock with a sell rating, twenty-five have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $36.87.

Snap Stock Performance

Shares of NYSE:SNAP opened at $9.33 on Friday. The company has a market capitalization of $15.83 billion, a price-to-earnings ratio of -22.22 and a beta of 0.92. Snap Inc. has a 12 month low of $8.29 and a 12 month high of $17.33. The firm’s 50-day moving average is $10.38 and its 200 day moving average is $10.79. The company has a current ratio of 3.95, a quick ratio of 3.95 and a debt-to-equity ratio of 1.47.

Snap (NYSE:SNAP) last issued its earnings results on Tuesday, February 4th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.13). Snap had a negative return on equity of 25.67% and a negative net margin of 13.02%. Research analysts predict that Snap Inc. will post -0.3 EPS for the current year.

Snap Profile

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.