Charles Schwab Investment Management Inc. Has $66.46 Million Holdings in Snap Inc. (NYSE:SNAP)

Charles Schwab Investment Management Inc. grew its holdings in Snap Inc. (NYSE:SNAP) by 62.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,211,360 shares of the company’s stock after purchasing an additional 2,386,519 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Snap were worth $66,462,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. California State Teachers Retirement System lifted its position in Snap by 7.3% in the 1st quarter. California State Teachers Retirement System now owns 1,534,341 shares of the company’s stock worth $17,614,000 after buying an additional 103,755 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Snap in the first quarter worth $236,000. Swedbank AB acquired a new stake in Snap during the first quarter valued at $7,877,000. Cetera Advisors LLC boosted its position in Snap by 32.0% during the first quarter. Cetera Advisors LLC now owns 18,631 shares of the company’s stock valued at $214,000 after purchasing an additional 4,517 shares during the last quarter. Finally, Douglas Lane & Associates LLC purchased a new position in Snap in the second quarter valued at about $187,000. 47.52% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, SVP Eric Young sold 50,000 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $10.54, for a total value of $527,000.00. Following the completion of the transaction, the senior vice president now directly owns 752,110 shares of the company’s stock, valued at approximately $7,927,239.40. This represents a 6.23 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Derek Andersen sold 97,608 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $9.29, for a total value of $906,778.32. Following the completion of the sale, the chief financial officer now directly owns 2,287,970 shares in the company, valued at approximately $21,255,241.30. This represents a 4.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,388,709 shares of company stock valued at $16,448,087 over the last quarter. Corporate insiders own 22.68% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Barclays reduced their price target on Snap from $17.00 to $16.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. The Goldman Sachs Group boosted their target price on shares of Snap from $12.00 to $13.50 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. cut their price target on shares of Snap from $13.00 to $11.00 and set an “underweight” rating on the stock in a report on Friday, August 2nd. Truist Financial upped their price objective on shares of Snap from $13.00 to $14.00 and gave the stock a “hold” rating in a report on Wednesday, October 30th. Finally, Benchmark restated a “hold” rating on shares of Snap in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $14.31.

Snap Stock Performance

SNAP opened at $11.61 on Friday. The stock’s 50 day simple moving average is $10.97 and its 200-day simple moving average is $12.37. The company has a current ratio of 4.04, a quick ratio of 4.04 and a debt-to-equity ratio of 1.63. The stock has a market cap of $19.47 billion, a PE ratio of -20.02 and a beta of 0.99. Snap Inc. has a 1 year low of $8.29 and a 1 year high of $17.90.

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