IFM Investors Pty Ltd Trims Stake in Snap Inc. (NYSE:SNAP)

IFM Investors Pty Ltd reduced its position in shares of Snap Inc. (NYSE:SNAP) by 2.4% in the third quarter, Holdings Channel reports. The firm owned 201,960 shares of the company’s stock after selling 4,909 shares during the period. IFM Investors Pty Ltd’s holdings in Snap were worth $2,161,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Marshall Wace LLP grew its position in Snap by 587.3% in the second quarter. Marshall Wace LLP now owns 14,667,597 shares of the company’s stock worth $243,629,000 after acquiring an additional 12,533,653 shares in the last quarter. TB Alternative Assets Ltd. grew its position in Snap by 105.6% in the third quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock worth $85,406,000 after acquiring an additional 4,098,847 shares in the last quarter. Discovery Capital Management LLC CT purchased a new position in Snap in the second quarter worth $22,591,000. Assenagon Asset Management S.A. grew its position in Snap by 74.0% in the second quarter. Assenagon Asset Management S.A. now owns 2,824,354 shares of the company’s stock worth $46,913,000 after acquiring an additional 1,201,565 shares in the last quarter. Finally, Curated Wealth Partners LLC grew its position in Snap by 200.0% in the second quarter. Curated Wealth Partners LLC now owns 536,541 shares of the company’s stock worth $8,912,000 after acquiring an additional 1,073,082 shares in the last quarter. 47.52% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Snap

In other Snap news, CTO Robert C. Murphy sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $8.69, for a total transaction of $8,690,000.00. Following the completion of the transaction, the chief technology officer now owns 58,553,813 shares of the company’s stock, valued at approximately $508,832,634.97. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Snap news, CTO Robert C. Murphy sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $8.69, for a total transaction of $8,690,000.00. Following the completion of the transaction, the chief technology officer now owns 58,553,813 shares of the company’s stock, valued at approximately $508,832,634.97. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Evan Spiegel sold 150,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $8.85, for a total transaction of $1,327,500.00. Following the transaction, the chief executive officer now directly owns 3,327,844 shares of the company’s stock, valued at $29,451,419.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,508,617 shares of company stock valued at $13,422,930. Corporate insiders own 22.68% of the company’s stock.

Snap Price Performance

SNAP stock opened at $10.45 on Monday. Snap Inc. has a 1 year low of $8.29 and a 1 year high of $17.90. The company has a market cap of $17.15 billion, a P/E ratio of -12.90 and a beta of 1.01. The firm has a 50-day moving average of $9.94 and a 200 day moving average of $12.69. The company has a debt-to-equity ratio of 1.74, a current ratio of 3.98 and a quick ratio of 3.98.

Snap (NYSE:SNAP) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.02. Snap had a negative net margin of 23.49% and a negative return on equity of 42.84%. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.25 billion. On average, sell-side analysts forecast that Snap Inc. will post -0.47 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently issued reports on SNAP. Stifel Nicolaus cut their target price on shares of Snap from $13.00 to $11.00 and set a “hold” rating for the company in a research report on Monday, October 14th. Susquehanna cut their target price on shares of Snap from $15.00 to $12.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Wells Fargo & Company cut their target price on shares of Snap from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Friday, October 4th. Morgan Stanley upgraded shares of Snap from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $12.00 to $16.00 in a research report on Tuesday, July 23rd. Finally, Hsbc Global Res lowered shares of Snap from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, twenty-two have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $14.08.

Snap Company 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.