MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Lowers Stake in Snap Inc. (NYSE:SNAP)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. reduced its position in Snap Inc. (NYSE:SNAP) by 2.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,216,809 shares of the company’s stock after selling 29,791 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in Snap were worth $13,106,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Checchi Capital Advisers LLC lifted its holdings in Snap by 3.0% in the 4th quarter. Checchi Capital Advisers LLC now owns 31,126 shares of the company’s stock worth $335,000 after purchasing an additional 901 shares in the last quarter. HCR Wealth Advisors raised its position in shares of Snap by 3.9% during the fourth quarter. HCR Wealth Advisors now owns 25,016 shares of the company’s stock valued at $269,000 after buying an additional 934 shares during the last quarter. Captrust Financial Advisors lifted its holdings in shares of Snap by 8.0% in the fourth quarter. Captrust Financial Advisors now owns 13,918 shares of the company’s stock worth $150,000 after buying an additional 1,030 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Snap by 1.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 61,365 shares of the company’s stock worth $661,000 after acquiring an additional 1,033 shares during the last quarter. Finally, Empowered Funds LLC grew its stake in Snap by 3.1% during the fourth quarter. Empowered Funds LLC now owns 35,639 shares of the company’s stock valued at $384,000 after acquiring an additional 1,055 shares in the last quarter. 47.52% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SNAP has been the topic of several research analyst reports. Morgan Stanley decreased their price target on shares of Snap from $8.00 to $6.50 and set an “equal weight” rating on the stock in a research note on Thursday, May 1st. Royal Bank of Canada reiterated a “sector perform” rating and issued a $12.00 target price on shares of Snap in a research report on Wednesday, April 30th. Guggenheim reissued a “neutral” rating on shares of Snap in a research note on Wednesday, April 2nd. Susquehanna reduced their price objective on Snap from $13.00 to $8.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 30th. Finally, Wells Fargo & Company decreased their price objective on Snap from $9.00 to $8.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $35.50.

Snap Price Performance

Shares of SNAP stock opened at $8.61 on Friday. The stock has a 50 day moving average price of $8.48 and a 200 day moving average price of $10.28. Snap Inc. has a 52-week low of $7.08 and a 52-week high of $17.33. The company has a debt-to-equity ratio of 1.47, a quick ratio of 3.95 and a current ratio of 3.95. The firm has a market capitalization of $14.39 billion, a P/E ratio of -20.50 and a beta of 0.61.

Snap (NYSE:SNAP) last released its earnings results on Tuesday, April 29th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.12). The business had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Snap had a negative return on equity of 25.67% and a negative net margin of 13.02%. The business’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.03 EPS. As a group, sell-side analysts predict that Snap Inc. will post -0.3 earnings per share for the current year.

Insider Buying and Selling

In other Snap news, General Counsel Michael J. O’sullivan sold 24,000 shares of Snap stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $7.74, for a total transaction of $185,760.00. Following the completion of the sale, the general counsel now directly owns 483,660 shares of the company’s stock, valued at $3,743,528.40. The trade was a 4.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Robert C. Murphy sold 1,000,000 shares of the company’s stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $8.03, for a total value of $8,030,000.00. Following the completion of the sale, the chief technology officer now owns 54,517,308 shares of the company’s stock, valued at $437,773,983.24. This represents a 1.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,362,523 shares of company stock valued at $20,719,017 in the last 90 days. Company insiders own 22.68% of the company’s stock.

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.