Pinnacle Advisory Group Inc. Raises Stock Position in Snap Inc. (NYSE:SNAP)

Pinnacle Advisory Group Inc. raised its holdings in Snap Inc. (NYSE:SNAP) by 19.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 11,283 shares of the company’s stock after purchasing an additional 1,834 shares during the quarter. Pinnacle Advisory Group Inc.’s holdings in Snap were worth $590,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Junson Asset Management Hong Kong Ltd acquired a new stake in shares of Snap during the 1st quarter worth approximately $4,835,000. GSA Capital Partners LLP grew its position in Snap by 29.4% during the first quarter. GSA Capital Partners LLP now owns 52,867 shares of the company’s stock valued at $2,764,000 after buying an additional 11,999 shares during the period. Harel Insurance Investments & Financial Services Ltd. increased its holdings in Snap by 17.7% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 12,946 shares of the company’s stock valued at $2,082,000 after buying an additional 1,946 shares in the last quarter. Cullen Frost Bankers Inc. increased its holdings in Snap by 4.4% in the first quarter. Cullen Frost Bankers Inc. now owns 200,912 shares of the company’s stock valued at $10,505,000 after buying an additional 8,433 shares in the last quarter. Finally, Strs Ohio raised its position in shares of Snap by 361.3% in the first quarter. Strs Ohio now owns 239,976 shares of the company’s stock worth $12,548,000 after acquiring an additional 187,950 shares during the period. 52.82% of the stock is currently owned by institutional investors.

Shares of Snap stock opened at $62.63 on Friday. The firm has a market cap of $95.42 billion, a price-to-earnings ratio of -97.86 and a beta of 1.26. The company has a current ratio of 4.31, a quick ratio of 4.31 and a debt-to-equity ratio of 1.32. Snap Inc. has a 52 week low of $19.61 and a 52 week high of $73.59. The company has a fifty day simple moving average of $58.75.

Snap (NYSE:SNAP) last posted its earnings results on Thursday, April 22nd. The company reported ($0.19) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.21) by $0.02. The company had revenue of $769.58 million for the quarter, compared to analysts’ expectations of $739.61 million. Snap had a negative net margin of 32.90% and a negative return on equity of 43.12%. Snap’s revenue for the quarter was up 66.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.08) earnings per share. On average, research analysts expect that Snap Inc. will post -0.48 earnings per share for the current year.

In other news, CAO Rebecca Morrow sold 9,060 shares of the stock in a transaction dated Friday, April 16th. The stock was sold at an average price of $62.08, for a total value of $562,444.80. Following the transaction, the chief accounting officer now owns 243,124 shares in the company, valued at approximately $15,093,137.92. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Joanna Coles sold 2,201 shares of the firm’s stock in a transaction dated Wednesday, April 14th. The stock was sold at an average price of $64.16, for a total value of $141,216.16. Following the sale, the director now directly owns 47,604 shares in the company, valued at approximately $3,054,272.64. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,840,229 shares of company stock valued at $170,177,772.

Several equities analysts recently weighed in on SNAP shares. Oppenheimer lifted their price target on Snap from $70.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, February 24th. UBS Group boosted their price objective on Snap from $70.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, February 24th. Atlantic Securities upgraded Snap from a “neutral” rating to an “overweight” rating and set a $75.00 target price on the stock in a research report on Tuesday, April 6th. Citigroup lifted their price target on shares of Snap from $40.00 to $47.00 in a research note on Tuesday, May 4th. Finally, Credit Suisse Group restated a “buy” rating and set a $80.00 price objective on shares of Snap in a research report on Tuesday, April 20th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and thirty have given a buy rating to the company. Snap presently has an average rating of “Buy” and an average price target of $67.33.

Snap Company Profile

Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application with functionalities, such as Camera, Communication, Snap Map, Stories, and Spotlight that enable people to communicate through short videos and images. It also provides Spectacles, an eyewear product that connects with Snapchat and captures video from a human perspective; and advertising products, including AR and Snap ads.

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Institutional Ownership by Quarter for Snap (NYSE:SNAP)

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