Snap Inc. (NYSE:SNAP) Position Reduced by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. lessened its position in Snap Inc. (NYSE:SNAP) by 27.9% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,036,240 shares of the company’s stock after selling 788,114 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.12% of Snap worth $21,788,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SNAP. TB Alternative Assets Ltd. lifted its holdings in shares of Snap by 105.6% in the third quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock valued at $85,406,000 after purchasing an additional 4,098,847 shares in the last quarter. Dynamic Advisor Solutions LLC acquired a new stake in Snap during the 3rd quarter worth about $832,000. Exchange Traded Concepts LLC grew its stake in Snap by 38.7% during the 3rd quarter. Exchange Traded Concepts LLC now owns 784,982 shares of the company’s stock valued at $8,399,000 after acquiring an additional 219,111 shares in the last quarter. APG Asset Management N.V. increased its holdings in shares of Snap by 3.9% in the 2nd quarter. APG Asset Management N.V. now owns 2,957,491 shares of the company’s stock valued at $45,835,000 after purchasing an additional 112,135 shares during the period. Finally, Vontobel Holding Ltd. lifted its position in shares of Snap by 17.0% in the third quarter. Vontobel Holding Ltd. now owns 327,705 shares of the company’s stock worth $3,506,000 after purchasing an additional 47,717 shares in the last quarter. Institutional investors and hedge funds own 47.52% of the company’s stock.

Insider Transactions at Snap

In other news, CTO Robert C. Murphy sold 1,000,000 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $8.69, for a total transaction of $8,690,000.00. Following the sale, the chief technology officer now owns 58,553,813 shares in the company, valued at approximately $508,832,634.97. This 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 related news, CTO Robert C. Murphy sold 1,000,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $8.69, for a total value of $8,690,000.00. Following the transaction, the chief technology officer now owns 58,553,813 shares in the company, valued at $508,832,634.97. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Rebecca Morrow sold 8,923 shares of Snap stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $9.10, for a total value of $81,199.30. Following the completion of the sale, the chief accounting officer now owns 472,405 shares of the company’s stock, valued at approximately $4,298,885.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,508,617 shares of company stock valued at $13,422,930. Corporate insiders own 22.68% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on SNAP shares. JMP Securities upgraded shares of Snap from a “market perform” rating to an “outperform” rating and set a $17.00 price objective on the stock in a research note on Wednesday. Barclays cut their price target on shares of Snap from $17.00 to $16.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Wolfe Research assumed coverage on Snap in a research note on Tuesday, July 16th. They set a “peer perform” rating for the company. JPMorgan Chase & Co. reduced their target price on Snap from $13.00 to $11.00 and set an “underweight” rating for the company in a report on Friday, August 2nd. Finally, Stifel Nicolaus lowered their price target on Snap from $13.00 to $11.00 and set a “hold” rating on the stock in a report on Monday, October 14th. One research analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Snap currently has a consensus rating of “Hold” and a consensus price target of $13.89.

Snap Trading Up 1.8 %

Shares of SNAP opened at $10.45 on Friday. The stock has a 50 day simple moving average of $9.94 and a 200-day simple moving average of $12.67. Snap Inc. has a 1 year low of $8.29 and a 1 year high of $17.90. The stock has a market cap of $17.15 billion, a PE ratio of -12.90 and a beta of 1.01. The company has a current ratio of 3.98, a quick ratio of 3.98 and a debt-to-equity ratio of 1.74.

Snap (NYSE:SNAP) last posted its earnings results on Thursday, August 1st. The company reported ($0.13) earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.25 billion. On average, sell-side analysts predict that Snap Inc. will post -0.47 EPS for the current fiscal year.

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.