CANADA LIFE ASSURANCE Co Decreases Stake in Snap Inc. (NYSE:SNAP)

CANADA LIFE ASSURANCE Co trimmed its position in shares of Snap Inc. (NYSE:SNAP - Free Report) by 19.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,357,805 shares of the company's stock after selling 331,643 shares during the period. CANADA LIFE ASSURANCE Co owned about 0.08% of Snap worth $14,600,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its position in Snap by 6.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,601,172 shares of the company's stock valued at $71,095,000 after buying an additional 389,812 shares during the period. Patriot Financial Group Insurance Agency LLC purchased a new stake in shares of Snap in the fourth quarter valued at approximately $289,000. Bank of New York Mellon Corp grew its stake in Snap by 2.0% in the fourth quarter. Bank of New York Mellon Corp now owns 1,538,111 shares of the company's stock worth $16,565,000 after purchasing an additional 29,526 shares in the last quarter. Empowered Funds LLC increased its holdings in Snap by 3.1% during the 4th quarter. Empowered Funds LLC now owns 35,639 shares of the company's stock worth $384,000 after purchasing an additional 1,055 shares during the period. Finally, Sei Investments Co. bought a new stake in Snap during the 4th quarter valued at $158,000. 47.52% of the stock is owned by hedge funds and other institutional investors.

Snap Stock Performance

SNAP stock traded up $0.19 during midday trading on Friday, hitting $8.52. 32,678,113 shares of the stock traded hands, compared to its average volume of 28,083,925. The stock's fifty day simple moving average is $9.00 and its 200-day simple moving average is $10.51. The firm has a market cap of $14.45 billion, a P/E ratio of -20.29 and a beta of 0.92. Snap Inc. has a 1-year low of $7.08 and a 1-year high of $17.33. The company has a debt-to-equity ratio of 1.47, a current ratio of 3.95 and a quick ratio of 3.95.

Snap (NYSE:SNAP - Get Free Report) last released its quarterly earnings results on Tuesday, February 4th. The company reported $0.01 earnings per share for the quarter, missing analysts' consensus estimates of $0.14 by ($0.13). Snap had a negative return on equity of 25.67% and a negative net margin of 13.02%. On average, analysts expect that Snap Inc. will post -0.3 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SNAP. JPMorgan Chase & Co. dropped their price target on Snap from $10.00 to $8.00 and set an "underweight" rating on the stock in a research report on Tuesday, April 8th. The Goldman Sachs Group reduced their price target on shares of Snap from $13.50 to $9.50 and set a "neutral" rating for the company in a report on Monday, April 14th. Canaccord Genuity Group dropped their price objective on shares of Snap from $13.00 to $10.00 and set a "hold" rating on the stock in a research note on Thursday, April 17th. Stifel Nicolaus lowered their target price on Snap from $11.00 to $8.00 and set a "hold" rating for the company in a report on Wednesday. Finally, Barclays reaffirmed an "overweight" rating on shares of Snap in a research report on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, twenty-four have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Snap presently has an average rating of "Hold" and an average price target of $35.49.

Insider Activity

In other Snap news, CFO Derek Andersen sold 22,720 shares of the stock in a transaction on Friday, March 14th. The shares were sold at an average price of $8.58, for a total transaction of $194,937.60. Following the transaction, the chief financial officer now directly owns 3,541,515 shares of the company's stock, valued at $30,386,198.70. This trade represents a 0.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Robert C. Murphy sold 1,000,000 shares of the business's stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $9.04, for a total transaction of $9,040,000.00. Following the sale, the chief technology officer now directly owns 55,818,548 shares of the company's stock, valued at $504,599,673.92. This represents a 1.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,356,523 shares of company stock worth $12,710,077 in the last quarter. Corporate insiders own 22.68% of the company's stock.

About Snap

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.