Connor Clark & Lunn Investment Management Ltd. Raises Position in Snap Inc. (NYSE:SNAP)

Connor Clark & Lunn Investment Management Ltd. grew its holdings in Snap Inc. (NYSE:SNAP - Free Report) by 49.6% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,910,459 shares of the company's stock after acquiring an additional 1,297,348 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.23% of Snap worth $41,842,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Russell Investments Group Ltd. boosted its position in Snap by 31.9% during the first quarter. Russell Investments Group Ltd. now owns 275,539 shares of the company's stock valued at $3,160,000 after purchasing an additional 66,694 shares during the last quarter. State Board of Administration of Florida Retirement System grew its holdings in Snap by 12.5% during the first quarter. State Board of Administration of Florida Retirement System now owns 110,654 shares of the company's stock worth $1,240,000 after buying an additional 12,300 shares in the last quarter. Vanguard Group Inc. lifted its stake in Snap by 0.9% in the first quarter. Vanguard Group Inc. now owns 96,148,590 shares of the company's stock valued at $1,103,786,000 after purchasing an additional 830,889 shares during the last quarter. Acadian Asset Management LLC boosted its position in shares of Snap by 613.5% in the first quarter. Acadian Asset Management LLC now owns 304,210 shares of the company's stock valued at $3,488,000 after acquiring an additional 261,572 shares during the period. Finally, UniSuper Management Pty Ltd boosted its holdings in shares of Snap by 92.2% in the 1st quarter. UniSuper Management Pty Ltd now owns 14,800 shares of the company's stock worth $170,000 after purchasing an additional 7,100 shares in the last quarter. Institutional investors and hedge funds own 47.52% of the company's stock.

Insider Activity at Snap

In related news, CTO Robert C. Murphy sold 1,000,000 shares of the stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $12.50, for a total transaction of $12,500,000.00. Following the completion of the sale, the chief technology officer now directly owns 57,210,989 shares of the company's stock, valued at approximately $715,137,362.50. This trade represents a 1.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Michael J. O'sullivan sold 18,000 shares of the firm's stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $12.31, for a total transaction of $221,580.00. Following the completion of the transaction, the general counsel now directly owns 471,058 shares of the company's stock, valued at approximately $5,798,723.98. The trade was a 3.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,221,220 shares of company stock worth $14,659,201.

Snap Stock Performance

Shares of NYSE SNAP traded up $0.08 during mid-day trading on Wednesday, hitting $10.59. 17,573,639 shares of the company were exchanged, compared to its average volume of 27,750,627. The company has a quick ratio of 4.04, a current ratio of 4.04 and a debt-to-equity ratio of 1.63. The firm has a market cap of $17.76 billion, a price-to-earnings ratio of -18.10 and a beta of 0.99. The stock has a 50 day simple moving average of $10.76 and a 200-day simple moving average of $12.57. Snap Inc. has a 1-year low of $8.29 and a 1-year high of $17.90.

Snap (NYSE:SNAP - Get Free Report) last announced its earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.03. Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. The firm had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.36 billion. During the same quarter in the previous year, the business earned ($0.21) EPS. The firm's revenue for the quarter was up 15.4% on a year-over-year basis. On average, sell-side analysts forecast that Snap Inc. will post -0.41 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on SNAP shares. Piper Sandler reiterated a "neutral" rating and set a $13.00 target price (up from $12.00) on shares of Snap in a research report on Wednesday, October 30th. Wells Fargo & Company lowered their price objective on Snap from $15.00 to $14.00 and set an "overweight" rating for the company in a research report on Friday, October 4th. Barclays lowered their target price on shares of Snap from $17.00 to $16.00 and set an "overweight" rating for the company in a report on Friday, August 2nd. JPMorgan Chase & Co. lowered their target price on shares of Snap from $13.00 to $11.00 and set an "underweight" rating on the stock in a research report on Friday, August 2nd. Finally, UBS Group upped their price target on shares of Snap from $12.00 to $13.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Snap presently has a consensus rating of "Hold" and a consensus price target of $14.31.

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.