Paloma Partners Management Co Cuts Holdings in Snap Inc. (NYSE:SNAP)

Paloma Partners Management Co reduced its stake in shares of Snap Inc. (NYSE:SNAP - Free Report) by 90.6% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 27,852 shares of the company's stock after selling 268,878 shares during the quarter. Paloma Partners Management Co's holdings in Snap were worth $298,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Marshall Wace LLP boosted its holdings in Snap by 587.3% in the second quarter. Marshall Wace LLP now owns 14,667,597 shares of the company's stock valued at $243,629,000 after purchasing an additional 12,533,653 shares during the last quarter. TB Alternative Assets Ltd. raised its holdings in 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 acquiring an additional 4,098,847 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Snap by 62.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,211,360 shares of the company's stock valued at $66,462,000 after acquiring an additional 2,386,519 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Snap by 49.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,910,459 shares of the company's stock worth $41,842,000 after acquiring an additional 1,297,348 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Snap by 19.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,018,678 shares of the company's stock worth $50,145,000 after purchasing an additional 490,906 shares during the last quarter. 47.52% of the stock is owned by institutional investors and hedge funds.

Snap Stock Performance

Shares of SNAP traded up $0.23 during mid-day trading on Friday, hitting $12.40. 38,175,837 shares of the company's stock were exchanged, compared to its average volume of 27,760,922. The stock's 50-day simple moving average is $11.20 and its 200-day simple moving average is $12.24. The firm has a market cap of $20.80 billion, a price-to-earnings ratio of -20.96 and a beta of 0.97. The company has a quick ratio of 4.04, a current ratio of 4.04 and a debt-to-equity ratio of 1.63. Snap Inc. has a 52 week low of $8.29 and a 52 week high of $17.90.

Snap (NYSE:SNAP - Get Free Report) last issued its earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, beating analysts' consensus estimates of $0.05 by $0.03. Snap had a negative net margin of 18.49% and a negative return on equity of 35.60%. The firm had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.36 billion. During the same quarter last year, the business posted ($0.21) earnings per share. The company's quarterly revenue was up 15.4% on a year-over-year basis. On average, equities research analysts expect that Snap Inc. will post -0.4 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on SNAP. Truist Financial raised their target price on Snap from $13.00 to $14.00 and gave the company a "hold" rating in a research note on Wednesday, October 30th. Citigroup upped their target price on shares of Snap from $11.00 to $13.00 and gave the stock a "neutral" rating in a research report on Friday, November 29th. Needham & Company LLC reissued a "buy" rating and issued a $640.00 price objective on shares of Snap in a report on Thursday. The Goldman Sachs Group boosted their price target on shares of Snap from $12.00 to $13.50 and gave the stock a "neutral" rating in a research report on Wednesday, October 30th. Finally, Piper Sandler reaffirmed a "neutral" rating and set a $13.00 price target (up from $12.00) on shares of Snap in a research note on Wednesday, October 30th. One analyst has rated the stock with a sell rating, twenty-two have given a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat.com, Snap has an average rating of "Hold" and a consensus target price of $37.10.

Insider Buying and Selling

In other Snap news, SVP Eric Young sold 112,020 shares of Snap stock in a transaction on Monday, November 18th. The shares were sold at an average price of $10.55, for a total value of $1,181,811.00. Following the completion of the sale, the senior vice president now directly owns 2,791,048 shares of the company's stock, valued at approximately $29,445,556.40. The trade was a 3.86 % 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, General Counsel Michael J. O'sullivan sold 59,053 shares of the business's stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $9.29, for a total transaction of $548,602.37. Following the sale, the general counsel now directly owns 1,258,278 shares of the company's stock, valued at approximately $11,689,402.62. The trade was a 4.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,406,709 shares of company stock valued at $16,662,107 over the last quarter. 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.