Geode Capital Management LLC Raises Position in Snap Inc. (NYSE:SNAP)

Geode Capital Management LLC raised its holdings in Snap Inc. (NYSE:SNAP - Free Report) by 1.1% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 11,831,472 shares of the company's stock after acquiring an additional 134,017 shares during the quarter. Geode Capital Management LLC owned approximately 0.71% of Snap worth $127,078,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Norges Bank bought a new stake in Snap in the fourth quarter valued at approximately $30,162,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of Snap in the 4th quarter valued at $21,639,000. Assenagon Asset Management S.A. increased its position in shares of Snap by 51.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 3,086,741 shares of the company's stock worth $33,244,000 after buying an additional 1,050,501 shares during the period. Los Angeles Capital Management LLC bought a new position in Snap during the fourth quarter worth $7,614,000. Finally, KLP Kapitalforvaltning AS acquired a new position in Snap in the fourth quarter valued at $5,002,000. Institutional investors and hedge funds own 47.52% of the company's stock.

Snap Stock Performance

NYSE:SNAP traded up $0.06 during trading on Monday, reaching $8.02. The company's stock had a trading volume of 3,184,719 shares, compared to its average volume of 28,098,723. The firm has a 50 day moving average of $9.48 and a 200-day moving average of $10.67. The company has a debt-to-equity ratio of 1.47, a quick ratio of 3.95 and a current ratio of 3.95. The firm has a market cap of $13.60 billion, a price-to-earnings ratio of -19.08 and a beta of 0.92. Snap Inc. has a 12 month low of $7.08 and a 12 month high of $17.33.

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Snap (NYSE:SNAP - Get Free Report) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.13). Snap had a negative return on equity of 25.67% and a negative net margin of 13.02%. Research analysts expect that Snap Inc. will post -0.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SNAP. JPMorgan Chase & Co. decreased their price target on Snap from $10.00 to $8.00 and set an "underweight" rating for the company in a report on Tuesday, April 8th. UBS Group lowered their target price on Snap from $14.00 to $9.00 and set a "neutral" rating for the company in a report on Friday. Piper Sandler cut their price target on Snap from $13.00 to $10.00 and set a "neutral" rating on the stock in a report on Thursday. Bank of America reduced their price objective on shares of Snap from $14.50 to $10.50 and set a "neutral" rating for the company in a research report on Wednesday, April 9th. Finally, Susquehanna boosted their target price on shares of Snap from $12.00 to $13.00 and gave the company a "neutral" rating in a research report on Wednesday, February 5th. One analyst has rated the stock with a sell rating, twenty-four have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $36.32.

Insider Activity

In related news, General Counsel Michael J. O'sullivan sold 18,000 shares of the firm's stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $11.49, for a total value of $206,820.00. Following the completion of the transaction, the general counsel now directly owns 480,498 shares of the company's stock, valued at approximately $5,520,922.02. This trade represents a 3.61 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Derek Andersen sold 33,618 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $8.83, for a total value of $296,846.94. Following the sale, the chief financial officer now owns 3,507,897 shares in the company, valued at approximately $30,974,730.51. This represents a 0.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,356,523 shares of company stock valued at $12,710,077 in the last 90 days. 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.