Victory Capital Management Inc. Lowers Stock Holdings in Snap Inc. (NYSE:SNAP)

Victory Capital Management Inc. lessened its stake in shares of Snap Inc. (NYSE:SNAP - Free Report) by 91.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 281,272 shares of the company's stock after selling 2,913,332 shares during the quarter. Victory Capital Management Inc.'s holdings in Snap were worth $3,010,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Marshall Wace LLP grew its position in shares of Snap by 587.3% during the 2nd quarter. Marshall Wace LLP now owns 14,667,597 shares of the company's stock valued at $243,629,000 after acquiring an additional 12,533,653 shares during the period. TB Alternative Assets Ltd. raised its stake in Snap by 105.6% during the 3rd 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 during the period. Discovery Capital Management LLC CT purchased a new position in Snap in the 2nd quarter worth approximately $22,591,000. Assenagon Asset Management S.A. boosted its stake in Snap by 74.0% in the 2nd quarter. Assenagon Asset Management S.A. now owns 2,824,354 shares of the company's stock worth $46,913,000 after purchasing an additional 1,201,565 shares during the period. Finally, Curated Wealth Partners LLC grew its holdings in Snap by 200.0% during the 2nd quarter. Curated Wealth Partners LLC now owns 536,541 shares of the company's stock valued at $8,912,000 after buying an additional 1,073,082 shares in the last quarter. 47.52% of the stock is currently owned by institutional investors.

Snap Price Performance

NYSE:SNAP traded up $0.79 during trading hours on Friday, reaching $11.42. 39,166,023 shares of the company were exchanged, compared to its average volume of 36,508,720. The stock's 50-day moving average is $10.85 and its 200-day moving average is $12.44. Snap Inc. has a twelve month low of $8.29 and a twelve month high of $17.90. The firm has a market cap of $19.15 billion, a PE ratio of -19.69 and a beta of 0.99. The company has a current ratio of 4.04, a quick ratio of 4.04 and a debt-to-equity ratio of 1.63.

Snap (NYSE:SNAP - Get Free Report) last issued its quarterly 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 period last year, the company posted ($0.21) EPS. Snap's quarterly revenue was up 15.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Snap Inc. will post -0.4 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SNAP. Piper Sandler restated a "neutral" rating and set a $13.00 price objective (up previously from $12.00) on shares of Snap in a research report on Wednesday, October 30th. Evercore ISI increased their price objective on shares of Snap from $12.00 to $15.00 and gave the company an "in-line" rating in a research note on Wednesday, October 30th. Cantor Fitzgerald boosted their target price on shares of Snap from $8.00 to $9.00 and gave the stock a "neutral" rating in a report on Wednesday, October 30th. Susquehanna decreased their price target on Snap from $15.00 to $12.00 and set a "neutral" rating for the company in a research note on Friday, August 2nd. Finally, Loop Capital boosted their price objective on shares of Snap from $14.00 to $16.00 and gave the company a "buy" rating in a report on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, twenty-two have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $14.31.

Insider Transactions at Snap

In other news, CFO Derek Andersen sold 97,608 shares of the company's stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $9.29, for a total value of $906,778.32. Following the completion of the sale, the chief financial officer now directly owns 2,287,970 shares in the company, valued at $21,255,241.30. This represents a 4.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Robert C. Murphy sold 1,000,000 shares of the business's stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $12.50, for a total value of $12,500,000.00. Following the transaction, the chief technology officer now directly owns 57,210,989 shares in the company, valued at $715,137,362.50. This trade represents a 1.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,406,709 shares of company stock valued at $16,615,487 over the last ninety days. Insiders own 22.68% of the company's stock.

Snap 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.