Snap Inc. (NYSE:SNAP) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. reduced its position in Snap Inc. (NYSE:SNAP - Free Report) by 2.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,229,834 shares of the company's stock after selling 85,104 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.19% of Snap worth $34,559,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Marshall Wace LLP increased its position in Snap by 587.3% during the second quarter. Marshall Wace LLP now owns 14,667,597 shares of the company's stock worth $243,629,000 after buying an additional 12,533,653 shares in the last quarter. TB Alternative Assets Ltd. increased its position in Snap by 105.6% during the third quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company's stock worth $85,406,000 after buying an additional 4,098,847 shares in the last quarter. Discovery Capital Management LLC CT purchased a new position in Snap during the second quarter worth $22,591,000. Assenagon Asset Management S.A. increased its position in Snap by 74.0% during the second quarter. Assenagon Asset Management S.A. now owns 2,824,354 shares of the company's stock worth $46,913,000 after buying an additional 1,201,565 shares in the last quarter. Finally, Curated Wealth Partners LLC increased its position in Snap by 200.0% during the second quarter. Curated Wealth Partners LLC now owns 536,541 shares of the company's stock worth $8,912,000 after buying an additional 1,073,082 shares in the last quarter. 47.52% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on SNAP shares. JPMorgan Chase & Co. dropped their price target on Snap from $13.00 to $11.00 and set an "underweight" rating for the company in a research report on Friday, August 2nd. The Goldman Sachs Group raised their price objective on Snap from $12.00 to $13.50 and gave the stock a "neutral" rating in a report on Wednesday, October 30th. Susquehanna decreased their price objective on Snap from $15.00 to $12.00 and set a "neutral" rating on the stock in a report on Friday, August 2nd. Barclays decreased their price objective on Snap from $17.00 to $16.00 and set an "overweight" rating on the stock in a report on Friday, August 2nd. Finally, Citigroup decreased their price objective on Snap from $16.00 to $11.00 and set a "neutral" rating on the stock in a report on Monday, August 12th. One equities research 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's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $14.31.

Insider Activity at Snap

In other news, Director Joanna Coles sold 6,434 shares of the company's stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $12.00, for a total transaction of $77,208.00. Following the completion of the transaction, the director now directly owns 54,761 shares of the company's stock, valued at approximately $657,132. This represents a 10.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Derek Andersen sold 97,608 shares of the company's stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $9.29, for a total value of $906,778.32. Following the transaction, the chief financial officer now directly owns 2,287,970 shares of the company's stock, valued at $21,255,241.30. This trade represents a 4.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,221,220 shares of company stock valued at $14,659,201 over the last three months. 22.68% of the stock is owned by insiders.

Snap Stock Down 1.5 %

Shares of NYSE SNAP traded down $0.16 during midday trading on Friday, reaching $10.60. 20,919,152 shares of the company's stock were exchanged, compared to its average volume of 36,260,784. Snap Inc. has a 52-week low of $8.29 and a 52-week high of $17.90. The stock has a market capitalization of $17.78 billion, a PE ratio of -18.28 and a beta of 0.99. The company has a debt-to-equity ratio of 1.63, a quick ratio of 4.04 and a current ratio of 4.04. The business's fifty day moving average price is $10.68 and its two-hundred day moving average price is $12.65.

Snap (NYSE:SNAP - Get Free Report) last announced its earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 business had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.36 billion. During the same period in the previous year, the company earned ($0.21) earnings per share. The company's revenue for the quarter was up 15.4% compared to the same quarter last year. Analysts forecast that Snap Inc. will post -0.41 EPS for the current year.

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.