Cibc World Market Inc. Sells 7,375 Shares of Snap Inc. (NYSE:SNAP)

Cibc World Market Inc. reduced its holdings in shares of Snap Inc. (NYSE:SNAPGet Rating) by 30.8% during the second quarter, HoldingsChannel.com reports. The fund owned 16,602 shares of the company’s stock after selling 7,375 shares during the quarter. Cibc World Market Inc.’s holdings in Snap were worth $218,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Meeder Asset Management Inc. increased its position in shares of Snap by 1,189.2% during the 1st quarter. Meeder Asset Management Inc. now owns 838 shares of the company’s stock valued at $30,000 after purchasing an additional 773 shares during the last quarter. MCF Advisors LLC purchased a new stake in Snap during the first quarter worth about $36,000. Pinebridge Investments L.P. raised its position in Snap by 407.0% in the second quarter. Pinebridge Investments L.P. now owns 2,028 shares of the company’s stock worth $27,000 after acquiring an additional 1,628 shares during the period. Truvestments Capital LLC purchased a new position in Snap in the second quarter valued at about $34,000. Finally, Crewe Advisors LLC grew its position in shares of Snap by 753.9% during the 2nd quarter. Crewe Advisors LLC now owns 2,707 shares of the company’s stock valued at $36,000 after acquiring an additional 2,390 shares during the period. 51.41% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. JPMorgan Chase & Co. dropped their price objective on Snap from $10.00 to $8.00 and set an “underweight” rating on the stock in a research note on Friday, October 21st. Morgan Stanley dropped their price target on Snap from $10.00 to $7.00 and set an “underweight” rating on the stock in a research report on Friday, October 21st. Jefferies Financial Group decreased their price objective on Snap from $17.00 to $12.00 and set a “buy” rating for the company in a report on Friday, October 21st. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Snap from $14.00 to $9.00 and set a “hold” rating on the stock in a report on Friday, October 21st. Finally, Barclays reduced their target price on shares of Snap from $21.00 to $18.00 and set an “overweight” rating for the company in a research note on Friday, October 21st. Three investment analysts have rated the stock with a sell rating, twenty-seven have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $14.85.

Snap Stock Up 4.1 %

Shares of NYSE SNAP opened at $10.32 on Friday. The stock has a market capitalization of $16.65 billion, a P/E ratio of -14.96 and a beta of 0.94. Snap Inc. has a one year low of $7.33 and a one year high of $54.89. The firm’s 50 day simple moving average is $10.33 and its two-hundred day simple moving average is $12.58. The company has a debt-to-equity ratio of 1.29, a current ratio of 4.86 and a quick ratio of 4.86.

Snap (NYSE:SNAPGet Rating) last announced its quarterly earnings data on Thursday, October 20th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.06. Snap had a negative net margin of 24.32% and a negative return on equity of 25.57%. The company had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.15 billion. As a group, analysts expect that Snap Inc. will post -0.63 EPS for the current fiscal year.

Insider Buying and Selling at Snap

In other news, CTO Robert C. Murphy sold 900,000 shares of Snap stock in a transaction dated Monday, October 24th. The stock was sold at an average price of $7.56, for a total value of $6,804,000.00. Following the transaction, the chief technology officer now owns 72,701,841 shares in the company, valued at $549,625,917.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CTO Robert C. Murphy sold 900,000 shares of the stock in a transaction that occurred on Monday, October 24th. The stock was sold at an average price of $7.56, for a total transaction of $6,804,000.00. Following the completion of the sale, the chief technology officer now owns 72,701,841 shares of the company’s stock, valued at $549,625,917.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Derek Andersen sold 5,160 shares of the firm’s stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $11.43, for a total transaction of $58,978.80. Following the completion of the transaction, the chief financial officer now owns 1,064,916 shares in the company, valued at approximately $12,171,989.88. The disclosure for this sale can be found here. Insiders sold a total of 1,353,030 shares of company stock worth $10,973,549 over the last three months. Company insiders own 22.68% of the company’s stock.

About Snap

(Get Rating)

Snap Inc operates as a camera company in North America, Europe, and internationally. The company offers Snapchat, a camera application with various functionalities, such as Camera, Communication, Snap Map, Stories, and Spotlight that enable people to communicate visually through short videos and images.

Further Reading

Want to see what other hedge funds are holding SNAP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Snap Inc. (NYSE:SNAPGet Rating).

Institutional Ownership by Quarter for Snap (NYSE:SNAP)

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