Truist Financial Corp Cuts Stake in Snap Inc. (NYSE:SNAP)

Truist Financial Corp reduced its holdings in shares of Snap Inc. (NYSE:SNAPGet Rating) by 56.2% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 76,287 shares of the company’s stock after selling 97,833 shares during the period. Truist Financial Corp’s holdings in Snap were worth $749,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in SNAP. Pinebridge Investments L.P. increased its position in shares of Snap by 407.0% in the 2nd quarter. Pinebridge Investments L.P. now owns 2,028 shares of the company’s stock valued at $27,000 after purchasing an additional 1,628 shares during the last quarter. Truvestments Capital LLC acquired a new position in shares of Snap in the 2nd quarter valued at $34,000. Crewe Advisors LLC boosted its holdings in shares of Snap by 753.9% in the 2nd quarter. Crewe Advisors LLC now owns 2,707 shares of the company’s stock valued at $36,000 after buying an additional 2,390 shares in the last quarter. Venture Visionary Partners LLC acquired a new position in shares of Snap in the 2nd quarter valued at $40,000. Finally, PFG Private Wealth Management LLC boosted its holdings in shares of Snap by 40.9% in the 2nd quarter. PFG Private Wealth Management LLC now owns 4,535 shares of the company’s stock valued at $60,000 after buying an additional 1,317 shares in the last quarter. 43.30% of the stock is owned by hedge funds and other institutional investors.

Snap Stock Up 3.8 %

Shares of NYSE SNAP opened at $9.99 on Friday. Snap Inc. has a 12-month low of $7.33 and a 12-month high of $41.97. The company has a market cap of $16.11 billion, a P/E ratio of -14.48 and a beta of 0.99. The company has a current ratio of 4.86, a quick ratio of 4.86 and a debt-to-equity ratio of 1.29. The stock has a fifty day moving average price of $9.57 and a 200 day moving average price of $10.56.

Snap (NYSE:SNAPGet Rating) last announced its earnings results on Thursday, October 20th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.06. The company had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.15 billion. Snap had a negative return on equity of 25.57% and a negative net margin of 24.32%. Research analysts anticipate that Snap Inc. will post -0.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SNAP. Barclays lowered their target price on shares of Snap from $21.00 to $18.00 and set an “overweight” rating for the company in a report on Friday, October 21st. JPMorgan Chase & Co. lowered their target price on shares of Snap from $10.00 to $8.00 and set an “underweight” rating for the company in a report on Friday, October 21st. Evercore ISI decreased their price target on shares of Snap from $17.00 to $14.00 and set an “inline” rating for the company in a research note on Friday, October 21st. Susquehanna decreased their price target on shares of Snap from $11.00 to $8.00 and set a “neutral” rating for the company in a research note on Friday, October 21st. Finally, JMP Securities cut shares of Snap from an “outperform” rating to a “market perform” rating in a research note on Tuesday, January 17th. Three investment analysts have rated the stock with a sell rating, twenty-eight have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $13.88.

Insider Activity

In other news, CTO Robert C. Murphy sold 900,000 shares of the firm’s stock in a transaction dated 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 directly owns 72,701,841 shares in the company, valued at $549,625,917.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, General Counsel Michael J. O’sullivan sold 5,155 shares of the company’s stock in a transaction that occurred on Friday, December 16th. The stock was sold at an average price of $8.47, for a total transaction of $43,662.85. Following the sale, the general counsel now directly owns 582,564 shares of the company’s stock, valued at approximately $4,934,317.08. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CTO Robert C. Murphy sold 900,000 shares of the company’s stock in a transaction that occurred on Monday, October 24th. The shares were sold at an average price of $7.56, for a total value of $6,804,000.00. Following the sale, the chief technology officer now directly owns 72,701,841 shares in the company, valued at $549,625,917.96. The disclosure for this sale can be found here. Insiders sold 1,399,869 shares of company stock worth $11,244,971 over the last ninety days.

Snap Profile

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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.

See Also

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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