Raymond James Financial Services Advisors Inc. Cuts Position in Snap Inc. (NYSE:SNAP)

Raymond James Financial Services Advisors Inc. cut its stake in Snap Inc. (NYSE:SNAP – Get Rating) by 8.9% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 266,648 shares of the company’s stock after selling 26,099 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Snap were worth $2,386,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Meiji Yasuda Asset Management Co Ltd. increased its stake in shares of Snap by 7.4% during the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 13,440 shares of the company’s stock valued at $176,000 after purchasing an additional 930 shares in the last quarter. Profund Advisors LLC increased its stake in shares of Snap by 1.1% during the fourth quarter. Profund Advisors LLC now owns 101,668 shares of the company’s stock valued at $910,000 after purchasing an additional 1,060 shares in the last quarter. Ethic Inc. increased its stake in shares of Snap by 13.5% during the first quarter. Ethic Inc. now owns 9,184 shares of the company’s stock valued at $331,000 after purchasing an additional 1,089 shares in the last quarter. XTX Topco Ltd increased its position in shares of Snap by 10.8% during the first quarter. XTX Topco Ltd now owns 11,822 shares of the company’s stock valued at $425,000 after acquiring an additional 1,149 shares in the last quarter. Finally, Wetherby Asset Management Inc. increased its position in shares of Snap by 14.0% during the first quarter. Wetherby Asset Management Inc. now owns 10,440 shares of the company’s stock valued at $376,000 after acquiring an additional 1,280 shares in the last quarter. 43.30% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SNAP. Benchmark downgraded shares of Snap from a “buy” rating to a “hold” rating in a research report on Wednesday, February 1st. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Snap from $9.00 to $8.00 in a research report on Friday, April 28th. UBS Group downgraded shares of Snap from a “buy” rating to a “neutral” rating and set a $10.00 price target for the company. in a research report on Wednesday, February 1st. Rosenblatt Securities dropped their target price on shares of Snap from $10.00 to $9.00 in a report on Friday, April 28th. Finally, Guggenheim dropped their target price on shares of Snap from $12.00 to $9.00 in a report on Friday, April 28th. Three research analysts have rated the stock with a sell rating, thirty have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Snap currently has an average rating of “Hold” and a consensus price target of $11.69.

Snap Price Performance

Snap stock opened at $9.80 on Wednesday. The company’s 50-day moving average price is $10.05 and its 200-day moving average price is $10.06. Snap Inc. has a twelve month low of $7.33 and a twelve month high of $16.55. The company has a debt-to-equity ratio of 1.45, a quick ratio of 4.71 and a current ratio of 4.71.

Insider Transactions at Snap

In other news, CFO Derek Andersen sold 40,004 shares of the business’s stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $8.52, for a total value of $340,834.08. Following the sale, the chief financial officer now directly owns 2,470,232 shares in the company, valued at approximately $21,046,376.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, COO Jerry James Hunter sold 69,753 shares of Snap stock in a transaction dated Thursday, March 16th. The shares were sold at an average price of $10.95, for a total transaction of $763,795.35. Following the completion of the transaction, the chief operating officer now directly owns 4,869,447 shares of the company’s stock, valued at approximately $53,320,444.65. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Derek Andersen sold 40,004 shares of Snap stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $8.52, for a total transaction of $340,834.08. Following the transaction, the chief financial officer now directly owns 2,470,232 shares of the company’s stock, valued at $21,046,376.64. The disclosure for this sale can be found here. Insiders have sold a total of 372,012 shares of company stock worth $3,536,695 in the last three months.

Snap Profile

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Snap, Inc operates as a camera company. Its flagship product, Snapchat, is a camera application that helps people communicate visually with friends and family through short videos and images called Snaps. The firm’s primary source of revenue is advertising. Snap was founded by Frank Reginald Brown IV, Evan Thomas Spiegel, and Robert C.