Mackenzie Financial Corp Trims Holdings in Snap Inc. (NYSE:SNAP)

Mackenzie Financial Corp trimmed its stake in Snap Inc. (NYSE:SNAP) by 35.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 116,399 shares of the company’s stock after selling 64,319 shares during the period. Mackenzie Financial Corp’s holdings in Snap were worth $1,971,000 as of its most recent filing with the SEC.

Other institutional investors have also recently made changes to their positions in the company. Allworth Financial LP grew its holdings in Snap by 161.6% during the 4th quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock worth $47,000 after acquiring an additional 1,708 shares in the last quarter. Newbridge Financial Services Group Inc. boosted its holdings in shares of Snap by 75.0% in the 3rd quarter. Newbridge Financial Services Group Inc. now owns 3,500 shares of the company’s stock valued at $31,000 after buying an additional 1,500 shares in the last quarter. Avantax Advisory Services Inc. purchased a new stake in Snap in the 3rd quarter valued at $91,000. Jacobi Capital Management LLC purchased a new stake in Snap in the 3rd quarter valued at $92,000. Finally, Meiji Yasuda Asset Management Co Ltd. raised its position in Snap by 12.8% in the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 11,490 shares of the company’s stock valued at $102,000 after purchasing an additional 1,300 shares during the last quarter. Institutional investors and hedge funds own 47.52% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on SNAP shares. Wells Fargo & Company reduced their price target on shares of Snap from $22.00 to $16.00 and set an “overweight” rating for the company in a research report on Wednesday, February 7th. Truist Financial upped their price objective on shares of Snap from $11.00 to $12.00 and gave the stock a “hold” rating in a research report on Wednesday, February 7th. Roth Mkm restated a “neutral” rating and set a $14.00 price objective on shares of Snap in a research report on Tuesday. Stifel Nicolaus cut their price objective on shares of Snap from $14.00 to $12.00 and set a “hold” rating for the company in a research report on Tuesday, April 16th. Finally, Morgan Stanley cut their price objective on shares of Snap from $13.00 to $11.00 and set an “underweight” rating for the company in a research report on Wednesday, February 7th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Snap presently has a consensus rating of “Hold” and an average price target of $13.86.

Insiders Place Their Bets

In other Snap news, CAO Rebecca Morrow sold 9,386 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $11.14, for a total transaction of $104,560.04. Following the sale, the chief accounting officer now directly owns 495,526 shares of the company’s stock, valued at approximately $5,520,159.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Snap news, CAO Rebecca Morrow sold 9,386 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $11.14, for a total transaction of $104,560.04. Following the sale, the chief accounting officer now directly owns 495,526 shares of the company’s stock, valued at approximately $5,520,159.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Derek Andersen sold 96,953 shares of the firm’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $10.99, for a total transaction of $1,065,513.47. Following the sale, the chief financial officer now directly owns 2,534,689 shares in the company, valued at $27,856,232.11. The disclosure for this sale can be found here. Insiders have sold 470,482 shares of company stock valued at $5,284,091 in the last ninety days.

Snap Price Performance

Shares of NYSE SNAP opened at $11.40 on Wednesday. Snap Inc. has a 52 week low of $7.86 and a 52 week high of $17.90. The company’s 50-day moving average price is $11.20 and its 200 day moving average price is $12.80. The company has a debt-to-equity ratio of 1.55, a current ratio of 4.39 and a quick ratio of 4.39.

Snap (NYSE:SNAP) last issued its quarterly earnings data on Tuesday, February 6th. The company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.04. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.39 billion. Snap had a negative net margin of 28.71% and a negative return on equity of 47.47%. As a group, sell-side analysts expect that Snap Inc. will post -0.58 EPS for the current fiscal year.

About Snap

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.