American Trust purchased a new position in Snap Inc. (NYSE:SNAP – Get Rating) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 26,100 shares of the company’s stock, valued at approximately $939,000.
A number of other hedge funds have also bought and sold shares of SNAP. AdvisorNet Financial Inc grew its stake in Snap by 198.7% in the first quarter. AdvisorNet Financial Inc now owns 708 shares of the company’s stock worth $25,000 after purchasing an additional 471 shares in the last quarter. FNY Investment Advisers LLC acquired a new position in Snap in the first quarter valued at approximately $27,000. GHP Investment Advisors Inc. acquired a new position in Snap in the first quarter valued at approximately $28,000. Meeder Asset Management Inc. boosted its stake in Snap by 1,189.2% in the first quarter. Meeder Asset Management Inc. now owns 838 shares of the company’s stock valued at $30,000 after acquiring an additional 773 shares during the period. Finally, Cornerstone Advisory LLC acquired a new position in Snap in the fourth quarter valued at approximately $33,000. 51.41% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling at Snap
In other Snap news, CFO Derek Andersen sold 8,316 shares of the business’s stock in a transaction on Monday, July 18th. The shares were sold at an average price of $14.02, for a total transaction of $116,590.32. Following the sale, the chief financial officer now directly owns 1,090,558 shares of the company’s stock, valued at approximately $15,289,623.16. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Jeremi Gorman sold 34,032 shares of the company’s stock in a transaction on Monday, July 18th. The shares were sold at an average price of $14.08, for a total value of $479,170.56. Following the transaction, the insider now directly owns 1,415,146 shares of the company’s stock, valued at $19,925,255.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Derek Andersen sold 8,316 shares of the company’s stock in a transaction on Monday, July 18th. The stock was sold at an average price of $14.02, for a total transaction of $116,590.32. Following the completion of the transaction, the chief financial officer now directly owns 1,090,558 shares in the company, valued at $15,289,623.16. The disclosure for this sale can be found here. Insiders have sold a total of 1,155,438 shares of company stock valued at $11,957,990 in the last three months.
Snap Price Performance
Snap (NYSE:SNAP – Get Rating) last announced its earnings results on Thursday, July 21st. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.04). Snap had a negative net margin of 18.31% and a negative return on equity of 21.55%. The firm had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.14 billion. Equities analysts expect that Snap Inc. will post -0.73 earnings per share for the current fiscal year.
Wall Street Analyst Weigh In
A number of brokerages have commented on SNAP. Wells Fargo & Company downgraded Snap from an “overweight” rating to an “equal weight” rating in a research note on Friday, July 22nd. Cowen lifted their target price on Snap to $13.00 in a research note on Tuesday, September 6th. The Goldman Sachs Group downgraded Snap from a “buy” rating to a “neutral” rating and decreased their target price for the company from $25.00 to $12.00 in a research note on Wednesday, August 3rd. Atlantic Securities cut Snap from an “overweight” rating to a “neutral” rating and cut their price target for the company from $18.00 to $13.00 in a report on Friday, July 22nd. Finally, Vertical Research cut Snap to a “buy” rating in a report on Tuesday, May 31st. Three analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Snap currently has a consensus rating of “Hold” and a consensus price target of $20.91.
Snap Company Profile
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.
- Get a free copy of the StockNews.com research report on Snap (SNAP)
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