Snap Inc. (NYSE:SNAP) Shares Sold by Toronto Dominion Bank

Toronto Dominion Bank lowered its position in Snap Inc. (NYSE:SNAP) by 7.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 312,649 shares of the company’s stock after selling 24,850 shares during the period. Toronto Dominion Bank’s holdings in Snap were worth $3,503,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in Snap by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 66,340,585 shares of the company’s stock valued at $2,387,598,000 after buying an additional 1,117,703 shares in the last quarter. Two Sigma Investments LP lifted its stake in shares of Snap by 15.4% during the 4th quarter. Two Sigma Investments LP now owns 18,618,123 shares of the company’s stock worth $166,632,000 after purchasing an additional 2,478,397 shares during the period. Wellington Management Group LLP lifted its stake in shares of Snap by 95.8% during the 1st quarter. Wellington Management Group LLP now owns 17,811,242 shares of the company’s stock worth $641,028,000 after purchasing an additional 8,712,380 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Snap by 25.0% during the 4th quarter. Renaissance Technologies LLC now owns 10,774,200 shares of the company’s stock worth $96,429,000 after purchasing an additional 2,153,896 shares during the period. Finally, Artisan Partners Limited Partnership lifted its stake in shares of Snap by 9.9% during the 4th quarter. Artisan Partners Limited Partnership now owns 9,717,976 shares of the company’s stock worth $86,976,000 after purchasing an additional 875,931 shares during the period. Institutional investors and hedge funds own 44.37% of the company’s stock.

Insider Activity

In other news, CTO Robert C. Murphy sold 1,000,000 shares of Snap stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $10.08, for a total transaction of $10,080,000.00. Following the sale, the chief technology officer now owns 70,213,355 shares of the company’s stock, valued at $707,750,618.40. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, SVP Eric Young sold 95,303 shares of the firm’s stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $9.24, for a total transaction of $880,599.72. Following the transaction, the senior vice president now owns 3,648,859 shares in the company, valued at $33,715,457.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Robert C. Murphy sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $10.08, for a total transaction of $10,080,000.00. Following the transaction, the chief technology officer now owns 70,213,355 shares in the company, valued at approximately $707,750,618.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,463,627 shares of company stock valued at $25,273,101.

Snap Stock Performance

Shares of NYSE SNAP opened at $10.44 on Friday. The company has a quick ratio of 5.16, a current ratio of 5.16 and a debt-to-equity ratio of 1.50. The firm’s 50-day moving average price is $11.10 and its two-hundred day moving average price is $10.52. Snap Inc. has a 52-week low of $7.33 and a 52-week high of $13.89. The stock has a market capitalization of $16.94 billion, a P/E ratio of -12.28 and a beta of 1.23.

Snap (NYSE:SNAP) last issued its earnings results on Tuesday, July 25th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.01. The firm had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.05 billion. Snap had a negative net margin of 30.19% and a negative return on equity of 36.83%. As a group, sell-side analysts forecast that Snap Inc. will post -0.82 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Wells Fargo & Company assumed coverage on Snap in a research note on Wednesday, June 7th. They set an “equal weight” rating and a $10.00 price target on the stock. Truist Financial increased their target price on Snap from $7.00 to $11.00 in a research report on Wednesday, July 26th. Barclays increased their target price on Snap from $11.00 to $15.00 in a research report on Wednesday, July 26th. Credit Suisse Group increased their target price on Snap from $11.00 to $16.00 and gave the stock an “outperform” rating in a research report on Monday, July 17th. Finally, Loop Capital cut their target price on Snap from $16.00 to $14.00 in a research report on Wednesday, June 7th. Three analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $10.41.

Snap Company Profile

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.