Centaurus Financial Inc. Increases Stake in Snap Inc. $SNAP

Centaurus Financial Inc. boosted its holdings in shares of Snap Inc. (NYSE:SNAP) by 890.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 237,568 shares of the company’s stock after buying an additional 213,584 shares during the quarter. Centaurus Financial Inc.’s holdings in Snap were worth $1,832,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Contrarius Group Holdings Ltd acquired a new stake in shares of Snap in the third quarter valued at $10,256,000. Korea Investment CORP grew its stake in Snap by 573.6% during the 3rd quarter. Korea Investment CORP now owns 967,544 shares of the company’s stock worth $7,460,000 after purchasing an additional 823,900 shares in the last quarter. DNB Asset Management AS grew its stake in Snap by 433.6% during the 3rd quarter. DNB Asset Management AS now owns 1,042,873 shares of the company’s stock worth $8,041,000 after purchasing an additional 847,447 shares in the last quarter. Nikko Asset Management Americas Inc. increased its holdings in Snap by 94.1% during the 2nd quarter. Nikko Asset Management Americas Inc. now owns 2,107,288 shares of the company’s stock worth $18,312,000 after purchasing an additional 1,021,677 shares during the period. Finally, Quantbot Technologies LP increased its holdings in Snap by 54.4% during the 3rd quarter. Quantbot Technologies LP now owns 749,724 shares of the company’s stock worth $5,780,000 after purchasing an additional 264,156 shares during the period. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Snap Trading Down 0.5%

NYSE:SNAP opened at $4.63 on Thursday. Snap Inc. has a 1 year low of $4.52 and a 1 year high of $10.41. The stock has a market cap of $7.81 billion, a P/E ratio of -17.13 and a beta of 0.83. The company has a debt-to-equity ratio of 1.53, a quick ratio of 3.56 and a current ratio of 3.56. The stock has a 50-day simple moving average of $5.98 and a 200-day simple moving average of $7.22.

Snap (NYSE:SNAP) last issued its earnings results on Wednesday, February 4th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.12). The business had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.70 billion. Snap had a negative return on equity of 20.72% and a negative net margin of 7.76%.Snap’s revenue was up 10.2% on a year-over-year basis. During the same period last year, the business posted $0.01 EPS. As a group, analysts anticipate that Snap Inc. will post -0.3 earnings per share for the current fiscal year.

Insider Activity at Snap

In other Snap news, CFO Derek Andersen sold 92,956 shares of the firm’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $4.59, for a total transaction of $426,668.04. Following the sale, the chief financial officer owned 3,799,661 shares of the company’s stock, valued at approximately $17,440,443.99. This trade represents a 2.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Robert C. Murphy sold 1,000,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $5.36, for a total transaction of $5,360,000.00. Following the sale, the chief technology officer owned 49,313,775 shares of the company’s stock, valued at $264,321,834. This represents a 1.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 2,570,641 shares of company stock valued at $13,436,343. Company insiders own 22.68% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Morgan Stanley decreased their price objective on Snap from $9.50 to $6.50 and set an “equal weight” rating for the company in a research note on Sunday, February 22nd. Sanford C. Bernstein restated a “market perform” rating and set a $8.00 target price on shares of Snap in a research note on Thursday, February 5th. Citigroup reduced their target price on shares of Snap from $10.00 to $6.00 and set a “neutral” rating on the stock in a report on Thursday, February 12th. JPMorgan Chase & Co. decreased their price target on shares of Snap from $8.00 to $7.00 and set an “underweight” rating for the company in a research note on Thursday, February 5th. Finally, Citizens Jmp reiterated a “market perform” rating on shares of Snap in a report on Thursday, February 5th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $8.17.

Snap Profile

Snap Inc is a camera and social media company best known for developing and operating Snapchat, a multimedia messaging application that allows users to send photos, videos and messages that disappear after being viewed. In addition to its core messaging service, Snap offers a suite of augmented reality (AR) tools, including custom Lenses and Filters, that enable users and third-party developers to create interactive and immersive experiences. The company also provides advertising solutions that allow brands to engage audiences through Snap Ads, Sponsored Lenses and Discover content on the platform.

Founded in 2011 by Evan Spiegel and Bobby Murphy, Snap has continually focused on innovation in camera technology and AR.