Ardmore Road Asset Management LP Cuts Stock Position in Snap Inc. $SNAP

Ardmore Road Asset Management LP trimmed its holdings in shares of Snap Inc. (NYSE:SNAP) by 38.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 700,000 shares of the company’s stock after selling 446,509 shares during the quarter. Ardmore Road Asset Management LP’s holdings in Snap were worth $3,220,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Allworth Financial LP grew its stake in Snap by 92.3% in the 3rd quarter. Allworth Financial LP now owns 3,293 shares of the company’s stock valued at $25,000 after acquiring an additional 1,581 shares during the period. Oak Harvest Investment Services acquired a new stake in shares of Snap in the fourth quarter valued at about $26,000. Arax Advisory Partners grew its position in shares of Snap by 220.0% in the fourth quarter. Arax Advisory Partners now owns 3,309 shares of the company’s stock valued at $27,000 after purchasing an additional 2,275 shares during the period. V Square Quantitative Management LLC purchased a new stake in shares of Snap during the fourth quarter worth about $29,000. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Snap by 561.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 3,618 shares of the company’s stock worth $29,000 after purchasing an additional 3,071 shares in the last quarter. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Insider Buying and Selling at Snap

In related news, CFO Douglas Hott sold 124,209 shares of the stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.60, for a total value of $695,570.40. Following the completion of the sale, the chief financial officer owned 2,571,149 shares of the company’s stock, valued at approximately $14,398,434.40. This trade represents a 4.61% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Ajit Mohan sold 44,785 shares of Snap stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.60, for a total value of $250,796.00. Following the transaction, the insider owned 5,057,891 shares in the company, valued at approximately $28,324,189.60. The trade was a 0.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 2,868,059 shares of company stock worth $15,855,631.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SNAP. BNP Paribas Exane downgraded shares of Snap to a “neutral” rating in a research report on Monday, April 27th. BMO Capital Markets boosted their price objective on Snap from $13.00 to $15.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 15th. Stifel Nicolaus increased their target price on Snap from $4.50 to $5.25 and gave the company a “hold” rating in a report on Tuesday, April 21st. Canaccord Genuity Group reduced their target price on Snap from $7.00 to $6.00 and set a “hold” rating for the company in a report on Tuesday, April 14th. Finally, The Goldman Sachs Group decreased their target price on Snap from $7.00 to $6.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $7.23.

Snap Stock Performance

NYSE:SNAP opened at $4.34 on Monday. The company has a market cap of $7.34 billion, a P/E ratio of -18.10 and a beta of 1.05. Snap Inc. has a twelve month low of $3.81 and a twelve month high of $9.90. The company’s 50-day moving average price is $5.07 and its 200-day moving average price is $5.50. The company has a current ratio of 3.53, a quick ratio of 3.53 and a debt-to-equity ratio of 1.67.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.14). The business had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.53 billion. Snap had a negative net margin of 6.72% and a negative return on equity of 18.92%. The firm’s revenue was up 12.2% on a year-over-year basis. During the same period in the prior year, the company posted ($0.08) EPS. On average, sell-side analysts forecast that Snap Inc. will post -0.07 earnings per share for the current fiscal year.

Snap Company 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.