Main Street Research LLC Reduces Holdings in Snap Inc. (NYSE:SNAP)

Main Street Research LLC reduced its holdings in shares of Snap Inc. (NYSE:SNAP) by 25.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 55,630 shares of the company’s stock after selling 18,544 shares during the quarter. Main Street Research LLC’s holdings in Snap were worth $942,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in SNAP. Acadian Asset Management LLC increased its holdings in Snap by 72.6% during the 1st quarter. Acadian Asset Management LLC now owns 8,456 shares of the company’s stock valued at $304,000 after acquiring an additional 3,556 shares in the last quarter. Raymond James Trust N.A. boosted its stake in shares of Snap by 28.6% during the 1st quarter. Raymond James Trust N.A. now owns 8,708 shares of the company’s stock worth $313,000 after purchasing an additional 1,936 shares during the last quarter. Cibc World Market Inc. boosted its stake in shares of Snap by 9.4% during the 1st quarter. Cibc World Market Inc. now owns 23,977 shares of the company’s stock worth $863,000 after purchasing an additional 2,061 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Snap by 0.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 786,417 shares of the company’s stock worth $28,305,000 after purchasing an additional 5,182 shares during the last quarter. Finally, Lord Abbett & CO. LLC acquired a new stake in shares of Snap during the 1st quarter worth about $3,216,000. 47.52% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SNAP. Roth Mkm raised their price target on shares of Snap from $10.00 to $14.00 and gave the stock a “neutral” rating in a research note on Friday, January 26th. The Goldman Sachs Group cut their price target on shares of Snap from $15.00 to $13.50 and set a “neutral” rating on the stock in a research note on Thursday, February 8th. Wells Fargo & Company cut their price target on shares of Snap from $22.00 to $16.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 7th. Royal Bank of Canada dropped their price objective on shares of Snap from $17.00 to $13.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 7th. Finally, Piper Sandler raised their price target on shares of Snap from $12.00 to $17.00 and gave the company a “neutral” rating in a report on Wednesday, January 17th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $13.65.

Snap Stock Performance

NYSE:SNAP traded up $0.07 during mid-day trading on Tuesday, hitting $10.41. The stock had a trading volume of 17,376,132 shares, compared to its average volume of 28,934,586. The stock has a market capitalization of $17.18 billion, a price-to-earnings ratio of -12.45 and a beta of 1.13. The company has a 50 day simple moving average of $11.35 and a 200-day simple moving average of $12.72. Snap Inc. has a 52 week low of $7.86 and a 52 week high of $17.90. The company has a current ratio of 4.39, a quick ratio of 4.39 and a debt-to-equity ratio of 1.55.

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

Insider Activity at Snap

In other Snap news, CAO Rebecca Morrow sold 2,442 shares of the firm’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $11.00, for a total transaction of $26,862.00. Following the transaction, the chief accounting officer now owns 493,084 shares of the company’s stock, valued at approximately $5,423,924. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Snap news, CEO Evan Spiegel sold 150,000 shares of the firm’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $11.11, for a total transaction of $1,666,500.00. Following the transaction, the chief executive officer now owns 3,627,844 shares of the company’s stock, valued at approximately $40,305,346.84. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Rebecca Morrow sold 2,442 shares of Snap stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $11.00, for a total transaction of $26,862.00. Following the completion of the transaction, the chief accounting officer now directly owns 493,084 shares in the company, valued at approximately $5,423,924. The disclosure for this sale can be found here. Insiders have sold a total of 470,054 shares of company stock worth $5,279,729 in the last ninety days.

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.