Trek Financial LLC Buys New Stake in Snap Inc. $SNAP

Trek Financial LLC purchased a new stake in Snap Inc. (NYSE:SNAP) during the second quarter, HoldingsChannel.com reports. The fund purchased 545,946 shares of the company’s stock, valued at approximately $4,744,000.

A number of other institutional investors also recently bought and sold shares of the business. Apollon Wealth Management LLC raised its position in shares of Snap by 9.2% during the 2nd quarter. Apollon Wealth Management LLC now owns 15,934 shares of the company’s stock worth $138,000 after acquiring an additional 1,340 shares in the last quarter. Zullo Investment Group Inc. increased its stake in Snap by 12.8% in the second quarter. Zullo Investment Group Inc. now owns 12,040 shares of the company’s stock valued at $105,000 after purchasing an additional 1,365 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its stake in Snap by 2.5% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 70,608 shares of the company’s stock valued at $614,000 after purchasing an additional 1,743 shares during the last quarter. Signaturefd LLC raised its holdings in Snap by 169.9% during the second quarter. Signaturefd LLC now owns 2,942 shares of the company’s stock worth $26,000 after purchasing an additional 1,852 shares in the last quarter. Finally, EP Wealth Advisors LLC raised its holdings in Snap by 3.7% during the first quarter. EP Wealth Advisors LLC now owns 53,961 shares of the company’s stock worth $470,000 after purchasing an additional 1,920 shares in the last quarter. 47.52% of the stock is owned by hedge funds and other institutional investors.

Snap Trading Down 0.4%

Shares of SNAP opened at $7.61 on Wednesday. Snap Inc. has a fifty-two week low of $6.90 and a fifty-two week high of $13.28. The company has a market capitalization of $13.08 billion, a PE ratio of -26.23 and a beta of 0.85. The stock has a fifty day moving average of $7.99 and a two-hundred day moving average of $8.20. The company has a debt-to-equity ratio of 1.57, a quick ratio of 3.67 and a current ratio of 3.67.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.12). The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.49 billion. Snap had a negative net margin of 8.60% and a negative return on equity of 21.61%. Snap’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.09) EPS. As a group, analysts forecast that Snap Inc. will post -0.3 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on SNAP shares. Wells Fargo & Company increased their target price on shares of Snap from $8.00 to $10.00 and gave the company an “equal weight” rating in a research report on Thursday, November 6th. Citizens Jmp reiterated a “market perform” rating on shares of Snap in a research report on Wednesday, August 6th. Mizuho began coverage on Snap in a report on Monday, September 29th. They issued a “neutral” rating and a $9.00 target price for the company. UBS Group upped their target price on Snap from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, November 6th. Finally, Citigroup lifted their price target on Snap from $8.50 to $10.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 12th. Four research analysts have rated the stock with a Buy rating, twenty-five have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Snap presently has an average rating of “Hold” and a consensus price target of $35.06.

Insider Buying and Selling

In related news, insider Ajit Mohan sold 109,372 shares of the firm’s stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $8.34, for a total value of $912,162.48. Following the sale, the insider directly owned 5,326,801 shares of the company’s stock, valued at approximately $44,425,520.34. This trade represents a 2.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Robert C. Murphy sold 1,000,000 shares of the business’s stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $8.00, for a total transaction of $8,000,000.00. Following the completion of the sale, the chief technology officer owned 51,911,126 shares of the company’s stock, valued at approximately $415,289,008. The trade was a 1.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,426,728 shares of company stock worth $11,458,580 over the last ninety days.

About Snap

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.