525,000 Shares in Snap Inc. $SNAP Purchased by IVY Lane Capital Management LLC

IVY Lane Capital Management LLC acquired a new stake in shares of Snap Inc. (NYSE:SNAP) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 525,000 shares of the company’s stock, valued at approximately $4,237,000. Snap makes up 5.4% of IVY Lane Capital Management LLC’s holdings, making the stock its 7th biggest position.

Other hedge funds have also added to or reduced their stakes in the company. Allworth Financial LP increased its position in shares of Snap by 92.3% during the third quarter. Allworth Financial LP now owns 3,293 shares of the company’s stock worth $25,000 after acquiring an additional 1,581 shares during the period. Oak Harvest Investment Services purchased a new stake in shares of Snap in the fourth quarter valued at approximately $26,000. Arax Advisory Partners boosted its holdings 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 bought a new position in Snap in the fourth quarter worth approximately $29,000. Finally, EverSource Wealth Advisors LLC increased its holdings in Snap by 561.4% during the 4th 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 during the period. 47.52% of the stock is currently owned by institutional investors.

Snap Stock Down 10.2%

Shares of NYSE SNAP opened at $5.13 on Wednesday. Snap Inc. has a 12-month low of $3.81 and a 12-month high of $10.41. The stock’s fifty day simple moving average is $5.64 and its two-hundred day simple moving average is $6.12. The stock has a market capitalization of $8.66 billion, a PE ratio of -21.36 and a beta of 1.03. 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 released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.09 by ($0.14). Snap had a negative return on equity of 18.92% and a negative net margin of 6.72%.The company had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same period in the previous year, the firm posted ($0.08) earnings per share. The company’s revenue was up 12.2% on a year-over-year basis. As a group, analysts expect that Snap Inc. will post -0.06 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Ajit Mohan sold 44,785 shares of Snap stock in a transaction that occurred on Monday, May 18th. The shares were 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 of the company’s stock, valued at $28,324,189.60. The trade was a 0.88% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Zachary M. Briers sold 129,493 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.60, for a total transaction of $725,160.80. Following the transaction, the general counsel owned 2,644,538 shares of the company’s stock, valued at approximately $14,809,412.80. This trade represents a 4.67% 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. Insiders sold a total of 2,900,631 shares of company stock valued at $16,054,989 in the last three months.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. HSBC lowered Snap from a “hold” rating to a “hold” rating in a research report on Monday, April 27th. The Goldman Sachs Group cut their price target on Snap from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Thursday, May 7th. Canaccord Genuity Group lowered their price objective on shares of Snap from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Tuesday, April 14th. Guggenheim reiterated a “neutral” rating and set a $6.50 target price on shares of Snap in a report on Thursday, April 16th. Finally, BMO Capital Markets raised their target price on shares of Snap from $13.00 to $15.00 and gave the company an “outperform” rating in a research report on Wednesday, April 15th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twenty-two have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Snap presently has a consensus rating of “Hold” and a consensus price target of $7.91.

About Snap

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.