Snap Inc. $SNAP Shares Sold by Engineers Gate Manager LP

Engineers Gate Manager LP cut its stake in shares of Snap Inc. (NYSE:SNAP) by 44.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,185,616 shares of the company’s stock after selling 941,801 shares during the quarter. Engineers Gate Manager LP owned about 0.07% of Snap worth $5,264,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Alyeska Investment Group L.P. purchased a new position in Snap in the third quarter valued at about $176,697,000. AQR Capital Management LLC lifted its position in shares of Snap by 874.3% during the 4th quarter. AQR Capital Management LLC now owns 10,066,852 shares of the company’s stock valued at $81,239,000 after acquiring an additional 9,033,644 shares during the period. Empyrean Capital Partners LP purchased a new stake in shares of Snap during the 1st quarter worth approximately $25,300,000. California State Teachers Retirement System boosted its stake in shares of Snap by 268.8% during the 2nd quarter. California State Teachers Retirement System now owns 5,623,318 shares of the company’s stock worth $24,968,000 after acquiring an additional 4,098,404 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in shares of Snap by 1,191.8% in the 2nd quarter. Assenagon Asset Management S.A. now owns 3,903,141 shares of the company’s stock worth $17,330,000 after acquiring an additional 3,601,002 shares during the period. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Insider Buying and Selling

In other news, General Counsel Zachary M. Briers sold 136,504 shares of the firm’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $5.20, for a total transaction of $709,820.80. Following the sale, the general counsel owned 2,424,331 shares in the company, valued at $12,606,521.20. This trade represents a 5.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Douglas Hott sold 131,884 shares of Snap stock in a transaction on Monday, August 17th. The shares were sold at an average price of $5.20, for a total value of $685,796.80. Following the completion of the sale, the chief financial officer directly owned 2,324,563 shares of the company’s stock, valued at approximately $12,087,727.60. This represents a 5.37% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 2,446,052 shares of company stock worth $13,426,002 in the last three months. 22.68% of the stock is currently owned by insiders.

Snap Stock Performance

Shares of NYSE SNAP opened at $5.67 on Friday. The company has a 50-day simple moving average of $5.10 and a 200-day simple moving average of $5.17. The company has a debt-to-equity ratio of 1.75, a current ratio of 2.94 and a quick ratio of 2.94. The company has a market cap of $9.58 billion, a PE ratio of -31.47 and a beta of 1.05. Snap Inc. has a 12 month low of $3.81 and a 12 month high of $9.28.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Monday, August 3rd. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.02. Snap had a negative net margin of 4.90% and a negative return on equity of 14.61%. The business had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the prior year, the firm posted ($0.16) earnings per share. The company’s quarterly revenue was up 18.9% compared to the same quarter last year. On average, equities analysts anticipate that Snap Inc. will post -0.02 earnings per share for the current year.

Analyst Ratings Changes

Several research firms recently weighed in on SNAP. Benchmark reaffirmed a “hold” rating on shares of Snap in a research note on Tuesday, August 4th. DA Davidson upped their target price on Snap from $5.00 to $5.25 and gave the company a “neutral” rating in a report on Tuesday, August 4th. Wall Street Zen cut Snap from a “buy” rating to a “hold” rating in a research report on Saturday. Piper Sandler restated a “neutral” rating on shares of Snap in a research report on Tuesday, August 4th. Finally, Rosenblatt Securities cut their price target on Snap from $6.40 to $6.00 and set a “neutral” rating for the company in a research note on Tuesday, August 4th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $7.65.

Snap Company Profile

Snap Inc is a technology and social media company best known for Snapchat, a visual messaging and social networking application. Snapchat enables users to communicate through photos, videos, text messages and augmented reality experiences, including Lenses and filters. The platform also offers Stories, Spotlight for short-form video, Snap Map and other tools for discovering and sharing content.

Snap generates most of its business through digital advertising, including advertising displayed across Snapchat’s content and communication features.