Sumitomo Mitsui Asset Management Company LTD boosted its position in Snap Inc. (NYSE:SNAP) by 37.9% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 3,495,335 shares of the company’s stock after purchasing an additional 961,515 shares during the period. Sumitomo Mitsui Asset Management Company LTD owned about 0.29% of Snap worth $50,822,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of the business. Coatue Management LLC lifted its stake in shares of Snap by 4.5% during the 2nd quarter. Coatue Management LLC now owns 21,898,624 shares of the company’s stock valued at $389,139,000 after buying an additional 940,900 shares in the last quarter. BlackRock Inc. lifted its stake in Snap by 10.0% in the 2nd quarter. BlackRock Inc. now owns 10,343,549 shares of the company’s stock worth $183,805,000 after purchasing an additional 936,791 shares in the last quarter. Vanguard Group Inc. lifted its stake in Snap by 23.7% in the 2nd quarter. Vanguard Group Inc. now owns 8,353,729 shares of the company’s stock worth $148,446,000 after purchasing an additional 1,601,170 shares in the last quarter. First Trust Advisors LP lifted its stake in Snap by 873.8% in the 3rd quarter. First Trust Advisors LP now owns 5,884,101 shares of the company’s stock worth $85,555,000 after purchasing an additional 5,279,883 shares in the last quarter. Finally, Gilder Gagnon Howe & Co. LLC lifted its stake in Snap by 25.2% in the 2nd quarter. Gilder Gagnon Howe & Co. LLC now owns 2,690,978 shares of the company’s stock worth $47,819,000 after purchasing an additional 541,629 shares in the last quarter. 17.33% of the stock is owned by institutional investors and hedge funds.
Several research firms have issued reports on SNAP. J P Morgan Chase & Co reiterated a “neutral” rating and issued a $14.00 target price (down from $16.00) on shares of Snap in a research note on Monday, September 25th. Wedbush assumed coverage on shares of Snap in a research report on Wednesday, August 30th. They set a “neutral” rating and a $12.00 price objective on the stock. Vetr upgraded shares of Snap from a “sell” rating to a “hold” rating and set a $13.95 price objective on the stock in a research report on Tuesday, July 25th. Monness Crespi & Hardt cut shares of Snap from a “buy” rating to a “neutral” rating in a research report on Friday, August 11th. Finally, Bank of America Corporation lowered their price objective on shares of Snap from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 8th. Fifteen equities research analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $17.12.
Shares of Snap Inc. (NYSE:SNAP) opened at $12.57 on Wednesday. Snap Inc. has a 12-month low of $11.28 and a 12-month high of $29.44.
Snap (NYSE:SNAP) last posted its quarterly earnings results on Tuesday, November 7th. The company reported ($0.14) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.31) by $0.17. The firm had revenue of $207.90 million during the quarter, compared to the consensus estimate of $236.71 million. The company’s quarterly revenue was up 62.2% compared to the same quarter last year. equities analysts forecast that Snap Inc. will post -3.04 earnings per share for the current year.
In other news, VP Timothy Sehn sold 400,000 shares of the business’s stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $14.34, for a total value of $5,736,000.00. Following the transaction, the vice president now owns 2,804,168 shares of the company’s stock, valued at $40,211,769.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Evan Spiegel sold 1,652,966 shares of the business’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $12.42, for a total transaction of $20,529,837.72. Following the completion of the transaction, the chief executive officer now directly owns 86,657,812 shares in the company, valued at approximately $1,076,290,025.04. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,390,840 shares of company stock valued at $46,096,313.
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Snap Inc, formerly Snapchat, Inc, is a camera company. The Company’s flagship product, Snapchat, is a camera application that helps people to communicate through short videos and images known as a Snap. The Company offers three ways for people to make Snaps: the Snapchat application, Publishers Tools that help its partners to create Publisher Stories, and Spectacles, its sunglasses that make Snaps.
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