Edge Wealth Management LLC raised its stake in shares of Snap Inc (NYSE:SNAP) by 1,173.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,426 shares of the company’s stock after buying an additional 5,000 shares during the quarter. Edge Wealth Management LLC’s holdings in Snap were worth $30,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Aviance Capital Partners LLC acquired a new position in shares of Snap during the 3rd quarter worth about $110,000. Paloma Partners Management Co acquired a new position in shares of Snap during the 3rd quarter worth about $115,000. BB&T Securities LLC acquired a new position in shares of Snap during the 2nd quarter worth about $157,000. Wealthsource Partners LLC bought a new position in shares of Snap during the 3rd quarter valued at about $170,000. Finally, HRT Financial LLC bought a new position in shares of Snap during the 2nd quarter valued at about $207,000. Institutional investors own 23.92% of the company’s stock.
In other news, CFO Timothy R. Stone sold 13,608 shares of the company’s stock in a transaction that occurred on Wednesday, October 17th. The stock was sold at an average price of $7.12, for a total transaction of $96,888.96. Following the sale, the chief financial officer now owns 1,206,997 shares in the company, valued at approximately $8,593,818.64. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Timothy R. Stone sold 13,034 shares of the company’s stock in a transaction that occurred on Friday, November 16th. The stock was sold at an average price of $6.47, for a total value of $84,329.98. Following the sale, the chief financial officer now owns 1,193,197 shares in the company, valued at approximately $7,719,984.59. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,047,386 shares of company stock worth $13,200,659.
Several research firms have recently weighed in on SNAP. Cowen upgraded Snap from an “underperform” rating to a “market perform” rating and set a $6.00 price objective on the stock in a report on Thursday. Pivotal Research cut Snap from a “buy” rating to a “hold” rating and cut their price objective for the company from $8.00 to $6.00 in a report on Monday, January 7th. Goldman Sachs Group cut Snap from a “buy” rating to a “neutral” rating and cut their price objective for the company from $10.00 to $6.00 in a report on Friday, January 4th. ValuEngine cut Snap from a “buy” rating to a “hold” rating in a report on Friday, January 4th. Finally, Zacks Investment Research cut Snap from a “buy” rating to a “hold” rating in a report on Monday, December 31st. Six analysts have rated the stock with a sell rating, twenty-four have given a hold rating and six have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $10.81.
Shares of Snap stock opened at $6.28 on Friday. Snap Inc has a 12-month low of $4.82 and a 12-month high of $21.22. The company has a market cap of $8.11 billion, a PE ratio of -3.02 and a beta of 0.13.
Snap (NYSE:SNAP) last announced its quarterly earnings data on Thursday, October 25th. The company reported ($0.22) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.05. Snap had a negative return on equity of 49.42% and a negative net margin of 131.39%. The company had revenue of $297.70 million for the quarter, compared to analysts’ expectations of $283.54 million. On average, research analysts forecast that Snap Inc will post -1.01 earnings per share for the current year.
Snap Company Profile
Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page that allows to creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps to surface the most interesting stories from publishers, creators, and the community, based on a user’s subscriptions and interests.
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