WEALTHFRONT Corp Sells 16,485 Shares of Snap Inc (SNAP)

WEALTHFRONT Corp cut its holdings in shares of Snap Inc (NYSE:SNAP) by 14.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 95,281 shares of the company’s stock after selling 16,485 shares during the period. WEALTHFRONT Corp’s holdings in Snap were worth $808,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of SNAP. Alps Advisors Inc. bought a new stake in shares of Snap during the second quarter worth about $207,000. Aperio Group LLC bought a new stake in shares of Snap during the second quarter worth about $142,000. Raymond James Financial Services Advisors Inc. increased its position in shares of Snap by 23.1% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 67,949 shares of the company’s stock worth $889,000 after acquiring an additional 12,765 shares in the last quarter. Commonwealth Equity Services LLC increased its position in shares of Snap by 44.3% during the second quarter. Commonwealth Equity Services LLC now owns 122,600 shares of the company’s stock worth $1,605,000 after acquiring an additional 37,617 shares in the last quarter. Finally, Victory Capital Management Inc. bought a new stake in shares of Snap during the second quarter worth about $1,448,000. 23.93% of the stock is owned by institutional investors.

In other news, CEO Evan Spiegel sold 1,495,200 shares of the stock in a transaction that occurred on Monday, December 3rd. The shares were sold at an average price of $6.43, for a total transaction of $9,614,136.00. Following the completion of the transaction, the chief executive officer now directly owns 80,452,061 shares of the company’s stock, valued at approximately $517,306,752.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Timothy R. Stone sold 8,619 shares of the stock in a transaction that occurred on Monday, September 17th. The shares were sold at an average price of $9.29, for a total transaction of $80,070.51. Following the transaction, the chief financial officer now directly owns 1,224,343 shares of the company’s stock, valued at $11,374,146.47. The disclosure for this sale can be found here. Insiders have sold a total of 2,224,747 shares of company stock valued at $15,082,625 over the last three months.

Several equities research analysts have recently commented on SNAP shares. Pivotal Research raised shares of Snap from a “hold” rating to a “buy” rating and decreased their target price for the stock from $9.00 to $8.00 in a research report on Friday, October 12th. Goldman Sachs Group decreased their target price on shares of Snap from $17.00 to $11.00 and set a “buy” rating for the company in a research report on Thursday, October 11th. Wedbush set a $12.00 target price on shares of Snap and gave the stock a “buy” rating in a research report on Tuesday, October 23rd. Zacks Investment Research downgraded shares of Snap from a “buy” rating to a “hold” rating in a research report on Thursday, August 16th. Finally, Aegis decreased their target price on shares of Snap from $12.00 to $10.00 and set a “hold” rating for the company in a research report on Friday, September 21st. Nine analysts have rated the stock with a sell rating, nineteen have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Snap currently has an average rating of “Hold” and an average target price of $11.64.

Snap stock opened at $5.80 on Friday. Snap Inc has a twelve month low of $5.75 and a twelve month high of $21.22. The company has a market cap of $7.71 billion, a PE ratio of -2.79 and a beta of -0.46.

Snap (NYSE:SNAP) last released its earnings results on Thursday, October 25th. The company reported ($0.22) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.27) by $0.05. Snap had a negative net margin of 131.39% and a negative return on equity of 49.42%. The firm had revenue of $297.70 million during the quarter, compared to the consensus estimate of $283.54 million. On average, sell-side analysts anticipate that Snap Inc will post -1.01 earnings per share for the current fiscal year.

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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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Institutional Ownership by Quarter for Snap (NYSE:SNAP)

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