Oppenheimer & Co. Inc. Acquires New Holdings in Snap Inc (NYSE:SNAP)

Oppenheimer & Co. Inc. purchased a new stake in Snap Inc (NYSE:SNAP) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 24,114 shares of the company’s stock, valued at approximately $345,000.

A number of other institutional investors have also added to or reduced their stakes in the business. Catalyst Capital Advisors LLC raised its stake in Snap by 38.8% in the second quarter. Catalyst Capital Advisors LLC now owns 2,386 shares of the company’s stock valued at $34,000 after buying an additional 667 shares during the last quarter. Janney Montgomery Scott LLC raised its stake in Snap by 6.5% in the second quarter. Janney Montgomery Scott LLC now owns 11,340 shares of the company’s stock valued at $162,000 after buying an additional 690 shares during the last quarter. Prudential Financial Inc. raised its stake in Snap by 2.5% in the second quarter. Prudential Financial Inc. now owns 28,900 shares of the company’s stock valued at $413,000 after buying an additional 700 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in Snap by 8.6% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 18,403 shares of the company’s stock valued at $203,000 after buying an additional 1,450 shares during the last quarter. Finally, Coastal Investment Advisors Inc. raised its stake in Snap by 42.9% in the second quarter. Coastal Investment Advisors Inc. now owns 6,330 shares of the company’s stock valued at $90,000 after buying an additional 1,900 shares during the last quarter. Institutional investors own 26.93% of the company’s stock.

SNAP stock traded up $0.37 during trading on Thursday, hitting $15.68. 8,902,829 shares of the company traded hands, compared to its average volume of 27,853,533. The stock’s 50-day simple moving average is $16.37 and its 200 day simple moving average is $13.23. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.53 and a quick ratio of 4.53. The company has a market cap of $20.84 billion, a PE ratio of -16.16 and a beta of 1.12. Snap Inc has a 1 year low of $4.82 and a 1 year high of $18.36.

Snap (NYSE:SNAP) last announced its quarterly earnings results on Tuesday, July 23rd. The company reported ($0.19) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.02. The company had revenue of $388.02 million during the quarter, compared to analysts’ expectations of $358.16 million. Snap had a negative return on equity of 46.46% and a negative net margin of 77.54%. Snap’s quarterly revenue was up 48.0% on a year-over-year basis. During the same period last year, the business earned ($0.14) earnings per share. Research analysts expect that Snap Inc will post -0.71 earnings per share for the current year.

In other Snap news, VP Jerry James Hunter sold 70,702 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $13.74, for a total value of $971,445.48. Following the sale, the vice president now directly owns 1,740,621 shares of the company’s stock, valued at $23,916,132.54. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Joanna Coles sold 5,631 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $17.00, for a total value of $95,727.00. Following the completion of the sale, the director now directly owns 77,893 shares in the company, valued at $1,324,181. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,729,278 shares of company stock worth $96,229,935.

SNAP has been the subject of a number of research analyst reports. Royal Bank of Canada reiterated a “buy” rating and issued a $20.00 price target on shares of Snap in a research note on Wednesday, July 24th. SunTrust Banks increased their price target on Snap from $11.00 to $17.00 and gave the company a “hold” rating in a research note on Wednesday, July 24th. Evercore ISI upgraded Snap from an “in-line” rating to an “outperform” rating and raised their price objective for the stock from $18.00 to $20.00 in a research note on Tuesday, September 3rd. Jefferies Financial Group raised their price objective on Snap from $13.00 to $18.00 and gave the stock a “hold” rating in a research note on Wednesday, July 24th. They noted that the move was a valuation call. Finally, Rosenblatt Securities assumed coverage on Snap in a research note on Tuesday, July 23rd. They issued a “buy” rating and a $18.00 price objective for the company. Two analysts have rated the stock with a sell rating, nineteen have issued a hold rating and fourteen have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $15.38.

Snap 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 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 surfacing the stories and shows 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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