Snap Inc. (NYSE:SNAP) Shares Bought by West Tower Group LLC

West Tower Group LLC boosted its holdings in shares of Snap Inc. (NYSE:SNAP) by 233.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,000 shares of the company’s stock after acquiring an additional 7,000 shares during the quarter. West Tower Group LLC’s holdings in Snap were worth $107,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. V Square Quantitative Management LLC purchased a new position in shares of Snap during the third quarter worth $29,000. Paladin Wealth LLC purchased a new position in shares of Snap during the third quarter worth $30,000. Advisors Asset Management Inc. boosted its position in shares of Snap by 141.9% during the third quarter. Advisors Asset Management Inc. now owns 2,782 shares of the company’s stock worth $30,000 after buying an additional 1,632 shares during the period. Hollencrest Capital Management purchased a new position in shares of Snap during the second quarter worth $33,000. Finally, Blue Trust Inc. boosted its position in shares of Snap by 354.1% during the second quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock worth $36,000 after buying an additional 1,682 shares during the period. 47.52% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Snap

In related news, SVP Eric Young sold 50,000 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $10.54, for a total value of $527,000.00. Following the completion of the transaction, the senior vice president now owns 752,110 shares of the company’s stock, valued at approximately $7,927,239.40. The trade was a 6.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Derek Andersen sold 97,608 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $9.29, for a total transaction of $906,778.32. Following the completion of the transaction, the chief financial officer now directly owns 2,287,970 shares of the company’s stock, valued at $21,255,241.30. The trade was a 4.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,406,709 shares of company stock valued at $16,615,487 in the last 90 days.

Snap Trading Up 1.5 %

NYSE:SNAP opened at $11.59 on Tuesday. The company has a market capitalization of $19.44 billion, a PE ratio of -19.98 and a beta of 0.99. The company has a quick ratio of 4.04, a current ratio of 4.04 and a debt-to-equity ratio of 1.63. Snap Inc. has a 52-week low of $8.29 and a 52-week high of $17.90. The stock has a fifty day simple moving average of $10.85 and a 200-day simple moving average of $12.44.

Snap (NYSE:SNAP) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.03. The business had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.36 billion. Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. The business’s revenue was up 15.4% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.21) EPS. On average, equities research analysts expect that Snap Inc. will post -0.4 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Piper Sandler reiterated a “neutral” rating and issued a $13.00 target price (up from $12.00) on shares of Snap in a report on Wednesday, October 30th. Evercore ISI lifted their target price on Snap from $12.00 to $15.00 and gave the company an “in-line” rating in a report on Wednesday, October 30th. JMP Securities decreased their price target on Snap from $17.00 to $16.00 and set a “market outperform” rating for the company in a report on Wednesday, October 30th. Canaccord Genuity Group lifted their price target on Snap from $12.00 to $13.00 and gave the stock a “hold” rating in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. reduced their target price on Snap from $13.00 to $11.00 and set an “underweight” rating for the company in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Snap currently has a consensus rating of “Hold” and an average target price of $14.31.

Snap Company Profile

Snap Inc operates as a technology company in North America, Europe, and internationally. The company offers Snapchat, a visual messaging application with various tabs, such as camera, visual messaging, snap map, stories, and spotlight that enable people to communicate visually through short videos and images.