Westpac Banking Corp Reduces Stock Position in Snap Inc. (NYSE:SNAP)

Westpac Banking Corp lowered its position in Snap Inc. (NYSE:SNAP) by 13.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,594 shares of the company’s stock after selling 4,474 shares during the period. Westpac Banking Corp’s holdings in Snap were worth $308,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Bryce Point Capital LLC purchased a new stake in Snap during the fourth quarter worth $577,000. Trexquant Investment LP raised its stake in shares of Snap by 90.6% during the 4th quarter. Trexquant Investment LP now owns 1,164,286 shares of the company’s stock worth $12,539,000 after buying an additional 553,504 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Snap by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 11,831,472 shares of the company’s stock worth $127,078,000 after buying an additional 134,017 shares in the last quarter. National Bank of Canada FI grew its stake in Snap by 32.2% in the 4th quarter. National Bank of Canada FI now owns 20,302 shares of the company’s stock valued at $219,000 after acquiring an additional 4,944 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new position in Snap during the 4th quarter valued at about $21,639,000. Institutional investors and hedge funds own 47.52% of the company’s stock.

Insider Activity

In other news, General Counsel Michael J. O’sullivan sold 18,000 shares of the stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $11.49, for a total transaction of $206,820.00. Following the completion of the transaction, the general counsel now directly owns 480,498 shares in the company, valued at approximately $5,520,922.02. This represents a 3.61 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Rebecca Morrow sold 8,837 shares of Snap stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $10.84, for a total transaction of $95,793.08. Following the completion of the sale, the chief accounting officer now owns 429,892 shares of the company’s stock, valued at approximately $4,660,029.28. This trade represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,356,523 shares of company stock worth $12,710,077 over the last ninety days. Corporate insiders own 22.68% of the company’s stock.

Snap Stock Up 0.4 %

NYSE SNAP opened at $8.06 on Friday. The company has a quick ratio of 3.95, a current ratio of 3.95 and a debt-to-equity ratio of 1.47. Snap Inc. has a fifty-two week low of $7.66 and a fifty-two week high of $17.33. The business has a 50 day moving average price of $9.95 and a two-hundred day moving average price of $10.77. The stock has a market cap of $13.66 billion, a PE ratio of -19.18 and a beta of 0.92.

Snap (NYSE:SNAP) last announced its earnings results on Tuesday, February 4th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.13). Snap had a negative net margin of 13.02% and a negative return on equity of 25.67%. As a group, sell-side analysts predict that Snap Inc. will post -0.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on SNAP shares. BMO Capital Markets reaffirmed an “outperform” rating and issued a $16.00 price target (down previously from $18.00) on shares of Snap in a report on Wednesday, January 15th. Guggenheim reissued a “neutral” rating on shares of Snap in a report on Wednesday. JPMorgan Chase & Co. decreased their price objective on Snap from $11.00 to $10.00 and set an “underweight” rating on the stock in a research note on Wednesday, February 5th. Wells Fargo & Company cut their target price on shares of Snap from $11.00 to $9.00 and set an “equal weight” rating for the company in a research note on Monday, March 31st. Finally, Citizens Jmp raised shares of Snap from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 28th. One equities research analyst has rated the stock with a sell rating, twenty-four have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $36.80.

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.