Wetherby Asset Management Inc. Acquires New Stake in Snap Inc (SNAP)

Wetherby Asset Management Inc. acquired a new position in shares of Snap Inc (NYSE:SNAP) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 16,860 shares of the company’s stock, valued at approximately $246,000.

Other hedge funds also recently modified their holdings of the company. State Treasurer State of Michigan bought a new stake in shares of Snap during the third quarter worth $15,714,000. Hodges Capital Management Inc. bought a new stake in shares of Snap during the third quarter worth $7,997,000. Lehman Financial Resources Inc. bought a new stake in shares of Snap during the third quarter worth $3,275,000. TB Alternative Assets Ltd. increased its position in shares of Snap by 117.1% during the fourth quarter. TB Alternative Assets Ltd. now owns 546,600 shares of the company’s stock worth $7,986,000 after acquiring an additional 294,800 shares in the last quarter. Finally, California Public Employees Retirement System bought a new stake in shares of Snap during the third quarter worth $1,576,000. 18.24% of the stock is owned by institutional investors.

Shares of Snap Inc (NYSE:SNAP) opened at $19.08 on Wednesday. The company has a market cap of $24,957.37 and a price-to-earnings ratio of -5.74. Snap Inc has a 12 month low of $11.28 and a 12 month high of $29.44.

Several brokerages have recently issued reports on SNAP. Vetr downgraded shares of Snap from a “strong-buy” rating to a “buy” rating and set a $20.88 price objective for the company. in a research report on Wednesday. Royal Bank of Canada raised shares of Snap from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, February 7th. Citigroup downgraded shares of Snap from a “neutral” rating to a “sell” rating and set a $13.00 price objective for the company. in a research report on Tuesday. Wedbush reissued a “hold” rating and set a $12.50 price objective on shares of Snap in a research report on Wednesday, February 7th. Finally, ValuEngine raised shares of Snap from a “sell” rating to a “hold” rating in a research report on Saturday. Fifteen investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and fifteen have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $18.10.

In other news, General Counsel Michael J. O’sullivan sold 9,248 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $20.25, for a total transaction of $187,272.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Andrew Vollero sold 70,566 shares of the firm’s stock in a transaction dated Monday, December 18th. The stock was sold at an average price of $16.09, for a total transaction of $1,135,406.94. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,194,101 shares of company stock valued at $92,145,713.

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Snap Company Profile

Snap Inc, formerly Snapchat, Inc, is a camera company. The Company’s flagship product, Snapchat, is a camera application that helps people to communicate through short videos and images known as a Snap. The Company offers three ways for people to make Snaps: the Snapchat application, Publishers Tools that help its partners to create Publisher Stories, and Spectacles, its sunglasses that make Snaps.

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Institutional Ownership by Quarter for Snap (NYSE:SNAP)

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