CNB Bank Sells 1,350 Shares of Snap Inc. (NYSE:SNAP)

CNB Bank reduced its holdings in Snap Inc. (NYSE:SNAP) by 41.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,942 shares of the company’s stock after selling 1,350 shares during the quarter. CNB Bank’s holdings in Snap were worth $33,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the business. Wellington Management Group LLP grew its holdings in shares of Snap by 95.8% during the first quarter. Wellington Management Group LLP now owns 17,811,242 shares of the company’s stock worth $641,028,000 after buying an additional 8,712,380 shares in the last quarter. Alliancebernstein L.P. grew its holdings in shares of Snap by 877.9% during the second quarter. Alliancebernstein L.P. now owns 3,844,254 shares of the company’s stock worth $45,516,000 after buying an additional 3,451,146 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of Snap during the first quarter worth about $104,868,000. Capital International Investors grew its holdings in shares of Snap by 96.8% during the first quarter. Capital International Investors now owns 5,263,312 shares of the company’s stock worth $189,427,000 after buying an additional 2,588,200 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in Snap by 1.5% during the third quarter. Vanguard Group Inc. now owns 91,814,471 shares of the company’s stock valued at $818,067,000 after purchasing an additional 1,352,655 shares during the last quarter. 47.52% of the stock is currently owned by institutional investors.

Snap Price Performance

Snap stock traded down $0.47 during mid-day trading on Friday, reaching $11.16. 30,405,552 shares of the company were exchanged, compared to its average volume of 20,785,288. The company has a fifty day simple moving average of $11.21 and a 200-day simple moving average of $12.72. Snap Inc. has a 12 month low of $7.86 and a 12 month high of $17.90. The company has a debt-to-equity ratio of 1.55, a current ratio of 4.39 and a quick ratio of 4.39. The firm has a market cap of $18.42 billion, a PE ratio of -13.46 and a beta of 1.13.

Snap (NYSE:SNAP) last posted its quarterly earnings data on Tuesday, February 6th. The company reported ($0.12) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.04. Snap had a negative return on equity of 47.47% and a negative net margin of 28.71%. The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.39 billion. As a group, equities research analysts expect that Snap Inc. will post -0.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Snap news, SVP Eric Young sold 120,472 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $11.13, for a total transaction of $1,340,853.36. Following the transaction, the senior vice president now owns 3,540,852 shares in the company, valued at approximately $39,409,682.76. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, SVP Eric Young sold 120,472 shares of Snap stock in a transaction on Friday, February 16th. The stock was sold at an average price of $11.13, for a total value of $1,340,853.36. Following the transaction, the senior vice president now owns 3,540,852 shares in the company, valued at approximately $39,409,682.76. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, General Counsel Michael J. O’sullivan sold 13,000 shares of Snap stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $16.16, for a total value of $210,080.00. Following the completion of the transaction, the general counsel now owns 461,005 shares in the company, valued at approximately $7,449,840.80. The disclosure for this sale can be found here. Insiders have sold a total of 470,482 shares of company stock worth $5,284,091 in the last 90 days. Company insiders own 22.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on SNAP shares. Deutsche Bank Aktiengesellschaft raised Snap from a “hold” rating to a “buy” rating and increased their price target for the company from $10.00 to $19.00 in a research report on Friday, January 26th. The Goldman Sachs Group reduced their price target on Snap from $15.00 to $13.50 and set a “neutral” rating for the company in a research report on Thursday, February 8th. Piper Sandler increased their price target on Snap from $12.00 to $17.00 and gave the company a “neutral” rating in a research report on Wednesday, January 17th. Wells Fargo & Company reduced their price target on Snap from $22.00 to $16.00 and set an “overweight” rating for the company in a research report on Wednesday, February 7th. Finally, BMO Capital Markets cut their price objective on Snap from $22.00 to $20.00 and set an “outperform” rating for the company in a research report on Wednesday, February 7th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $13.86.

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.