Russell Investments Group Ltd. Has $2.43 Million Stock Holdings in Snap Inc. $SNAP

Russell Investments Group Ltd. trimmed its stake in shares of Snap Inc. (NYSE:SNAP) by 85.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 279,332 shares of the company’s stock after selling 1,650,873 shares during the quarter. Russell Investments Group Ltd.’s holdings in Snap were worth $2,429,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the stock. Signaturefd LLC increased its position in Snap by 169.9% during the 2nd quarter. Signaturefd LLC now owns 2,942 shares of the company’s stock valued at $26,000 after purchasing an additional 1,852 shares during the period. Quarry LP bought a new stake in shares of Snap in the 1st quarter valued at $34,000. Itau Unibanco Holding S.A. acquired a new stake in shares of Snap during the first quarter worth $35,000. Wealth Preservation Advisors LLC bought a new position in Snap during the first quarter worth $44,000. Finally, S Bank Fund Management Ltd acquired a new position in Snap in the first quarter valued at $53,000. 47.52% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

SNAP has been the subject of a number of recent analyst reports. Piper Sandler increased their price target on Snap from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, November 6th. Cantor Fitzgerald raised their target price on Snap from $7.00 to $9.00 and gave the stock a “neutral” rating in a research note on Thursday, November 6th. UBS Group boosted their price target on Snap from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Thursday, November 6th. BMO Capital Markets increased their price target on Snap from $12.00 to $13.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. Finally, Morgan Stanley lowered their price objective on shares of Snap from $8.50 to $8.00 and set an “equal weight” rating for the company in a research note on Monday, October 20th. Three investment analysts have rated the stock with a Buy rating, twenty-four have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $9.85.

Snap Trading Down 1.2%

Shares of Snap stock opened at $7.94 on Wednesday. The stock has a market capitalization of $13.64 billion, a PE ratio of -27.36 and a beta of 0.85. Snap Inc. has a 52 week low of $6.90 and a 52 week high of $13.28. The stock has a 50 day moving average price of $7.96 and a two-hundred day moving average price of $8.18. The company has a debt-to-equity ratio of 1.57, a quick ratio of 3.67 and a current ratio of 3.67.

Snap (NYSE:SNAP) last issued its earnings results on Thursday, November 6th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.12). Snap had a negative return on equity of 21.61% and a negative net margin of 8.60%.The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same period in the previous year, the company earned ($0.09) earnings per share. Snap’s revenue for the quarter was up 9.8% compared to the same quarter last year. As a group, equities analysts anticipate that Snap Inc. will post -0.3 earnings per share for the current fiscal year.

Insider Buying and Selling at Snap

In other news, General Counsel Michael J. O’sullivan sold 70,882 shares of the business’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $8.34, for a total transaction of $591,155.88. Following the completion of the sale, the general counsel directly owned 1,854,982 shares of the company’s stock, valued at $15,470,549.88. The trade was a 3.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Derek Andersen sold 62,868 shares of the firm’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $8.34, for a total transaction of $524,319.12. Following the completion of the transaction, the chief financial officer directly owned 3,030,301 shares in the company, valued at approximately $25,272,710.34. The trade was a 2.03% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,426,728 shares of company stock valued at $11,458,580 over the last three months.

About Snap

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.