Invenomic Capital Management LP Cuts Stock Holdings in Snap Inc. $SNAP

Invenomic Capital Management LP lowered its stake in Snap Inc. (NYSE:SNAP) by 34.7% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,575,633 shares of the company’s stock after selling 839,030 shares during the quarter. Invenomic Capital Management LP’s holdings in Snap were worth $12,148,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in SNAP. Junto Capital Management LP purchased a new stake in shares of Snap in the third quarter worth about $29,071,000. Holocene Advisors LP grew its holdings in Snap by 895.9% during the 3rd quarter. Holocene Advisors LP now owns 3,560,234 shares of the company’s stock valued at $27,449,000 after buying an additional 3,202,737 shares in the last quarter. Freestone Grove Partners LP bought a new stake in Snap in the 3rd quarter worth approximately $10,375,000. Dimensional Fund Advisors LP increased its stake in Snap by 27.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 6,117,858 shares of the company’s stock worth $47,224,000 after acquiring an additional 1,335,830 shares during the last quarter. Finally, Contrarius Group Holdings Ltd purchased a new stake in shares of Snap during the 3rd quarter worth approximately $10,256,000. 47.52% of the stock is owned by institutional investors.

Insider Transactions at Snap

In related news, CAO Rebecca Morrow sold 16,499 shares of the stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $4.70, for a total value of $77,545.30. Following the transaction, the chief accounting officer owned 466,682 shares of the company’s stock, valued at $2,193,405.40. This represents a 3.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ajit Mohan sold 119,339 shares of the stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $4.70, for a total value of $560,893.30. Following the transaction, the insider directly owned 5,158,477 shares in the company, valued at $24,244,841.90. The trade was a 2.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 2,519,487 shares of company stock valued at $13,384,277 in the last ninety days.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on SNAP shares. Morgan Stanley lowered their price objective on shares of Snap from $9.50 to $6.50 and set an “equal weight” rating for the company in a research report on Sunday, February 22nd. Cantor Fitzgerald reduced their price objective on Snap from $9.00 to $7.00 and set a “neutral” rating on the stock in a research note on Thursday, February 5th. Susquehanna decreased their price objective on Snap from $9.00 to $6.50 and set a “neutral” rating on the stock in a research report on Thursday, February 5th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $8.00 target price on shares of Snap in a report on Thursday, February 5th. Finally, JPMorgan Chase & Co. cut their target price on Snap from $8.00 to $7.00 and set an “underweight” rating on the stock in a research report on Thursday, February 5th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $8.17.

Snap Trading Down 1.7%

NYSE SNAP opened at $4.57 on Monday. The stock has a market cap of $7.72 billion, a PE ratio of -16.94 and a beta of 0.83. Snap Inc. has a 12 month low of $4.52 and a 12 month high of $10.41. The company’s 50-day moving average price is $6.21 and its 200-day moving average price is $7.27. The company has a current ratio of 3.56, a quick ratio of 3.56 and a debt-to-equity ratio of 1.53.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Wednesday, February 4th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.12). The company had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.70 billion. Snap had a negative net margin of 7.76% and a negative return on equity of 20.72%. The company’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.01 EPS. Equities research analysts forecast that Snap Inc. will post -0.3 earnings per share for the current year.

Snap Profile

Snap Inc is a camera and social media company best known for developing and operating Snapchat, a multimedia messaging application that allows users to send photos, videos and messages that disappear after being viewed. In addition to its core messaging service, Snap offers a suite of augmented reality (AR) tools, including custom Lenses and Filters, that enable users and third-party developers to create interactive and immersive experiences. The company also provides advertising solutions that allow brands to engage audiences through Snap Ads, Sponsored Lenses and Discover content on the platform.

Founded in 2011 by Evan Spiegel and Bobby Murphy, Snap has continually focused on innovation in camera technology and AR.