Saba Capital Management L.P. Acquires 3,306,024 Shares of Snap Inc. $SNAP

Saba Capital Management L.P. grew its stake in Snap Inc. (NYSE:SNAP) by 232.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,727,808 shares of the company’s stock after purchasing an additional 3,306,024 shares during the quarter. Snap comprises approximately 0.6% of Saba Capital Management L.P.’s holdings, making the stock its 26th largest holding. Saba Capital Management L.P. owned 0.28% of Snap worth $21,748,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. OMERS ADMINISTRATION Corp increased its holdings in Snap by 14.8% in the first quarter. OMERS ADMINISTRATION Corp now owns 219,761 shares of the company’s stock valued at $1,011,000 after purchasing an additional 28,300 shares during the last quarter. Lombard Odier Asset Management Switzerland SA acquired a new position in Snap in the first quarter valued at about $62,000. Lombard Odier Asset Management USA Corp bought a new position in Snap during the first quarter worth about $166,000. GABELLI & Co INVESTMENT ADVISERS INC. bought a new position in Snap during the first quarter worth about $368,000. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Snap during the 1st quarter worth about $82,000. 47.52% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SNAP has been the subject of a number of recent analyst reports. TD Cowen assumed coverage on Snap in a research note on Monday, April 27th. They issued a “buy” rating for the company. Sanford C. Bernstein restated a “market perform” rating and set a $5.00 price objective on shares of Snap in a report on Tuesday, July 21st. Piper Sandler reaffirmed a “neutral” rating on shares of Snap in a research note on Wednesday, June 17th. The Goldman Sachs Group cut their target price on shares of Snap from $7.00 to $6.00 and set a “neutral” rating on the stock in a report on Wednesday, July 8th. Finally, BMO Capital Markets increased their target price on shares of Snap from $13.00 to $15.00 and gave the stock an “outperform” rating in a report on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $7.23.

Insider Transactions at Snap

In other Snap news, CFO Douglas Hott sold 114,702 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $5.67, for a total value of $650,360.34. Following the sale, the chief financial officer owned 2,456,447 shares in the company, valued at approximately $13,928,054.49. The trade was a 4.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Rebecca Morrow sold 16,729 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.60, for a total value of $93,682.40. Following the transaction, the chief accounting officer directly owned 512,811 shares of the company’s stock, valued at approximately $2,871,741.60. This trade represents a 3.16% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 2,868,059 shares of company stock worth $15,855,631. Corporate insiders own 22.68% of the company’s stock.

Snap Price Performance

SNAP stock opened at $4.53 on Tuesday. The stock has a 50-day moving average price of $5.04 and a two-hundred day moving average price of $5.47. Snap Inc. has a 1 year low of $3.81 and a 1 year high of $9.90. The stock has a market cap of $7.64 billion, a PE ratio of -18.85 and a beta of 1.05. The company has a current ratio of 3.53, a quick ratio of 3.53 and a debt-to-equity ratio of 1.67.

Snap (NYSE:SNAP) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.14). The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.53 billion. Snap had a negative net margin of 6.72% and a negative return on equity of 18.92%. The business’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same quarter last year, the firm earned ($0.08) earnings per share. Equities analysts forecast that Snap Inc. will post -0.07 EPS for the current fiscal year.

About Snap

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.