Curated Wealth Partners LLC Buys 459,704 Shares of Snap Inc. $SNAP

Curated Wealth Partners LLC lifted its holdings in Snap Inc. (NYSE:SNAP) by 540.0% in the third quarter, HoldingsChannel reports. The firm owned 544,828 shares of the company’s stock after purchasing an additional 459,704 shares during the quarter. Curated Wealth Partners LLC’s holdings in Snap were worth $2,942,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. Empyrean Capital Partners LP purchased a new stake in shares of Snap in the 1st quarter worth $25,300,000. Saba Capital Management L.P. increased its position in shares of Snap by 232.5% during the first quarter. Saba Capital Management L.P. now owns 4,727,808 shares of the company’s stock worth $21,748,000 after purchasing an additional 3,306,024 shares in the last quarter. SG Americas Securities LLC raised its stake in Snap by 44.7% in the first quarter. SG Americas Securities LLC now owns 4,535,783 shares of the company’s stock valued at $20,865,000 after buying an additional 1,401,178 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of Snap by 1,191.8% in the 2nd quarter. Assenagon Asset Management S.A. now owns 3,903,141 shares of the company’s stock valued at $17,330,000 after purchasing an additional 3,601,002 shares during the last quarter. Finally, Swiss National Bank increased its stake in Snap by 7.1% during the 1st quarter. Swiss National Bank now owns 3,160,100 shares of the company’s stock valued at $14,536,000 after purchasing an additional 209,900 shares in the last quarter. Institutional investors own 47.52% of the company’s stock.

Snap Trading Up 1.2%

Shares of NYSE SNAP traded up $0.07 during mid-day trading on Thursday, reaching $6.17. 13,796,656 shares of the company’s stock were exchanged, compared to its average volume of 45,503,605. The firm has a market capitalization of $10.44 billion, a price-to-earnings ratio of -34.30 and a beta of 1.07. Snap Inc. has a 52-week low of $3.81 and a 52-week high of $9.13. The company’s 50-day moving average is $5.55 and its 200-day moving average is $5.32. The company has a debt-to-equity ratio of 1.75, a quick ratio of 2.94 and a current ratio of 2.94.

Snap (NYSE:SNAP) last posted its earnings results on Monday, August 3rd. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.02. Snap had a negative net margin of 4.90% and a negative return on equity of 14.61%. The firm had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter last year, the firm earned ($0.16) EPS. The firm’s revenue for the quarter was up 18.9% on a year-over-year basis. Analysts expect that Snap Inc. will post -0.02 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SNAP has been the subject of several recent research reports. Piper Sandler reissued a “neutral” rating on shares of Snap in a report on Tuesday, August 4th. Wall Street Zen lowered shares of Snap from a “buy” rating to a “hold” rating in a report on Saturday, September 12th. The Goldman Sachs Group restated a “neutral” rating and set a $6.50 price target on shares of Snap in a research report on Tuesday, August 4th. Rosenblatt Securities cut their price objective on Snap from $6.40 to $6.00 and set a “neutral” rating for the company in a research note on Tuesday, August 4th. Finally, Freedom Capital raised Snap from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty-three have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $7.68.

Insider Buying and Selling at Snap

In other Snap news, CFO Douglas Hott sold 131,884 shares of the stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $5.20, for a total value of $685,796.80. Following the sale, the chief financial officer owned 2,324,563 shares of the company’s stock, valued at $12,087,727.60. This trade represents a 5.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Ajit Mohan sold 6,797 shares of Snap stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $5.82, for a total transaction of $39,558.54. Following the completion of the transaction, the insider owned 4,965,300 shares of the company’s stock, valued at $28,898,046. This represents a 0.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 2,445,926 shares of company stock valued at $13,426,930. Corporate insiders own 22.68% of the company’s stock.

Snap Company Profile

Snap Inc is a technology and social media company best known for Snapchat, a visual communication platform that enables users to share photos, videos, messages and other content. Snapchat includes features such as Stories, Spotlight for short-form video, Snap Map, augmented reality (AR) Lenses and Bitmoji digital avatars.

The company primarily generates revenue through digital advertising, including advertising formats integrated into Snapchat’s content and communication experiences. Snap also offers subscription services through Snapchat+, develops AR-related products and services, and has introduced hardware products such as Spectacles, smart glasses designed to support augmented reality experiences.

Founded in 2011, the company was initially known as Snapchat Inc and adopted the name Snap Inc in 2016.