Snap Inc. $SNAP Stock Sold by Vontobel Holding Ltd.

Vontobel Holding Ltd. lessened its position in shares of Snap Inc. (NYSE:SNAP) by 42.6% during the third quarter, HoldingsChannel reports. The institutional investor owned 242,967 shares of the company’s stock after selling 180,186 shares during the quarter. Vontobel Holding Ltd.’s holdings in Snap were worth $1,312,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. lifted its stake in Snap by 278.5% in the third quarter. Assenagon Asset Management S.A. now owns 14,771,533 shares of the company’s stock valued at $79,766,000 after buying an additional 10,868,392 shares during the last quarter. Empyrean Capital Partners LP purchased a new position in shares of Snap during the first quarter worth approximately $25,300,000. Saba Capital Management L.P. grew 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 acquiring an additional 3,306,024 shares during the last quarter. SG Americas Securities LLC increased its holdings in shares of Snap by 44.7% in the 1st quarter. SG Americas Securities LLC now owns 4,535,783 shares of the company’s stock valued at $20,865,000 after acquiring an additional 1,401,178 shares during the period. Finally, Riposte Capital LLC acquired a new position in shares of Snap in the 1st quarter valued at $5,520,000. Institutional investors and hedge funds own 47.52% of the company’s stock.

Insider Buying and Selling

In other Snap news, insider Ajit Mohan sold 6,797 shares of the business’s 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 transaction, the insider owned 4,965,300 shares in the company, valued at approximately $28,898,046. The trade was a 0.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Zachary Briers sold 11,257 shares of the stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $6.00, for a total value of $67,542.00. Following the transaction, the general counsel directly owned 2,345,534 shares of the company’s stock, valued at approximately $14,073,204. This trade represents a 0.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 2,445,926 shares of company stock worth $13,426,930 in the last three months.

Analysts Set New Price Targets

SNAP has been the subject of several research reports. Zacks Research upgraded shares of Snap from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 1st. Stifel Nicolaus set a $7.50 price objective on shares of Snap in a research report on Tuesday, August 4th. Cantor Fitzgerald raised their price objective on shares of Snap from $5.00 to $6.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 4th. Citigroup lifted their price objective on shares of Snap from $6.50 to $6.75 and gave the company a “neutral” rating in a research note on Tuesday, August 4th. Finally, Truist Financial reduced their target price on shares of Snap from $8.00 to $7.00 and set a “hold” rating for the company in a report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twenty-three have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Snap currently has an average rating of “Hold” and an average price target of $7.68.

Snap Trading Up 2.5%

Shares of NYSE:SNAP opened at $6.29 on Tuesday. Snap Inc. has a fifty-two week low of $3.81 and a fifty-two week high of $9.13. The company has a quick ratio of 2.94, a current ratio of 2.94 and a debt-to-equity ratio of 1.75. The firm’s 50-day simple moving average is $5.61 and its 200-day simple moving average is $5.36.

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

About Snap

Snap Inc is a technology and social media company best known for Snapchat, a visual messaging and social networking application. Snapchat enables users to communicate through photos, videos, messages and Stories, while offering creative tools such as augmented reality (AR) Lenses and filters. The platform also includes features such as Snap Map, Spotlight and content from publishers and creators.

Snap generates most of its revenue from digital advertising, including video, augmented reality and other advertising formats delivered across Snapchat.