Seven Eight Capital LP Has $3.08 Million Holdings in Snap Inc. (NYSE:SNAP)

Seven Eight Capital LP trimmed its holdings in Snap Inc. (NYSE:SNAP) by 53.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 185,326 shares of the company’s stock after selling 216,460 shares during the period. Seven Eight Capital LP’s holdings in Snap were worth $3,078,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Snap by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 96,148,590 shares of the company’s stock valued at $1,103,786,000 after purchasing an additional 830,889 shares during the period. SRS Investment Management LLC boosted its holdings in shares of Snap by 23.6% in the fourth quarter. SRS Investment Management LLC now owns 65,114,732 shares of the company’s stock valued at $1,102,392,000 after buying an additional 12,452,415 shares during the period. Capital World Investors increased its position in shares of Snap by 0.8% during the first quarter. Capital World Investors now owns 46,272,273 shares of the company’s stock worth $531,206,000 after acquiring an additional 385,191 shares in the last quarter. Ossiam raised its holdings in shares of Snap by 7.1% during the first quarter. Ossiam now owns 11,334,804 shares of the company’s stock worth $130,124,000 after acquiring an additional 751,846 shares during the period. Finally, Carmignac Gestion bought a new stake in Snap in the 4th quarter valued at $110,103,000. 47.52% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SNAP has been the subject of a number of research reports. Cantor Fitzgerald assumed coverage on Snap in a report on Thursday, September 5th. They set a “neutral” rating and a $8.00 target price for the company. Morgan Stanley raised Snap from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $12.00 to $16.00 in a research report on Tuesday, July 23rd. Susquehanna reduced their price target on Snap from $15.00 to $12.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. JPMorgan Chase & Co. decreased their price target on shares of Snap from $13.00 to $11.00 and set an “underweight” rating for the company in a research note on Friday, August 2nd. Finally, Wolfe Research began coverage on shares of Snap in a research report on Tuesday, July 16th. They issued a “peer perform” rating on the stock. One equities research analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $13.87.

Snap Stock Performance

NYSE SNAP opened at $9.43 on Wednesday. The stock has a market cap of $15.47 billion, a PE ratio of -11.64 and a beta of 1.01. The company has a debt-to-equity ratio of 1.74, a quick ratio of 3.98 and a current ratio of 3.98. The firm has a 50-day moving average of $10.97 and a 200-day moving average of $12.85. Snap Inc. has a 52-week low of $8.28 and a 52-week high of $17.90.

Snap (NYSE:SNAP) last issued its quarterly earnings data on Thursday, August 1st. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.02. Snap had a negative net margin of 23.49% and a negative return on equity of 42.84%. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.25 billion. On average, sell-side analysts anticipate that Snap Inc. will post -0.48 EPS for the current year.

Insider Buying and Selling

In other Snap news, CTO Robert C. Murphy sold 1,000,000 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $8.69, for a total value of $8,690,000.00. Following the transaction, the chief technology officer now directly owns 58,553,813 shares of the company’s stock, valued at approximately $508,832,634.97. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Snap news, CAO Rebecca Morrow sold 8,923 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $9.10, for a total transaction of $81,199.30. Following the transaction, the chief accounting officer now owns 472,405 shares in the company, valued at approximately $4,298,885.50. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CTO Robert C. Murphy sold 1,000,000 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $8.69, for a total value of $8,690,000.00. Following the sale, the chief technology officer now directly owns 58,553,813 shares in the company, valued at $508,832,634.97. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,352,420 shares of company stock valued at $12,091,682. Insiders own 22.68% of the company’s stock.

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.