Snap Inc. (NYSE:SNAP) Holdings Lowered by Cinctive Capital Management LP

Cinctive Capital Management LP lowered its stake in Snap Inc. (NYSE:SNAP) by 51.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 772,155 shares of the company’s stock after selling 816,398 shares during the quarter. Cinctive Capital Management LP’s holdings in Snap were worth $8,262,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. Clearline Capital LP boosted its holdings in shares of Snap by 2,337.6% in the third quarter. Clearline Capital LP now owns 551,206 shares of the company’s stock worth $5,898,000 after buying an additional 528,593 shares during the period. Founders Fund VI Management LLC purchased a new stake in shares of Snap in the 3rd quarter valued at approximately $97,000. TRUE Private Wealth Advisors boosted its stake in Snap by 3.5% in the 3rd quarter. TRUE Private Wealth Advisors now owns 51,941 shares of the company’s stock worth $556,000 after purchasing an additional 1,749 shares during the period. Circle Wealth Management LLC purchased a new position in Snap during the 3rd quarter worth approximately $325,000. Finally, PDT Partners LLC grew its position in Snap by 87.9% during the 3rd quarter. PDT Partners LLC now owns 528,303 shares of the company’s stock worth $5,653,000 after purchasing an additional 247,175 shares in the last quarter. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Analyst Ratings Changes

SNAP has been the subject of several recent analyst reports. Cantor Fitzgerald raised their target price on Snap from $8.00 to $9.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Argus upgraded Snap to a “hold” rating in a research report on Thursday, August 8th. UBS Group upped their target price on Snap from $12.00 to $13.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. B. Riley raised their price target on shares of Snap from $11.00 to $12.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Finally, Wells Fargo & Company lowered their price objective on shares of Snap from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Friday, October 4th. One equities research analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Snap has a consensus rating of “Hold” and an average price target of $14.33.

Insider Activity

In other Snap news, Director Joanna Coles sold 6,434 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $12.00, for a total value of $77,208.00. Following the completion of the transaction, the director now owns 54,761 shares of the company’s stock, valued at $657,132. This represents a 10.51 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Robert C. Murphy sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $12.50, for a total value of $12,500,000.00. Following the completion of the sale, the chief technology officer now owns 57,210,989 shares of the company’s stock, valued at $715,137,362.50. This represents a 1.72 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,388,709 shares of company stock valued at $16,448,087. 22.68% of the stock is owned by company insiders.

Snap Stock Up 1.7 %

SNAP stock opened at $11.81 on Monday. The stock has a market capitalization of $19.81 billion, a price-to-earnings ratio of -20.36 and a beta of 0.99. The company has a 50-day moving average of $11.04 and a two-hundred day moving average of $12.29. Snap Inc. has a 52-week low of $8.29 and a 52-week high of $17.90. The company has a debt-to-equity ratio of 1.63, a current ratio of 4.04 and a quick ratio of 4.04.

Snap (NYSE:SNAP) last announced its earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.03. The firm had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.36 billion. Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. The firm’s revenue for the quarter was up 15.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.21) EPS. As a group, equities research analysts anticipate that Snap Inc. will post -0.4 EPS for the current year.

Snap Profile

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.