APG Asset Management N.V. reduced its position in shares of Snap Inc. (NYSE:SNAP) by 5.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,349,352 shares of the company’s stock after selling 82,550 shares during the period. APG Asset Management N.V. owned 0.09% of Snap worth $77,532,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. New York State Common Retirement Fund raised its stake in Snap by 15,473.8% during the 1st quarter. New York State Common Retirement Fund now owns 233,918 shares of the company’s stock valued at $12,232,000 after purchasing an additional 232,416 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its stake in Snap by 31.6% during the 1st quarter. Mercer Global Advisors Inc. ADV now owns 11,179 shares of the company’s stock valued at $585,000 after purchasing an additional 2,687 shares during the last quarter. Quilter Plc acquired a new position in Snap during the 1st quarter valued at $269,000. Y Intercept Hong Kong Ltd acquired a new position in Snap during the 1st quarter valued at $308,000. Finally, Prudential Financial Inc. raised its stake in Snap by 23.8% during the 1st quarter. Prudential Financial Inc. now owns 23,500 shares of the company’s stock valued at $1,229,000 after purchasing an additional 4,519 shares during the last quarter. 52.55% of the stock is owned by institutional investors and hedge funds.
In other news, CAO Rebecca Morrow sold 8,774 shares of the firm’s stock in a transaction that occurred on Friday, July 16th. The shares were sold at an average price of $58.70, for a total transaction of $515,033.80. Following the completion of the transaction, the chief accounting officer now directly owns 252,822 shares of the company’s stock, valued at approximately $14,840,651.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jeremi Gorman sold 15,239 shares of the firm’s stock in a transaction that occurred on Monday, July 19th. The stock was sold at an average price of $58.34, for a total transaction of $889,043.26. The disclosure for this sale can be found here. Insiders have sold a total of 4,191,708 shares of company stock worth $316,728,536 over the last 90 days.
Snap (NYSE:SNAP) last announced its earnings results on Thursday, July 22nd. The company reported $0.10 EPS for the quarter, topping the consensus estimate of ($0.18) by $0.28. The firm had revenue of $982.11 million for the quarter, compared to the consensus estimate of $846.57 million. Snap had a negative net margin of 22.49% and a negative return on equity of 32.45%. The business’s quarterly revenue was up 116.2% on a year-over-year basis. During the same period last year, the company posted ($0.09) EPS. Analysts forecast that Snap Inc. will post -0.4 earnings per share for the current year.
SNAP has been the subject of a number of recent research reports. Sanford C. Bernstein restated a “buy” rating and issued a $85.00 price objective on shares of Snap in a research note on Friday, July 23rd. Citigroup restated a “sell” rating and issued a $76.32 price objective (up previously from $42.00) on shares of Snap in a research note on Tuesday, July 27th. Stifel Nicolaus increased their price objective on shares of Snap from $84.00 to $95.00 and gave the company a “buy” rating in a research note on Friday, July 23rd. Truist increased their price objective on shares of Snap from $85.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, July 23rd. Finally, Wedbush increased their price objective on shares of Snap from $75.00 to $88.00 and gave the company an “outperform” rating in a research note on Friday, July 23rd. One analyst has rated the stock with a sell rating, five have given a hold rating and thirty have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $78.47.
Snap, Inc engages in the operation of its camera platform. Its products include Snapchat, using the camera and editing tools to take and share Snaps, Friends Page, which lets users create and use Stories, Groups, Video and Chat, Discover for searching and surfacing relevant Stories, Snap Map, which shows friends, Stories and Snaps near the user, Memories, for saving personal collections, and Spectacles, wearable sunglasses capable of taking Snaps and interacting directly with the Snapchat application.
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