Prospera Financial Services Inc Cuts Stock Holdings in Snap Inc. (NYSE:SNAP)

Posted by Defense World Staff on May 15th, 2023

Prospera Financial Services Inc lessened its holdings in Snap Inc. (NYSE:SNAP – Get Rating) by 8.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 25,022 shares of the company’s stock after selling 2,450 shares during the quarter. Prospera Financial Services Inc’s holdings in Snap were worth $224,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Acadian Asset Management LLC boosted its stake in Snap by 72.6% in the first quarter. Acadian Asset Management LLC now owns 8,456 shares of the company’s stock valued at $304,000 after acquiring an additional 3,556 shares in the last quarter. Raymond James Trust N.A. boosted its stake in shares of Snap by 28.6% during the first quarter. Raymond James Trust N.A. now owns 8,708 shares of the company’s stock worth $313,000 after buying an additional 1,936 shares during the period. Cibc World Market Inc. boosted its stake in shares of Snap by 9.4% during the first quarter. Cibc World Market Inc. now owns 23,977 shares of the company’s stock worth $863,000 after buying an additional 2,061 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Snap by 0.7% during the first quarter. Dimensional Fund Advisors LP now owns 786,417 shares of the company’s stock worth $28,305,000 after buying an additional 5,182 shares during the period. Finally, Lord Abbett & CO. LLC acquired a new stake in shares of Snap during the first quarter worth about $3,216,000. Hedge funds and other institutional investors own 43.30% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on SNAP shares. The Goldman Sachs Group decreased their target price on shares of Snap from $8.00 to $7.00 in a research note on Friday, April 28th. Rosenblatt Securities cut their price target on shares of Snap from $10.00 to $9.00 in a report on Friday, April 28th. Credit Suisse Group cut their price target on shares of Snap from $13.00 to $11.00 in a report on Friday, April 28th. Canaccord Genuity Group dropped their target price on shares of Snap from $12.00 to $11.00 and set a “hold” rating for the company in a report on Wednesday, February 1st. Finally, TD Cowen increased their target price on shares of Snap from $8.00 to $9.00 and gave the company a “market perform” rating in a report on Monday, April 17th. Three analysts have rated the stock with a sell rating, thirty have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $11.69.

Insider Activity

In related news, General Counsel Michael J. O’sullivan sold 13,000 shares of the stock in a transaction that occurred on Friday, April 28th. The stock was sold at an average price of $8.55, for a total value of $111,150.00. Following the transaction, the general counsel now owns 465,330 shares in the company, valued at $3,978,571.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Snap news, COO Jerry James Hunter sold 69,753 shares of the company’s stock in a transaction that occurred on Thursday, March 16th. The stock was sold at an average price of $10.95, for a total transaction of $763,795.35. Following the completion of the sale, the chief operating officer now owns 4,869,447 shares of the company’s stock, valued at $53,320,444.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Michael J. O’sullivan sold 13,000 shares of the company’s stock in a transaction that occurred on Friday, April 28th. The stock was sold at an average price of $8.55, for a total value of $111,150.00. Following the sale, the general counsel now directly owns 465,330 shares of the company’s stock, valued at approximately $3,978,571.50. The disclosure for this sale can be found here. Insiders have sold 371,323 shares of company stock worth $4,036,265 in the last 90 days.

Snap Price Performance

Shares of SNAP opened at $8.55 on Monday. The company has a market capitalization of $13.70 billion, a price-to-earnings ratio of -9.83 and a beta of 1.19. Snap Inc. has a fifty-two week low of $7.33 and a fifty-two week high of $24.80. The company has a debt-to-equity ratio of 1.45, a current ratio of 4.71 and a quick ratio of 4.71. The business’s 50-day moving average is $10.26 and its 200-day moving average is $10.07.

Snap Company Profile

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Snap, Inc operates as a camera company. Its flagship product, Snapchat, is a camera application that helps people communicate visually with friends and family through short videos and images called Snaps. The firm’s primary source of revenue is advertising. Snap was founded by Frank Reginald Brown IV, Evan Thomas Spiegel, and Robert C.