BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Cuts Position in Snap Inc. (NYSE:SNAP)

Posted by Defense World Staff on Jun 4th, 2023

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lessened its holdings in Snap Inc. (NYSE:SNAP – Get Rating) by 9.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 98,805 shares of the company’s stock after selling 10,550 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Snap were worth $884,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of SNAP. Acadian Asset Management LLC increased its stake in shares of Snap by 72.6% in the 1st quarter. Acadian Asset Management LLC now owns 8,456 shares of the company’s stock valued at $304,000 after purchasing an additional 3,556 shares in the last quarter. Raymond James Trust N.A. increased its stake in shares of Snap by 28.6% in the 1st quarter. Raymond James Trust N.A. now owns 8,708 shares of the company’s stock valued at $313,000 after purchasing an additional 1,936 shares in the last quarter. Cibc World Market Inc. increased its stake in shares of Snap by 9.4% in the 1st quarter. Cibc World Market Inc. now owns 23,977 shares of the company’s stock valued at $863,000 after purchasing an additional 2,061 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Snap by 0.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 786,417 shares of the company’s stock valued at $28,305,000 after purchasing an additional 5,182 shares in the last quarter. Finally, Lord Abbett & CO. LLC purchased a new position in shares of Snap in the 1st quarter valued at about $3,216,000. Hedge funds and other institutional investors own 43.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Deutsche Bank Aktiengesellschaft cut their price objective on Snap from $9.00 to $8.00 in a research note on Friday, April 28th. TD Cowen boosted their price objective on Snap from $8.00 to $9.00 and gave the stock a “market perform” rating in a research note on Monday, April 17th. Royal Bank of Canada cut their price objective on Snap from $10.00 to $9.00 in a research note on Friday, April 28th. Guggenheim cut their price objective on Snap from $12.00 to $9.00 in a research note on Friday, April 28th. Finally, The Goldman Sachs Group cut their price objective on Snap from $8.00 to $7.00 in a research note on Friday, April 28th. Three investment analysts have rated the stock with a sell rating, thirty have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $10.44.

Insider Activity at Snap

In related news, General Counsel Michael J. O’sullivan sold 13,000 shares of the stock in a transaction on Friday, March 31st. The stock was sold at an average price of $11.13, for a total value of $144,690.00. Following the transaction, the general counsel now owns 478,330 shares of the company’s stock, valued at $5,323,812.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Snap news, COO Jerry James Hunter sold 64,409 shares of the firm’s stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $8.51, for a total transaction of $548,120.59. Following the transaction, the chief operating officer now owns 4,701,927 shares of the company’s stock, valued at $40,013,398.77. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, General Counsel Michael J. O’sullivan sold 13,000 shares of the firm’s stock in a transaction dated Friday, March 31st. The stock was sold at an average price of $11.13, for a total value of $144,690.00. Following the transaction, the general counsel now directly owns 478,330 shares in the company, valued at approximately $5,323,812.90. The disclosure for this sale can be found here. Insiders have sold 372,012 shares of company stock valued at $3,534,615 over the last quarter. 22.68% of the stock is owned by insiders.

Snap Stock Performance

Snap stock opened at $10.41 on Friday. Snap Inc. has a twelve month low of $7.33 and a twelve month high of $16.55. The stock’s fifty day simple moving average is $9.92 and its 200-day simple moving average is $10.03. The company has a quick ratio of 4.71, a current ratio of 4.71 and a debt-to-equity ratio of 1.45.

Snap (NYSE:SNAP – Get Rating) last posted its quarterly earnings data on Thursday, April 27th. The company reported ($0.19) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.04. Snap had a negative return on equity of 33.79% and a negative net margin of 30.89%. The business had revenue of $988.61 million for the quarter, compared to analyst estimates of $1.01 billion. On average, analysts expect that Snap Inc. will post -0.76 EPS for the current year.

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.