Pictet Asset Management SA Has $9.68 Million Stake in Snap Inc. (NYSE:SNAP)

Posted by Defense World Staff on Aug 22nd, 2023

Pictet Asset Management SA lowered its stake in Snap Inc. (NYSE:SNAP – Free Report) by 62.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 863,856 shares of the company’s stock after selling 1,413,610 shares during the period. Pictet Asset Management SA owned approximately 0.05% of Snap worth $9,684,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in SNAP. Acadian Asset Management LLC boosted its position in Snap by 72.6% during the first quarter. Acadian Asset Management LLC now owns 8,456 shares of the company’s stock worth $304,000 after purchasing an additional 3,556 shares during the period. Raymond James Trust N.A. boosted its holdings in shares of Snap by 28.6% during the 1st 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. grew its stake in 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 buying an additional 2,061 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Snap by 0.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 786,417 shares of the company’s stock worth $28,305,000 after acquiring an additional 5,182 shares during the period. Finally, Lord Abbett & CO. LLC acquired a new position in Snap during the 1st quarter worth $3,216,000. Institutional investors own 41.79% of the company’s stock.

Insider Activity

In other news, General Counsel Michael J. O’sullivan sold 13,000 shares of the stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $9.99, for a total value of $129,870.00. Following the completion of the transaction, the general counsel now directly owns 504,517 shares in the company, valued at approximately $5,040,124.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, General Counsel Michael J. O’sullivan sold 13,000 shares of the business’s stock in a transaction dated Wednesday, May 31st. The stock was sold at an average price of $9.99, for a total value of $129,870.00. Following the transaction, the general counsel now directly owns 504,517 shares of the company’s stock, valued at approximately $5,040,124.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Derek Andersen sold 52,887 shares of Snap stock in a transaction on Friday, June 16th. The shares were sold at an average price of $10.52, for a total transaction of $556,371.24. Following the completion of the sale, the chief financial officer now directly owns 2,417,345 shares of the company’s stock, valued at $25,430,469.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,463,627 shares of company stock worth $25,268,681.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on SNAP shares. Deutsche Bank Aktiengesellschaft dropped their price objective on Snap from $9.00 to $8.00 in a research note on Friday, April 28th. The Goldman Sachs Group upped their price target on Snap from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Monday, July 17th. Citigroup raised their price objective on shares of Snap from $9.00 to $11.00 and gave the stock a “neutral” rating in a research note on Thursday, July 27th. Wells Fargo & Company initiated coverage on shares of Snap in a report on Wednesday, June 7th. They set an “equal weight” rating and a $10.00 price objective on the stock. Finally, China Renaissance cut shares of Snap from a “hold” rating to a “sell” rating and set a $7.00 target price for the company. in a research note on Friday, July 28th. Three research analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $10.41.

Check Out Our Latest Report on Snap

Snap Stock Up 2.1 %

Shares of NYSE SNAP opened at $9.37 on Tuesday. Snap Inc. has a 1-year low of $7.33 and a 1-year high of $13.89. The company has a fifty day moving average price of $11.25 and a 200 day moving average price of $10.62. The company has a quick ratio of 5.16, a current ratio of 5.16 and a debt-to-equity ratio of 1.50.

Snap (NYSE:SNAP – Get Free Report) last released its quarterly earnings results on Tuesday, July 25th. The company reported ($0.23) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.01. Snap had a negative return on equity of 36.83% and a negative net margin of 30.19%. The business had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.05 billion. As a group, equities analysts expect that Snap Inc. will post -0.82 EPS for the current year.

Snap Company Profile

(Free Report)

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.