Quinn Opportunity Partners LLC Purchases 85,000 Shares of Snap Inc. (NYSE:SNAP)

Quinn Opportunity Partners LLC raised its position in shares of Snap Inc. (NYSE:SNAP) by 18.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 534,560 shares of the company’s stock after purchasing an additional 85,000 shares during the quarter. Quinn Opportunity Partners LLC’s holdings in Snap were worth $5,757,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Geode Capital Management LLC grew its position in Snap by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 11,831,472 shares of the company’s stock valued at $127,078,000 after buying an additional 134,017 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Snap by 6.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,601,172 shares of the company’s stock valued at $71,095,000 after acquiring an additional 389,812 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Snap by 0.5% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,245,128 shares of the company’s stock worth $34,950,000 after purchasing an additional 15,294 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in Snap by 51.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 3,086,741 shares of the company’s stock worth $33,244,000 after purchasing an additional 1,050,501 shares during the period. Finally, Norges Bank purchased a new position in Snap during the fourth quarter valued at $30,162,000. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Guggenheim reaffirmed a “neutral” rating on shares of Snap in a research note on Wednesday, April 2nd. Piper Sandler lowered their price target on shares of Snap from $13.00 to $10.00 and set a “neutral” rating on the stock in a report on Thursday. Wells Fargo & Company reduced their price objective on shares of Snap from $11.00 to $9.00 and set an “equal weight” rating for the company in a research note on Monday, March 31st. Citizens Jmp upgraded shares of Snap from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 28th. Finally, JPMorgan Chase & Co. cut their price target on Snap from $10.00 to $8.00 and set an “underweight” rating for the company in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, twenty-four have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Snap presently has an average rating of “Hold” and a consensus target price of $36.47.

Snap Stock Performance

Shares of NYSE:SNAP opened at $7.83 on Friday. The company has a current ratio of 3.95, a quick ratio of 3.95 and a debt-to-equity ratio of 1.47. Snap Inc. has a 12 month low of $7.08 and a 12 month high of $17.33. The company has a market capitalization of $13.27 billion, a price-to-earnings ratio of -18.63 and a beta of 0.92. The firm’s 50-day moving average is $9.55 and its 200 day moving average is $10.68.

Snap (NYSE:SNAP) last released its earnings results on Tuesday, February 4th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.13). Snap had a negative net margin of 13.02% and a negative return on equity of 25.67%. Research analysts predict that Snap Inc. will post -0.3 EPS for the current year.

Insider Buying and Selling at Snap

In related news, CFO Derek Andersen sold 22,720 shares of the stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $8.58, for a total value of $194,937.60. Following the transaction, the chief financial officer now owns 3,541,515 shares of the company’s stock, valued at $30,386,198.70. This represents a 0.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Rebecca Morrow sold 8,837 shares of Snap stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $10.84, for a total value of $95,793.08. Following the sale, the chief accounting officer now directly owns 429,892 shares of the company’s stock, valued at approximately $4,660,029.28. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,356,523 shares of company stock valued at $12,710,077 in the last quarter. 22.68% of the stock is owned by insiders.

About Snap

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.