Snap Inc (SNAP) Stake Increased by Independent Advisor Alliance

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Independent Advisor Alliance grew its holdings in Snap Inc (NYSE:SNAP) by 6.8% in the second quarter, Holdings Channel reports. The institutional investor owned 83,835 shares of the company’s stock after acquiring an additional 5,310 shares during the period. Independent Advisor Alliance’s holdings in Snap were worth $1,097,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. OppenheimerFunds Inc. increased its stake in shares of Snap by 657.4% during the first quarter. OppenheimerFunds Inc. now owns 13,688,542 shares of the company’s stock worth $217,237,000 after purchasing an additional 11,881,245 shares during the period. First Trust Advisors LP bought a new position in shares of Snap during the second quarter worth approximately $132,330,000. Allianz Asset Management GmbH increased its stake in shares of Snap by 44.7% during the first quarter. Allianz Asset Management GmbH now owns 7,675,255 shares of the company’s stock worth $121,806,000 after purchasing an additional 2,372,137 shares during the period. Summit Trail Advisors LLC increased its stake in shares of Snap by 454.3% during the first quarter. Summit Trail Advisors LLC now owns 1,697,037 shares of the company’s stock worth $1,697,000 after purchasing an additional 1,390,901 shares during the period. Finally, Lord Abbett & CO. LLC increased its stake in shares of Snap by 229.0% during the first quarter. Lord Abbett & CO. LLC now owns 1,759,208 shares of the company’s stock worth $27,919,000 after purchasing an additional 1,224,460 shares during the period. 21.41% of the stock is owned by institutional investors.

Shares of SNAP opened at $11.89 on Monday. Snap Inc has a 52-week low of $10.50 and a 52-week high of $21.22. The firm has a market capitalization of $15.63 billion, a PE ratio of -5.72 and a beta of -2.73.

Snap (NYSE:SNAP) last issued its quarterly earnings results on Tuesday, August 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.32) by $0.18. Snap had a negative return on equity of 49.79% and a negative net margin of 155.31%. The company had revenue of $262.26 million for the quarter, compared to analyst estimates of $247.24 million. sell-side analysts expect that Snap Inc will post -1.07 earnings per share for the current year.

In related news, CEO Evan Spiegel sold 1,465,171 shares of the firm’s stock in a transaction on Friday, June 1st. The stock was sold at an average price of $11.46, for a total transaction of $16,790,859.66. Following the sale, the chief executive officer now owns 83,794,342 shares of the company’s stock, valued at approximately $960,283,159.32. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Mitchell Lasky sold 25,000 shares of the firm’s stock in a transaction on Tuesday, May 22nd. The shares were sold at an average price of $10.75, for a total value of $268,750.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,359,358 shares of company stock worth $27,918,744.

A number of equities analysts have recently weighed in on the company. Stifel Nicolaus reiterated a “hold” rating and set a $15.00 target price (down previously from $17.00) on shares of Snap in a research note on Wednesday, August 8th. Pivotal Research restated a “sell” rating and set a $9.00 price objective on shares of Snap in a research note on Wednesday, August 8th. Zacks Investment Research upgraded Snap from a “sell” rating to a “hold” rating and set a $14.00 price objective on the stock in a research note on Friday, August 10th. Wells Fargo & Co restated a “hold” rating on shares of Snap in a research note on Monday, May 7th. Finally, Oppenheimer lowered Snap from an “outperform” rating to a “market perform” rating in a research note on Wednesday, May 2nd. Eleven investment analysts have rated the stock with a sell rating, twenty have given a hold rating and eight have given a buy rating to the company. Snap has an average rating of “Hold” and a consensus target price of $14.79.

Snap Profile

Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page that allows to creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps to surface the most interesting stories from publishers, creators, and the community, based on a user's subscriptions and interests.

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Institutional Ownership by Quarter for Snap (NYSE:SNAP)

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