Miracle Mile Advisors LLC Grows Stock Holdings in Snap Inc. (NYSE:SNAP)

Miracle Mile Advisors LLC boosted its holdings in shares of Snap Inc. (NYSE:SNAP) by 16.1% in the first quarter, HoldingsChannel reports. The firm owned 21,658 shares of the company’s stock after buying an additional 3,000 shares during the period. Miracle Mile Advisors LLC’s holdings in Snap were worth $249,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. NBC Securities Inc. raised its position in Snap by 2,580.4% during the fourth quarter. NBC Securities Inc. now owns 1,501 shares of the company’s stock valued at $25,000 after acquiring an additional 1,445 shares in the last quarter. Allworth Financial LP increased its holdings in shares of Snap by 161.6% during the 4th quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock valued at $47,000 after purchasing an additional 1,708 shares in the last quarter. ICA Group Wealth Management LLC acquired a new position in shares of Snap in the 4th quarter valued at $51,000. Rakuten Securities Inc. purchased a new stake in Snap during the fourth quarter worth $73,000. Finally, Westpac Banking Corp grew its position in Snap by 108.7% during the fourth quarter. Westpac Banking Corp now owns 4,812 shares of the company’s stock valued at $81,000 after buying an additional 2,506 shares during the period. 47.52% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SNAP has been the subject of a number of analyst reports. TD Cowen upped their price objective on shares of Snap from $11.00 to $14.00 and gave the stock a “hold” rating in a research report on Friday, April 26th. Royal Bank of Canada raised their price objective on Snap from $13.00 to $16.00 and gave the company a “sector perform” rating in a report on Friday, April 26th. Susquehanna boosted their price objective on Snap from $12.00 to $15.00 and gave the company a “neutral” rating in a research report on Monday, April 29th. UBS Group decreased their target price on Snap from $14.00 to $13.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 16th. Finally, The Goldman Sachs Group boosted their price target on shares of Snap from $13.50 to $16.00 and gave the stock a “neutral” rating in a report on Friday, April 26th. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $14.82.

Snap Stock Performance

Shares of NYSE SNAP opened at $16.04 on Tuesday. The company has a debt-to-equity ratio of 1.55, a quick ratio of 3.76 and a current ratio of 3.76. The company has a 50 day simple moving average of $15.49 and a 200-day simple moving average of $14.16. Snap Inc. has a 1 year low of $8.28 and a 1 year high of $17.90.

Snap (NYSE:SNAP) last issued its quarterly earnings data on Thursday, April 25th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.10. Snap had a negative return on equity of 46.62% and a negative net margin of 26.99%. The company had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.12 billion. On average, analysts anticipate that Snap Inc. will post -0.43 EPS for the current year.

Insider Buying and Selling

In other Snap news, Director Joanna Coles sold 3,950 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $15.17, for a total value of $59,921.50. Following the transaction, the director now owns 46,492 shares of the company’s stock, valued at $705,283.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Snap news, Director Joanna Coles sold 3,950 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $15.17, for a total value of $59,921.50. Following the sale, the director now owns 46,492 shares of the company’s stock, valued at $705,283.64. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Robert C. Murphy sold 1,000,000 shares of the company’s stock in a transaction on Monday, April 29th. The stock was sold at an average price of $14.27, for a total value of $14,270,000.00. Following the transaction, the chief technology officer now owns 59,894,865 shares in the company, valued at $854,699,723.55. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,354,583 shares of company stock valued at $19,636,195.

Snap Profile

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.