Bank of New York Mellon Corp Acquires 27,673 Shares of Snap Inc. (NYSE:SNAP)

Bank of New York Mellon Corp increased its holdings in shares of Snap Inc. (NYSE:SNAP) by 1.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,558,268 shares of the company’s stock after acquiring an additional 27,673 shares during the period. Bank of New York Mellon Corp’s holdings in Snap were worth $25,883,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. NBC Securities Inc. lifted its stake in shares of Snap by 2,580.4% in the fourth quarter. NBC Securities Inc. now owns 1,501 shares of the company’s stock worth $25,000 after buying an additional 1,445 shares in the last quarter. Blue Trust Inc. lifted its stake in shares of Snap by 354.1% in the second quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock worth $36,000 after buying an additional 1,682 shares in the last quarter. J.Safra Asset Management Corp lifted its stake in shares of Snap by 534.4% in the second quarter. J.Safra Asset Management Corp now owns 2,766 shares of the company’s stock worth $46,000 after buying an additional 2,330 shares in the last quarter. ICA Group Wealth Management LLC bought a new position in shares of Snap in the fourth quarter worth approximately $51,000. Finally, Westpac Banking Corp lifted its stake in shares of Snap by 108.7% in the fourth quarter. Westpac Banking Corp now owns 4,812 shares of the company’s stock worth $81,000 after buying an additional 2,506 shares in the last quarter. Institutional investors own 47.52% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on SNAP. Bank of America dropped their target price on shares of Snap from $16.00 to $13.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Citigroup lowered their price objective on shares of Snap from $16.00 to $11.00 and set a “neutral” rating on the stock in a research report on Monday, August 12th. Benchmark restated a “hold” rating on shares of Snap in a research report on Tuesday, August 6th. Roth Mkm lowered their price objective on shares of Snap from $15.00 to $14.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Finally, HSBC downgraded shares of Snap from a “buy” rating to a “hold” rating in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, twenty-one have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $14.10.

Snap Stock Performance

Shares of NYSE SNAP opened at $8.79 on Thursday. The firm has a fifty day moving average price of $12.27 and a 200-day moving average price of $12.96. The company has a debt-to-equity ratio of 1.74, a current ratio of 3.98 and a quick ratio of 3.98. The stock has a market cap of $14.42 billion, a PE ratio of -10.85 and a beta of 1.00. Snap Inc. has a 1 year low of $8.28 and a 1 year high of $17.90.

Snap (NYSE:SNAP) last issued its earnings results on Thursday, August 1st. The company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.02. Snap had a negative net margin of 23.49% and a negative return on equity of 42.84%. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.25 billion. Equities analysts anticipate that Snap Inc. will post -0.48 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CTO Robert C. Murphy sold 1,000,000 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $8.69, for a total transaction of $8,690,000.00. Following the completion of the transaction, the chief technology officer now owns 58,553,813 shares in the company, valued at $508,832,634.97. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Snap news, CEO Evan Spiegel sold 150,000 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $8.85, for a total transaction of $1,327,500.00. Following the completion of the transaction, the chief executive officer now owns 3,327,844 shares in the company, valued at $29,451,419.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Robert C. Murphy sold 1,000,000 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $8.69, for a total transaction of $8,690,000.00. Following the transaction, the chief technology officer now owns 58,553,813 shares of the company’s stock, valued at approximately $508,832,634.97. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,356,370 shares of company stock worth $12,151,603. 22.68% of the stock is owned by insiders.

Snap Company 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.