Shellback Capital LP Sells 300,000 Shares of Snap Inc. (NYSE:SNAP)

Shellback Capital LP lessened its stake in shares of Snap Inc. (NYSE:SNAP) by 85.7% during the second quarter, Holdings Channel reports. The fund owned 50,000 shares of the company’s stock after selling 300,000 shares during the quarter. Shellback Capital LP’s holdings in Snap were worth $830,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of SNAP. Steward Partners Investment Advisory LLC increased its stake in Snap by 2.2% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 41,245 shares of the company’s stock valued at $698,000 after purchasing an additional 891 shares in the last quarter. GraniteShares Advisors LLC increased its position in Snap by 2.5% in the 2nd quarter. GraniteShares Advisors LLC now owns 38,154 shares of the company’s stock valued at $634,000 after buying an additional 941 shares in the last quarter. Charles Schwab Investment Advisory Inc. increased its position in Snap by 2.7% in the 1st quarter. Charles Schwab Investment Advisory Inc. now owns 35,807 shares of the company’s stock valued at $411,000 after buying an additional 956 shares in the last quarter. Concurrent Investment Advisors LLC raised its stake in Snap by 4.0% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 26,998 shares of the company’s stock worth $448,000 after buying an additional 1,048 shares during the period. Finally, B. Riley Wealth Advisors Inc. boosted its holdings in Snap by 6.7% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 19,640 shares of the company’s stock worth $333,000 after acquiring an additional 1,232 shares in the last quarter. 47.52% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on SNAP shares. Wolfe Research began coverage on Snap in a report on Tuesday, July 16th. They set a “peer perform” rating for the company. Benchmark restated a “hold” rating on shares of Snap in a report on Tuesday, August 6th. Roth Mkm restated a “neutral” rating and issued a $14.00 target price on shares of Snap in a report on Wednesday, September 18th. Piper Sandler reiterated a “neutral” rating and set a $12.00 price target (down previously from $15.00) on shares of Snap in a research note on Friday, August 2nd. Finally, The Goldman Sachs Group lowered their price objective on Snap from $16.00 to $12.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, twenty-four have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $14.00.

Snap Price Performance

SNAP stock opened at $10.56 on Friday. The firm has a 50 day moving average of $10.18 and a 200-day moving average of $12.77. The firm has a market capitalization of $17.52 billion, a P/E ratio of -13.04 and a beta of 1.00. Snap Inc. has a 12 month low of $8.29 and a 12 month high of $17.90. The company has a current ratio of 3.98, a quick ratio of 3.98 and a debt-to-equity ratio of 1.74.

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

Insider Buying and Selling

In related news, General Counsel Michael J. O’sullivan sold 18,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $13.28, for a total value of $239,040.00. Following the transaction, the general counsel now directly owns 463,908 shares in the company, valued at $6,160,698.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Snap news, CTO Robert C. Murphy sold 1,000,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $8.69, for a total transaction of $8,690,000.00. Following the sale, the chief technology officer now owns 58,553,813 shares in the company, valued at $508,832,634.97. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of the company’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $13.28, for a total value of $239,040.00. Following the completion of the transaction, the general counsel now owns 463,908 shares of the company’s stock, valued at $6,160,698.24. The disclosure for this sale can be found here. Insiders sold a total of 1,493,540 shares of company stock worth $13,271,826 over the last ninety days. 22.68% of the stock is owned by corporate 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.