Canada Pension Plan Investment Board Sells 129,553 Shares of Snap Inc. (NYSE:SNAP)

Canada Pension Plan Investment Board decreased its position in Snap Inc. (NYSE:SNAP) by 80.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,266 shares of the company’s stock after selling 129,553 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Snap were worth $519,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Blue Trust Inc. grew its stake in shares of Snap by 354.1% in the 2nd quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock worth $36,000 after acquiring an additional 1,682 shares in the last quarter. Rothschild Investment LLC bought a new stake in shares of Snap in the 2nd quarter worth $40,000. J.Safra Asset Management Corp grew its position in Snap by 534.4% during the second quarter. J.Safra Asset Management Corp now owns 2,766 shares of the company’s stock valued at $46,000 after buying an additional 2,330 shares during the period. Kapitalo Investimentos Ltda bought a new position in Snap during the fourth quarter valued at about $108,000. Finally, Newbridge Financial Services Group Inc. grew its position in Snap by 111.4% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 7,400 shares of the company’s stock valued at $125,000 after buying an additional 3,900 shares during the period. Institutional investors own 47.52% of the company’s stock.

Snap Trading Up 3.0 %

Shares of SNAP opened at $10.88 on Friday. The company has a market capitalization of $18.06 billion, a P/E ratio of -13.43 and a beta of 1.00. Snap Inc. has a 1-year low of $8.29 and a 1-year high of $17.90. The firm’s 50 day simple moving average is $10.11 and its 200 day simple moving average is $12.77. The company has a debt-to-equity ratio of 1.74, a current ratio of 3.98 and a quick ratio of 3.98.

Snap (NYSE:SNAP) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.02. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.25 billion. Snap had a negative net margin of 23.49% and a negative return on equity of 42.84%. Sell-side analysts forecast that Snap Inc. will post -0.47 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SNAP has been the subject of several research reports. Cantor Fitzgerald restated a “neutral” rating and set a $8.00 price target on shares of Snap in a research report on Monday, September 23rd. Citigroup reduced their price target on shares of Snap from $16.00 to $11.00 and set a “neutral” rating for the company in a research report on Monday, August 12th. Argus upgraded shares of Snap to a “hold” rating in a research report on Thursday, August 8th. Truist Financial reduced their price target on shares of Snap from $16.00 to $13.00 and set a “hold” rating for the company in a research report on Friday, August 2nd. Finally, JMP Securities restated a “market perform” rating on shares of Snap in a research report on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, twenty-four have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $14.00.

Insiders Place Their Bets

In other news, CFO Derek Andersen sold 97,608 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $9.29, for a total value of $906,778.32. Following the transaction, the chief financial officer now owns 2,287,970 shares in the company, valued at $21,255,241.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Snap news, General Counsel Michael J. O’sullivan sold 18,000 shares of the firm’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $13.28, for a total transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Derek Andersen sold 97,608 shares of the firm’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $9.29, for a total value of $906,778.32. Following the transaction, the chief financial officer now directly owns 2,287,970 shares of the company’s stock, valued at approximately $21,255,241.30. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,493,540 shares of company stock valued at $13,271,826. 22.68% of the stock is currently owned by corporate 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.