Tairen Capital Ltd Cuts Stake in Snap Inc. (NYSE:SNAP)

Tairen Capital Ltd lessened its stake in shares of Snap Inc. (NYSE:SNAP) by 66.7% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 200,000 shares of the company’s stock after selling 400,000 shares during the period. Snap comprises about 0.1% of Tairen Capital Ltd’s holdings, making the stock its 19th biggest position. Tairen Capital Ltd’s holdings in Snap were worth $3,322,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Discovery Capital Management LLC CT bought a new stake in shares of Snap during the 2nd quarter valued at $22,591,000. Ensign Peak Advisors Inc grew its holdings in Snap by 24.8% during the 2nd quarter. Ensign Peak Advisors Inc now owns 618,718 shares of the company’s stock valued at $10,277,000 after buying an additional 122,958 shares in the last quarter. Skandinaviska Enskilda Banken AB publ increased its position in shares of Snap by 1.4% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 214,080 shares of the company’s stock valued at $3,556,000 after buying an additional 2,916 shares during the period. Hollencrest Capital Management bought a new stake in shares of Snap during the second quarter valued at about $33,000. Finally, XTX Topco Ltd purchased a new stake in shares of Snap in the second quarter worth about $858,000. Institutional investors own 47.52% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Barclays decreased their target price on shares of Snap from $17.00 to $16.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Wolfe Research initiated coverage on shares of Snap in a report on Tuesday, July 16th. They issued a “peer perform” rating on the stock. B. Riley initiated coverage on Snap in a research note on Friday. They set a “neutral” rating and a $11.00 price objective for the company. Piper Sandler restated a “neutral” rating and issued a $12.00 target price (down from $15.00) on shares of Snap in a research note on Friday, August 2nd. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $14.00 price target 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 assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Snap has a consensus rating of “Hold” and a consensus price target of $13.76.

Snap Stock Performance

SNAP opened at $10.05 on Monday. The company’s 50 day moving average is $10.58 and its 200 day moving average is $12.83. The company has a current ratio of 3.98, a quick ratio of 3.98 and a debt-to-equity ratio of 1.74. The company has a market cap of $16.49 billion, a price-to-earnings ratio of -12.41 and a beta of 1.00. Snap Inc. has a 12-month low of $8.28 and a 12-month high of $17.90.

Snap (NYSE:SNAP) last issued its quarterly earnings results on Thursday, August 1st. The company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.02. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.25 billion. Snap had a negative net margin of 23.49% and a negative return on equity of 42.84%. On average, equities research analysts predict that Snap Inc. will post -0.48 EPS for the current year.

Insider Buying and Selling at Snap

In other 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 value 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 $508,832,634.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, General Counsel Michael J. O’sullivan sold 18,000 shares of the company’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $16.56, for a total value of $298,080.00. Following the completion of the transaction, the general counsel now owns 481,908 shares of the company’s stock, valued at approximately $7,980,396.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Robert C. Murphy sold 1,000,000 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $8.69, for a total value of $8,690,000.00. Following the completion of the sale, 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 1,511,540 shares of company stock valued at $13,569,906. Company insiders own 22.68% of the company’s stock.

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.