Marshall Wace LLP Buys 12,533,653 Shares of Snap Inc. (NYSE:SNAP)

Marshall Wace LLP lifted its stake in shares of Snap Inc. (NYSE:SNAP) by 587.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,667,597 shares of the company’s stock after acquiring an additional 12,533,653 shares during the quarter. Marshall Wace LLP’s holdings in Snap were worth $243,629,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in SNAP. Hollencrest Capital Management bought a new position in shares of Snap during the second quarter worth about $33,000. Blue Trust Inc. grew its stake in Snap by 354.1% during the second quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock worth $36,000 after purchasing an additional 1,682 shares during the period. Rothschild Investment LLC acquired a new stake in Snap during the second quarter worth approximately $40,000. J.Safra Asset Management Corp grew its stake in Snap by 534.4% during the second quarter. J.Safra Asset Management Corp now owns 2,766 shares of the company’s stock worth $46,000 after purchasing an additional 2,330 shares during the period. Finally, JTC Employer Solutions Trustee Ltd acquired a new stake in Snap during the first quarter worth approximately $100,000. 47.52% of the stock is currently owned by institutional investors.

Snap Stock Performance

Shares of Snap stock opened at $10.20 on Tuesday. The business’s fifty day simple moving average is $10.46 and its 200 day simple moving average is $12.82. The firm has a market capitalization of $16.74 billion, a P/E ratio of -12.59 and a beta of 1.00. Snap Inc. has a 12 month low of $8.28 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 issued its quarterly earnings results on Thursday, August 1st. The company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.02. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.25 billion. Snap had a negative return on equity of 42.84% and a negative net margin of 23.49%. As a group, analysts anticipate that Snap Inc. will post -0.48 EPS for the current year.

Insider Buying and Selling at Snap

In other Snap news, General Counsel Michael J. O’sullivan sold 18,000 shares of the business’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $16.56, for a total value of $298,080.00. Following the sale, the general counsel now directly owns 481,908 shares in the company, valued at $7,980,396.48. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CFO Derek Andersen sold 97,608 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $9.29, for a total transaction of $906,778.32. Following the sale, the chief financial officer now directly owns 2,287,970 shares in the company, valued at approximately $21,255,241.30. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of the business’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 sale, the general counsel now owns 481,908 shares in the company, valued at $7,980,396.48. The disclosure for this sale can be found here. Insiders have sold a total of 1,511,540 shares of company stock worth $13,569,906 over the last ninety days. 22.68% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. decreased their target price on Snap from $13.00 to $11.00 and set an “underweight” rating for the company in a research note on Friday, August 2nd. Susquehanna decreased their target price on Snap from $15.00 to $12.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. HSBC cut Snap from a “buy” rating to a “hold” rating in a research note on Friday, August 2nd. Piper Sandler reissued a “neutral” rating and issued a $12.00 price objective (down previously from $15.00) on shares of Snap in a research note on Friday, August 2nd. Finally, Barclays reduced their price objective on Snap from $17.00 to $16.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, twenty-four have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Snap currently has a consensus rating of “Hold” and a consensus price target of $13.76.

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.