Snap Inc. (NYSE:SNAP) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company reduced its stake in Snap Inc. (NYSE:SNAP) by 7.6% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 60,332 shares of the company’s stock after selling 4,944 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Snap were worth $646,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of Snap by 62.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,211,360 shares of the company’s stock worth $66,462,000 after acquiring an additional 2,386,519 shares during the last quarter. TB Alternative Assets Ltd. lifted its holdings in shares of Snap by 105.6% in the 3rd quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock worth $85,406,000 after acquiring an additional 4,098,847 shares during the last quarter. Aigen Investment Management LP acquired a new position in shares of Snap in the 3rd quarter worth approximately $1,345,000. Dynamic Advisor Solutions LLC acquired a new position in shares of Snap in the 3rd quarter worth approximately $832,000. Finally, Entropy Technologies LP purchased a new stake in Snap during the 3rd quarter worth approximately $828,000. 47.52% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Snap news, 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 transaction 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. This trade represents a 4.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Rebecca Morrow sold 11,154 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $10.55, for a total transaction of $117,674.70. Following the transaction, the chief accounting officer now directly owns 465,064 shares in the company, valued at $4,906,425.20. The trade was a 2.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,439,012 shares of company stock valued at $17,063,335. Insiders own 22.68% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on SNAP shares. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $16.00 target price on shares of Snap in a research note on Wednesday, October 30th. Loop Capital upped their target price on shares of Snap from $14.00 to $16.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Roth Mkm reaffirmed a “neutral” rating and set a $14.00 target price on shares of Snap in a research note on Wednesday, September 18th. Benchmark reaffirmed a “hold” rating on shares of Snap in a research note on Friday, October 25th. Finally, Guggenheim reaffirmed a “buy” rating and set a $12.11 target price on shares of Snap in a research note on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, twenty-two have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $37.10.

Snap Price Performance

Shares of NYSE SNAP opened at $11.33 on Friday. The stock has a market cap of $18.99 billion, a P/E ratio of -19.53 and a beta of 0.97. Snap Inc. has a twelve month low of $8.29 and a twelve month high of $17.90. The stock has a 50 day moving average of $11.35 and a two-hundred day moving average of $12.09. The company has a current ratio of 4.04, a quick ratio of 4.04 and a debt-to-equity ratio of 1.63.

Snap (NYSE:SNAP) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.05 by $0.03. Snap had a negative net margin of 18.49% and a negative return on equity of 35.60%. The firm had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.36 billion. During the same quarter in the prior year, the firm earned ($0.21) EPS. Snap’s revenue for the quarter was up 15.4% on a year-over-year basis. On average, research analysts forecast that Snap Inc. will post -0.4 earnings per share for the current year.

Snap 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.