Polar Asset Management Partners Inc. Takes $4.92 Million Position in Snap Inc. (NYSE:SNAP)

Polar Asset Management Partners Inc. bought a new position in Snap Inc. (NYSE:SNAP) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 457,200 shares of the company’s stock, valued at approximately $4,924,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Mountain Hill Investment Partners Corp. acquired a new stake in shares of Snap in the 4th quarter worth about $27,000. Comprehensive Financial Planning Inc. PA acquired a new stake in shares of Snap in the 4th quarter worth about $32,000. Osterweis Capital Management Inc. acquired a new stake in shares of Snap in the 4th quarter worth about $43,000. Blue Trust Inc. raised its holdings in shares of Snap by 128.0% in the 4th quarter. Blue Trust Inc. now owns 4,370 shares of the company’s stock worth $47,000 after acquiring an additional 2,453 shares during the last quarter. Finally, Generali Investments Towarzystwo Funduszy Inwestycyjnych acquired a new stake in shares of Snap in the 4th quarter worth about $54,000. Institutional investors and hedge funds own 47.52% of the company’s stock.

Insider Activity

In related news, General Counsel Michael J. O’sullivan sold 24,000 shares of the company’s stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $7.74, for a total value of $185,760.00. Following the completion of the transaction, the general counsel now directly owns 483,660 shares in the company, valued at approximately $3,743,528.40. The trade was a 4.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Robert C. Murphy sold 1,000,000 shares of the company’s stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $8.03, for a total transaction of $8,030,000.00. Following the completion of the transaction, the chief technology officer now owns 54,517,308 shares of the company’s stock, valued at $437,773,983.24. This trade represents a 1.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,362,523 shares of company stock worth $20,719,017 in the last three months. Corporate insiders own 22.68% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on SNAP. Stifel Nicolaus decreased their price objective on shares of Snap from $11.00 to $8.00 and set a “hold” rating for the company in a research note on Wednesday, April 23rd. Barclays reissued an “overweight” rating on shares of Snap in a research report on Wednesday, February 5th. Bank of America dropped their target price on shares of Snap from $14.50 to $10.50 and set a “neutral” rating on the stock in a research report on Wednesday, April 9th. Truist Financial dropped their target price on shares of Snap from $14.00 to $11.00 and set a “hold” rating on the stock in a research report on Wednesday, April 30th. Finally, Wells Fargo & Company dropped their target price on shares of Snap from $9.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, twenty-three have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $35.50.

Snap Stock Down 4.7%

SNAP opened at $8.61 on Friday. The company has a fifty day moving average price of $8.48 and a 200-day moving average price of $10.28. The firm has a market capitalization of $14.39 billion, a P/E ratio of -20.50 and a beta of 0.61. The company has a debt-to-equity ratio of 1.47, a current ratio of 3.95 and a quick ratio of 3.95. Snap Inc. has a one year low of $7.08 and a one year high of $17.33.

Snap (NYSE:SNAP) last released its quarterly earnings results on Tuesday, April 29th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.12). The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Snap had a negative net margin of 13.02% and a negative return on equity of 25.67%. The firm’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.03 earnings per share. Equities research analysts expect that Snap Inc. will post -0.3 earnings per share for the current fiscal 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.