Destiny Wealth Partners LLC Raises Stock Position in Snap Inc. (NYSE:SNAP)

Destiny Wealth Partners LLC increased its holdings in shares of Snap Inc. (NYSE:SNAP) by 12.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 148,648 shares of the company’s stock after purchasing an additional 16,748 shares during the period. Destiny Wealth Partners LLC’s holdings in Snap were worth $1,295,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in SNAP. Blue Trust Inc. raised its holdings in shares of Snap by 136.3% during the fourth quarter. Blue Trust Inc. now owns 4,529 shares of the company’s stock worth $48,000 after purchasing an additional 2,612 shares during the last quarter. Stratos Wealth Partners LTD. increased its holdings in Snap by 7.4% in the fourth quarter. Stratos Wealth Partners LTD. now owns 37,668 shares of the company’s stock valued at $406,000 after buying an additional 2,610 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Snap by 42.1% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 82,750 shares of the company’s stock valued at $909,000 after buying an additional 24,533 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in Snap by 0.5% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,245,128 shares of the company’s stock valued at $34,950,000 after buying an additional 15,294 shares in the last quarter. Finally, Moloney Securities Asset Management LLC purchased a new position in Snap in the fourth quarter valued at $186,000. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Snap Stock Up 0.7%

Shares of NYSE SNAP opened at $8.26 on Monday. Snap Inc. has a 12-month low of $7.08 and a 12-month high of $17.33. The stock has a market cap of $13.80 billion, a PE ratio of -19.67 and a beta of 0.59. The company has a current ratio of 3.95, a quick ratio of 3.95 and a debt-to-equity ratio of 1.47. The company has a 50-day moving average of $8.27 and a 200 day moving average of $9.92.

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

Insider Activity

In other news, CAO Rebecca Morrow sold 9,202 shares of the company’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $8.59, for a total value of $79,045.18. Following the transaction, the chief accounting officer now directly owns 448,881 shares in the company, valued at approximately $3,855,887.79. This represents a 2.01% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Robert C. Murphy sold 1,000,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $9.04, for a total transaction of $9,040,000.00. Following the completion of the transaction, the chief technology officer now owns 55,818,548 shares in the company, valued at approximately $504,599,673.92. This represents a 1.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,634,313 shares of company stock valued at $22,581,690 in the last 90 days. Company insiders own 22.68% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on SNAP shares. BMO Capital Markets cut their price objective on shares of Snap from $16.00 to $13.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th. JPMorgan Chase & Co. cut their price objective on shares of Snap from $10.00 to $8.00 and set an “underweight” rating for the company in a report on Tuesday, April 8th. Cantor Fitzgerald set a $7.00 price objective on shares of Snap and gave the company a “neutral” rating in a report on Wednesday, April 30th. The Goldman Sachs Group cut their price objective on shares of Snap from $9.50 to $8.50 and set a “neutral” rating for the company in a report on Wednesday, April 30th. Finally, Loop Capital cut their price objective on shares of Snap from $16.00 to $12.00 and set a “buy” rating for the company in a report on Friday, May 16th. 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 stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $35.62.

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.