CIBC Asset Management Inc Raises Holdings in Snap Inc. (NYSE:SNAP)

CIBC Asset Management Inc lifted its holdings in shares of Snap Inc. (NYSE:SNAP) by 12.3% in the fourth quarter, HoldingsChannel reports. The firm owned 53,524 shares of the company’s stock after acquiring an additional 5,876 shares during the period. CIBC Asset Management Inc’s holdings in Snap were worth $576,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Advisors Asset Management Inc. increased its stake in shares of Snap by 141.9% during the 3rd quarter. Advisors Asset Management Inc. now owns 2,782 shares of the company’s stock worth $30,000 after purchasing an additional 1,632 shares in the last quarter. Comprehensive Financial Planning Inc. PA purchased a new stake in Snap in the 4th quarter worth approximately $32,000. Brooklyn Investment Group purchased a new stake in Snap in the 3rd quarter worth approximately $41,000. Blue Trust Inc. grew its stake in 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 period. Finally, Quest Partners LLC purchased a new stake in shares of Snap during the 3rd quarter valued at $81,000. 47.52% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Snap

In related news, CAO Rebecca Morrow sold 2,812 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $11.44, for a total transaction of $32,169.28. Following the completion of the sale, the chief accounting officer now owns 430,252 shares of the company’s stock, valued at $4,922,082.88. This represents a 0.65 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Eric Young sold 102,152 shares of the business’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $10.84, for a total transaction of $1,107,327.68. Following the sale, the senior vice president now directly owns 3,443,419 shares of the company’s stock, valued at approximately $37,326,661.96. This represents a 2.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 499,471 shares of company stock valued at $5,608,926 in the last quarter. Insiders own 22.68% of the company’s stock.

Snap Price Performance

SNAP opened at $10.35 on Friday. The company has a debt-to-equity ratio of 1.47, a quick ratio of 3.95 and a current ratio of 3.95. Snap Inc. has a 1-year low of $8.29 and a 1-year high of $17.33. The company has a 50-day moving average of $11.19 and a 200-day moving average of $10.75. The company has a market capitalization of $17.55 billion, a P/E ratio of -24.63 and a beta of 0.99.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.13). Snap had a negative net margin of 13.02% and a negative return on equity of 25.67%. Equities analysts expect that Snap Inc. will post -0.3 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Evercore ISI boosted their price objective on shares of Snap from $12.00 to $15.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. Royal Bank of Canada restated a “sector perform” rating and set a $16.00 target price on shares of Snap in a report on Wednesday, October 30th. Citigroup lifted their target price on shares of Snap from $13.00 to $13.50 and gave the company a “neutral” rating in a report on Wednesday, February 5th. Citizens Jmp lowered shares of Snap from a “strong-buy” rating to a “hold” rating in a report on Wednesday, February 5th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Snap from $11.00 to $10.00 and set an “underweight” rating on the stock in a report on Wednesday, February 5th. One analyst has rated the stock with a sell rating, twenty-five have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Snap presently has an average rating of “Hold” and an average target price of $36.87.

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.