Snap Inc. (NYSE:SNAP) Stock Position Decreased by Seven Eight Capital LP

Seven Eight Capital LP lowered its position in Snap Inc. (NYSE:SNAP) by 53.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 185,326 shares of the company’s stock after selling 216,460 shares during the period. Seven Eight Capital LP’s holdings in Snap were worth $3,078,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in SNAP. Blue Trust Inc. lifted its holdings in Snap by 354.1% in the 2nd 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 last quarter. Rothschild Investment LLC bought a new stake in Snap during the second quarter valued at about $40,000. J.Safra Asset Management Corp grew its position in shares of Snap by 534.4% in the second quarter. J.Safra Asset Management Corp now owns 2,766 shares of the company’s stock valued at $46,000 after purchasing an additional 2,330 shares during the last quarter. JTC Employer Solutions Trustee Ltd acquired a new position in shares of Snap during the 1st quarter worth about $100,000. Finally, Kapitalo Investimentos Ltda acquired a new position in shares of Snap during the 4th quarter worth about $108,000. Institutional investors and hedge funds own 47.52% of the company’s stock.

Snap Stock Performance

Shares of Snap stock opened at $9.43 on Wednesday. The company has a debt-to-equity ratio of 1.74, a current ratio of 3.98 and a quick ratio of 3.98. The firm has a 50 day simple moving average of $10.97 and a 200 day simple moving average of $12.85. Snap Inc. has a fifty-two week low of $8.28 and a fifty-two week high of $17.90. The firm has a market cap of $15.47 billion, a P/E ratio of -11.64 and a beta of 1.01.

Snap (NYSE:SNAP) last issued its quarterly earnings results on Thursday, August 1st. The company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate 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%. Sell-side analysts predict that Snap Inc. will post -0.48 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have commented on the company. HSBC downgraded Snap from a “buy” rating to a “hold” rating in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Snap from $17.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Benchmark reissued a “hold” rating on shares of Snap in a research report on Tuesday, August 6th. The Goldman Sachs Group cut their target price on Snap from $16.00 to $12.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Finally, Morgan Stanley upgraded shares of Snap from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $12.00 to $16.00 in a research note on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Snap presently has a consensus rating of “Hold” and a consensus price target of $13.87.

Insider Activity

In related news, CTO Robert C. Murphy sold 1,000,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $8.69, for a total transaction of $8,690,000.00. Following the completion of the sale, the chief technology officer now directly owns 58,553,813 shares of the company’s stock, valued at $508,832,634.97. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CTO Robert C. Murphy sold 1,000,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $8.69, for a total value of $8,690,000.00. Following the completion of the sale, the chief technology officer now owns 58,553,813 shares in the company, valued at $508,832,634.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Elizabeth Jenkins sold 9,965 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.19, for a total value of $91,578.35. Following the completion of the transaction, the director now directly owns 40,406 shares in the company, valued at approximately $371,331.14. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,352,420 shares of company stock valued at $12,091,682. 22.68% of the stock is currently owned by insiders.

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.