Cinctive Capital Management LP Sells 816,398 Shares of Snap Inc. (NYSE:SNAP)

Cinctive Capital Management LP lowered its holdings in Snap Inc. (NYSE:SNAP) by 51.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 772,155 shares of the company’s stock after selling 816,398 shares during the quarter. Cinctive Capital Management LP’s holdings in Snap were worth $8,262,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in SNAP. GraniteShares Advisors LLC raised its stake in Snap by 2.5% during the second quarter. GraniteShares Advisors LLC now owns 38,154 shares of the company’s stock worth $634,000 after acquiring an additional 941 shares in the last quarter. Concurrent Investment Advisors LLC increased its position in shares of Snap by 4.0% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 26,998 shares of the company’s stock worth $448,000 after purchasing an additional 1,048 shares in the last quarter. Metis Global Partners LLC lifted its holdings in Snap by 6.9% during the 3rd quarter. Metis Global Partners LLC now owns 19,352 shares of the company’s stock valued at $207,000 after purchasing an additional 1,255 shares during the last quarter. Intech Investment Management LLC boosted its position in Snap by 1.9% in the third quarter. Intech Investment Management LLC now owns 77,592 shares of the company’s stock valued at $830,000 after buying an additional 1,433 shares in the last quarter. Finally, DMC Group LLC grew its stake in Snap by 10.5% during the second quarter. DMC Group LLC now owns 15,583 shares of the company’s stock worth $259,000 after buying an additional 1,477 shares during the last quarter. Institutional investors and hedge funds own 47.52% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on SNAP shares. Roth Mkm reiterated a “neutral” rating and issued a $14.00 target price on shares of Snap in a research note on Wednesday, September 18th. Evercore ISI lifted their price objective on Snap from $12.00 to $15.00 and gave the company an “in-line” rating in a research report on Wednesday, October 30th. UBS Group increased their target price on Snap from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Piper Sandler reaffirmed a “neutral” rating and issued a $13.00 price target (up from $12.00) on shares of Snap in a report on Wednesday, October 30th. Finally, Argus upgraded shares of Snap to a “hold” rating in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, twenty-two have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $14.33.

Insiders Place Their Bets

In other news, CFO Derek Andersen sold 97,608 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $9.29, for a total value of $906,778.32. Following the completion of the transaction, the chief financial officer now owns 2,287,970 shares in the company, valued at $21,255,241.30. This represents a 4.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Eric Young sold 112,020 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $10.55, for a total transaction of $1,181,811.00. Following the sale, the senior vice president now directly owns 2,791,048 shares of the company’s stock, valued at $29,445,556.40. This represents a 3.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,388,709 shares of company stock worth $16,448,087 over the last ninety days. 22.68% of the stock is currently owned by corporate insiders.

Snap Stock Up 1.7 %

Shares of NYSE SNAP opened at $11.81 on Monday. Snap Inc. has a 52-week low of $8.29 and a 52-week high of $17.90. The company has a debt-to-equity ratio of 1.63, a quick ratio of 4.04 and a current ratio of 4.04. The stock has a market cap of $19.81 billion, a P/E ratio of -20.36 and a beta of 0.99. The firm has a 50 day moving average price of $11.04 and a 200 day moving average price of $12.29.

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

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.