Meridiem Capital Partners LP Purchases Shares of 751,772 Snap Inc. (NYSE:SNAP)
Meridiem Capital Partners LP acquired 751,772 shares of Snap Inc. (NYSE:SNAP) valued at approximately $8.1 million in Q4, as per its SEC filing. Other institutional investors also increased their stakes, with Capital International Investors investing about $422 million. Insider trading included CFO Derek Andersen selling 61,334 shares. Snap's stock opened at $9.19, with a 52-week range of $7.08 to $17.33. Analysts have mixed ratings, with target prices ranging from $7.00 to $10.50.
Meridiem Capital Partners LP purchased a new stake in Snap Inc. (NYSE:SNAP - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 751,772 shares of the company's stock, valued at approximately $8,097,000.
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Other institutional investors and hedge funds also recently bought and sold shares of the company. Capital International Investors purchased a new stake in Snap during the fourth quarter valued at about $422,049,000. Capital World Investors lifted its stake in Snap by 38.9% during the fourth quarter. Capital World Investors now owns 84,137,317 shares of the company's stock valued at $906,161,000 after buying an additional 23,569,522 shares in the last quarter. Norges Bank purchased a new stake in Snap during the fourth quarter valued at about $30,162,000. Renaissance Technologies LLC purchased a new stake in Snap during the fourth quarter valued at about $27,713,000. Finally, Portolan Capital Management LLC purchased a new stake in Snap during the fourth quarter valued at about $25,447,000. 47.52% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling at Snap
In other news, CFO Derek Andersen sold 61,334 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $10.84, for a total value of $664,860.56. Following the completion of the sale, the chief financial officer now directly owns 3,564,235 shares of the company's stock, valued at approximately $38,636,307.40. This represents a 1.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Michael J. O'sullivan sold 24,000 shares of the stock in a transaction that occurred 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 sale, the general counsel now directly owns 483,660 shares of the company's stock, valued at $3,743,528.40. This represents a 4.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,362,523 shares of company stock worth $20,719,017 over the last 90 days. Insiders own 22.68% of the company's stock.
Snap Trading Up 11.4%
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NYSE:SNAP opened at $9.19 on Tuesday. Snap Inc. has a 52 week low of $7.08 and a 52 week high of $17.33. The company has a debt-to-equity ratio of 1.47, a quick ratio of 3.95 and a current ratio of 3.95. The stock's 50 day moving average price is $8.51 and its 200 day moving average price is $10.31. The company has a market capitalization of $15.59 billion, a P/E ratio of -21.88 and a beta of 0.61.
Snap (NYSE:SNAP - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported ($0.08) EPS 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 company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same quarter last year, the business earned $0.03 EPS. The company's revenue for the quarter was up 14.1% on a year-over-year basis. On average, research analysts forecast that Snap Inc. will post -0.3 EPS for the current fiscal year.
Wall Street Analyst Weigh In
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A number of analysts have commented on the stock. Canaccord Genuity Group reduced their price objective on shares of Snap from $10.00 to $9.00 and set a "hold" rating for the company in a research note on Wednesday, April 30th. Bank of America dropped their target price on Snap from $14.50 to $10.50 and set a "neutral" rating on the stock in a report on Wednesday, April 9th. Loop Capital set a $9.00 target price on Snap in a report on Friday, May 2nd. Cantor Fitzgerald set a $7.00 target price on Snap and gave the company a "neutral" rating in a report on Wednesday, April 30th. Finally, Barclays reiterated an "overweight" rating on shares of Snap in a report on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, twenty-three have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $35.50.
Check Out Our Latest Stock Analysis on Snap
Snap Company Profile
(Free Report)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.
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Want to see what other hedge funds are holding SNAP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Snap Inc. (NYSE:SNAP - Free Report).
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