Edge Wealth Management LLC Lowers Holdings in Snap Inc (SNAP)

Edge Wealth Management LLC lowered its position in shares of Snap Inc (NYSE:SNAP) by 53.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,501 shares of the company’s stock after selling 2,925 shares during the period. Edge Wealth Management LLC’s holdings in Snap were worth $28,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in shares of Snap by 57.6% during the third quarter. Vanguard Group Inc. now owns 47,237,907 shares of the company’s stock worth $400,578,000 after purchasing an additional 17,260,731 shares during the period. Vanguard Group Inc lifted its holdings in Snap by 57.6% in the third quarter. Vanguard Group Inc now owns 47,237,907 shares of the company’s stock valued at $400,578,000 after acquiring an additional 17,260,731 shares during the period. FMR LLC lifted its holdings in Snap by 2.8% in the fourth quarter. FMR LLC now owns 22,150,589 shares of the company’s stock valued at $122,050,000 after acquiring an additional 606,983 shares during the period. First Trust Advisors LP raised its stake in shares of Snap by 4.0% during the 4th quarter. First Trust Advisors LP now owns 19,734,691 shares of the company’s stock worth $108,738,000 after buying an additional 752,876 shares during the period. Finally, BlackRock Inc. raised its stake in shares of Snap by 2.7% during the 4th quarter. BlackRock Inc. now owns 14,919,140 shares of the company’s stock worth $82,205,000 after buying an additional 396,692 shares during the period. Institutional investors own 23.18% of the company’s stock.

In other Snap news, Director Michael Lynton sold 25,000 shares of Snap stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $11.09, for a total value of $277,250.00. Following the transaction, the director now directly owns 126,817 shares in the company, valued at approximately $1,406,400.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jerry James Hunter sold 166,646 shares of Snap stock in a transaction that occurred on Wednesday, February 20th. The shares were sold at an average price of $9.24, for a total value of $1,539,809.04. Following the completion of the transaction, the vice president now owns 1,793,593 shares in the company, valued at $16,572,799.32. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,680,351 shares of company stock worth $66,991,162.

SNAP has been the subject of several research analyst reports. ValuEngine downgraded Snap from a “buy” rating to a “hold” rating in a research note on Friday, January 4th. Goldman Sachs Group cut Snap from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $10.00 to $6.00 in a research report on Friday, January 4th. Pivotal Research cut Snap from a “buy” rating to a “hold” rating and dropped their price target for the stock from $8.00 to $6.00 in a research report on Monday, January 7th. Cowen upgraded Snap from an “underperform” rating to a “market perform” rating and set a $6.00 price target for the company in a research report on Thursday, January 10th. Finally, Citigroup upgraded Snap from a “sell” rating to a “neutral” rating and set a $7.00 price target for the company in a research report on Monday, January 14th. Four analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating and seven have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $10.18.

SNAP traded up $0.56 during mid-day trading on Friday, hitting $11.80. 19,205,315 shares of the stock were exchanged, compared to its average volume of 27,909,584. Snap Inc has a 1-year low of $4.82 and a 1-year high of $14.47. The firm has a market cap of $15.59 billion, a price-to-earnings ratio of -12.16 and a beta of 1.18.

Snap (NYSE:SNAP) last posted its earnings results on Tuesday, April 23rd. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.21) by ($0.02). The firm had revenue of $320.43 million for the quarter, compared to analyst estimates of $306.28 million. Snap had a negative return on equity of 47.71% and a negative net margin of 92.94%. Snap’s revenue was up 38.9% on a year-over-year basis. During the same period in the previous year, the company posted ($0.17) EPS. On average, research analysts anticipate that Snap Inc will post -0.76 earnings per share for the current year.

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Snap Profile

Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page that allows creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps surfacing the stories and shows from publishers, creators, and the community, based on a user's subscriptions and interests.

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Institutional Ownership by Quarter for Snap (NYSE:SNAP)

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