RiverPark Advisors LLC Buys 14,164 Shares of Snap Inc. (NYSE:SNAP)

RiverPark Advisors LLC grew its stake in shares of Snap Inc. (NYSE:SNAP) by 20.5% during the third quarter, Holdings Channel.com reports. The institutional investor owned 83,387 shares of the company’s stock after acquiring an additional 14,164 shares during the quarter. RiverPark Advisors LLC’s holdings in Snap were worth $892,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of SNAP. Empowered Funds LLC raised its position in Snap by 13.2% in the 3rd quarter. Empowered Funds LLC now owns 34,584 shares of the company’s stock valued at $370,000 after buying an additional 4,044 shares during the last quarter. CIBC Asset Management Inc boosted its stake in shares of Snap by 5.1% during the 3rd quarter. CIBC Asset Management Inc now owns 47,648 shares of the company’s stock worth $510,000 after acquiring an additional 2,326 shares during the period. OneDigital Investment Advisors LLC bought a new position in shares of Snap during the 3rd quarter worth approximately $122,000. Metis Global Partners LLC boosted its stake in Snap by 6.9% in 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 period. Finally, Kovack Advisors Inc. boosted its stake in Snap by 7.4% in the 3rd quarter. Kovack Advisors Inc. now owns 32,995 shares of the company’s stock valued at $353,000 after purchasing an additional 2,265 shares during the period. Institutional investors and hedge funds own 47.52% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on SNAP. Evercore ISI upped their target price on Snap from $12.00 to $15.00 and gave the company an “in-line” rating in a research report on Wednesday, October 30th. Wells Fargo & Company lowered their target price on Snap from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Friday, October 4th. HSBC lowered Snap from a “buy” rating to a “hold” rating in a research report on Friday, August 2nd. Morgan Stanley upgraded Snap from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $12.00 to $16.00 in a research report on Tuesday, July 23rd. Finally, Truist Financial upped their target price on Snap from $13.00 to $14.00 and gave the company a “hold” rating in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $14.31.

Snap Price Performance

Shares of Snap stock opened at $10.60 on Friday. Snap Inc. has a one year low of $8.29 and a one year high of $17.90. The stock’s fifty day moving average is $10.68 and its 200 day moving average is $12.67. The company has a quick ratio of 4.04, a current ratio of 4.04 and a debt-to-equity ratio of 1.63.

Snap (NYSE:SNAP) last announced its earnings results on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.03. Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. The company had revenue of $1.37 billion for the quarter, compared to analysts’ expectations of $1.36 billion. During the same period last year, the firm earned ($0.21) EPS. Snap’s revenue for the quarter was up 15.4% compared to the same quarter last year. On average, equities research analysts forecast that Snap Inc. will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling

In other Snap news, CFO Derek Andersen sold 97,608 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $9.29, for a total transaction of $906,778.32. Following the sale, the chief financial officer now directly owns 2,287,970 shares of the company’s stock, valued at $21,255,241.30. This trade represents a 4.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Robert C. Murphy sold 1,000,000 shares of the firm’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $12.50, for a total value of $12,500,000.00. Following the sale, the chief technology officer now directly owns 57,210,989 shares in the company, valued at approximately $715,137,362.50. This represents a 1.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,221,220 shares of company stock valued at $14,659,201. 22.68% of the stock is owned by company insiders.

Snap Profile

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.