SouthState Corp Sells 1,749 Shares of Snap Inc. (NYSE:SNAP)

SouthState Corp reduced its position in Snap Inc. (NYSE:SNAP) by 12.1% in the third quarter, HoldingsChannel.com reports. The firm owned 12,731 shares of the company’s stock after selling 1,749 shares during the period. SouthState Corp’s holdings in Snap were worth $136,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Marshall Wace LLP lifted its stake in shares of Snap by 587.3% during the 2nd quarter. Marshall Wace LLP now owns 14,667,597 shares of the company’s stock valued at $243,629,000 after buying an additional 12,533,653 shares in the last quarter. TB Alternative Assets Ltd. raised its holdings in Snap by 105.6% during the third quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock valued at $85,406,000 after acquiring an additional 4,098,847 shares during the period. Discovery Capital Management LLC CT purchased a new position in shares of Snap in the second quarter valued at about $22,591,000. Assenagon Asset Management S.A. boosted its stake in shares of Snap by 74.0% in the second quarter. Assenagon Asset Management S.A. now owns 2,824,354 shares of the company’s stock worth $46,913,000 after acquiring an additional 1,201,565 shares during the period. Finally, Curated Wealth Partners LLC grew its position in shares of Snap by 200.0% during the second quarter. Curated Wealth Partners LLC now owns 536,541 shares of the company’s stock worth $8,912,000 after purchasing an additional 1,073,082 shares in the last quarter. 47.52% of the stock is owned by hedge funds and other institutional investors.

Snap Price Performance

Shares of SNAP opened at $10.50 on Wednesday. The stock has a market capitalization of $17.61 billion, a PE ratio of -18.10 and a beta of 0.99. Snap Inc. has a fifty-two week low of $8.29 and a fifty-two 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 company has a 50 day moving average price of $10.76 and a 200-day moving average price of $12.57.

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 analysts’ consensus estimates of $0.05 by $0.03. The business had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.36 billion. Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. The business’s revenue was up 15.4% compared to the same quarter last year. During the same period last year, the business posted ($0.21) EPS. Equities analysts predict that Snap Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling at Snap

In other Snap news, General Counsel Michael J. O’sullivan sold 18,000 shares of the stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $9.30, for a total value of $167,400.00. Following the completion of the sale, the general counsel now directly owns 456,662 shares in the company, valued at approximately $4,246,956.60. This trade represents a 3.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Robert C. Murphy sold 1,000,000 shares of the business’s stock in a transaction dated Thursday, October 31st. The stock was 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 owns 57,210,989 shares in the company, valued at $715,137,362.50. The trade was a 1.72 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,221,220 shares of company stock valued at $14,659,201.

Analysts Set New Price Targets

A number of research analysts recently commented on SNAP shares. UBS Group boosted their price target on Snap from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Canaccord Genuity Group boosted their target price on shares of Snap from $12.00 to $13.00 and gave the stock a “hold” rating in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $14.00 target price on shares of Snap in a research note on Wednesday, September 18th. Susquehanna decreased their price target on shares of Snap from $15.00 to $12.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Finally, Citigroup cut their price objective on Snap from $16.00 to $11.00 and set a “neutral” rating for the company in a research report on Monday, August 12th. One analyst has rated the stock with a sell rating, twenty-two have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $14.31.

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.