West Tower Group LLC Raises Holdings in Snap Inc. (NYSE:SNAP)

West Tower Group LLC lifted its stake in Snap Inc. (NYSE:SNAP) by 30.0% during the fourth quarter, Holdings Channel reports. The institutional investor owned 13,000 shares of the company’s stock after acquiring an additional 3,000 shares during the quarter. West Tower Group LLC’s holdings in Snap were worth $140,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of SNAP. Charles Schwab Investment Management Inc. boosted its position in Snap by 62.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,211,360 shares of the company’s stock worth $66,462,000 after purchasing an additional 2,386,519 shares in the last quarter. Invenomic Capital Management LP purchased a new position in Snap during the third quarter worth approximately $2,349,000. Jacobs Levy Equity Management Inc. boosted its position in Snap by 49.9% during the third quarter. Jacobs Levy Equity Management Inc. now owns 2,639,681 shares of the company’s stock worth $28,245,000 after purchasing an additional 879,212 shares in the last quarter. Patriot Financial Group Insurance Agency LLC purchased a new position in Snap during the fourth quarter worth approximately $289,000. Finally, Holocene Advisors LP purchased a new position in Snap during the third quarter worth approximately $3,436,000. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Analyst Upgrades and Downgrades

SNAP has been the topic of several research reports. BMO Capital Markets restated an “outperform” rating and issued a $16.00 target price (down previously from $18.00) on shares of Snap in a research report on Wednesday, January 15th. JMP Securities restated a “market outperform” rating and issued a $16.00 target price on shares of Snap in a research report on Monday, January 27th. Guggenheim downgraded Snap from a “buy” rating to a “neutral” rating in a research report on Tuesday, February 11th. Barclays restated an “overweight” rating on shares of Snap in a research report on Wednesday, February 5th. Finally, Needham & Company LLC restated a “buy” rating and issued a $640.00 target price on shares of Snap in a research report on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, twenty-five have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $36.87.

Insider Transactions at Snap

In related news, CFO Derek Andersen sold 33,618 shares of Snap stock in a transaction on Monday, March 17th. The stock was sold at an average price of $8.83, for a total value of $296,846.94. Following the completion of the transaction, the chief financial officer now directly owns 3,507,897 shares in the company, valued at approximately $30,974,730.51. This trade represents a 0.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of Snap stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $10.84, for a total value of $195,120.00. Following the completion of the transaction, the general counsel now owns 498,498 shares of the company’s stock, valued at approximately $5,403,718.32. This trade represents a 3.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,350,523 shares of company stock worth $12,698,797 over the last ninety days. Company insiders own 22.68% of the company’s stock.

Snap Trading Down 2.9 %

SNAP opened at $8.73 on Wednesday. Snap Inc. has a 52 week low of $8.29 and a 52 week high of $17.33. The business has a fifty day simple moving average of $10.56 and a 200-day simple moving average of $10.80. The firm has a market cap of $14.80 billion, a P/E ratio of -20.77 and a beta of 0.92. The company has a quick ratio of 3.95, a current ratio of 3.95 and a debt-to-equity ratio of 1.47.

Snap (NYSE:SNAP) last released its quarterly earnings results on Tuesday, February 4th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.13). Snap had a negative return on equity of 25.67% and a negative net margin of 13.02%. On average, equities analysts expect that Snap Inc. will post -0.3 earnings per share 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.