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

SouthState Corp lowered its position in Snap Inc. (NYSE:SNAP) by 12.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 12,731 shares of the company’s stock after selling 1,749 shares during the quarter. SouthState Corp’s holdings in Snap were worth $136,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in SNAP. Marshall Wace LLP lifted its position in Snap by 587.3% during the second quarter. Marshall Wace LLP now owns 14,667,597 shares of the company’s stock valued at $243,629,000 after purchasing an additional 12,533,653 shares during the last quarter. TB Alternative Assets Ltd. increased its stake in Snap by 105.6% in 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 last quarter. Discovery Capital Management LLC CT purchased a new stake in Snap during the second quarter valued at about $22,591,000. Assenagon Asset Management S.A. boosted its holdings in shares of Snap by 74.0% in the 2nd quarter. Assenagon Asset Management S.A. now owns 2,824,354 shares of the company’s stock worth $46,913,000 after purchasing an additional 1,201,565 shares in the last quarter. Finally, Curated Wealth Partners LLC lifted its position in Snap by 200.0% in the 2nd quarter. Curated Wealth Partners LLC now owns 536,541 shares of the company’s stock worth $8,912,000 after buying an additional 1,073,082 shares during the last quarter. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Snap Stock Performance

Shares of NYSE SNAP opened at $10.50 on Wednesday. The firm’s 50-day moving average price is $10.76 and its 200-day moving average price is $12.57. Snap Inc. has a 52-week low of $8.29 and a 52-week high of $17.90. The company has a market cap of $17.61 billion, a PE ratio of -18.10 and a beta of 0.99. 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 issued its earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.03. The company had revenue of $1.37 billion for the quarter, compared to analysts’ expectations of $1.36 billion. Snap had a negative net margin of 18.49% and a negative return on equity of 35.60%. The firm’s quarterly revenue was up 15.4% on a year-over-year basis. During the same quarter last year, the company posted ($0.21) earnings per share. As a group, analysts anticipate that Snap Inc. will post -0.41 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts recently commented on SNAP shares. HSBC downgraded shares of Snap from a “buy” rating to a “hold” rating in a research note on Friday, August 2nd. Argus upgraded Snap to a “hold” rating in a research report on Thursday, August 8th. Truist Financial upped their target price on Snap from $13.00 to $14.00 and gave the company a “hold” rating in a report on Wednesday, October 30th. B. Riley lifted their price target on shares of Snap from $11.00 to $12.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $16.00 price objective on shares of Snap in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $14.31.

Insider Buying and Selling

In other news, General Counsel Michael J. O’sullivan sold 18,000 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $9.30, for a total transaction of $167,400.00. Following the completion of the sale, the general counsel now owns 456,662 shares of the company’s stock, valued at $4,246,956.60. The trade was a 3.79 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Joanna Coles sold 6,434 shares of the company’s stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $12.00, for a total value of $77,208.00. Following the completion of the sale, the director now owns 54,761 shares of the company’s stock, valued at $657,132. This trade represents a 10.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,221,220 shares of company stock valued at $14,659,201 over the last 90 days.

Snap Company 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.