Geode Capital Management LLC Has $124.74 Million Stake in Snap Inc. (NYSE:SNAP)

Geode Capital Management LLC increased its position in shares of Snap Inc. (NYSE:SNAP) by 5.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,697,455 shares of the company’s stock after purchasing an additional 575,324 shares during the period. Geode Capital Management LLC’s holdings in Snap were worth $124,742,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Marshall Wace LLP increased its position in Snap by 587.3% during the 2nd quarter. Marshall Wace LLP now owns 14,667,597 shares of the company’s stock worth $243,629,000 after buying an additional 12,533,653 shares during the period. TB Alternative Assets Ltd. increased its position in Snap by 105.6% during the third quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock worth $85,406,000 after acquiring an additional 4,098,847 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Snap by 62.4% in the 3rd 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. Discovery Capital Management LLC CT bought a new stake in Snap in the 2nd quarter valued at about $22,591,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Snap by 49.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,910,459 shares of the company’s stock worth $41,842,000 after purchasing an additional 1,297,348 shares in the last quarter. 47.52% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on SNAP shares. Wells Fargo & Company cut their price target on Snap from $15.00 to $14.00 and set an “overweight” rating for the company in a research note on Friday, October 4th. Stifel Nicolaus cut their target price on Snap from $13.00 to $11.00 and set a “hold” rating for the company in a research report on Monday, October 14th. UBS Group raised their price target on Snap from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Bank of America upped their price objective on shares of Snap from $13.00 to $14.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Finally, Citigroup raised their target price on shares of Snap from $11.00 to $13.00 and gave the company a “neutral” rating in a report on Friday, November 29th. One 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. According to MarketBeat, Snap presently has a consensus rating of “Hold” and a consensus price target of $37.10.

Insider Transactions at Snap

In other Snap news, CTO Robert C. Murphy sold 1,000,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief technology officer now directly owns 57,210,989 shares of the company’s stock, valued at approximately $715,137,362.50. The trade was a 1.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $10.81, for a total value of $194,580.00. Following the transaction, the general counsel now owns 489,058 shares in the company, valued at $5,286,716.98. The trade was a 3.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,279,892 shares of company stock worth $15,585,110. Company insiders own 22.68% of the company’s stock.

Snap Stock Down 1.5 %

Shares of NYSE:SNAP opened at $11.17 on Wednesday. The firm has a market cap of $18.73 billion, a P/E ratio of -19.26 and a beta of 0.97. Snap Inc. has a 12-month low of $8.29 and a 12-month high of $17.90. The business has a fifty day simple moving average of $11.37 and a 200 day simple moving average of $12.02. 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 quarterly earnings data on Tuesday, October 29th. The company reported $0.08 earnings per share (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 during the quarter, compared to the consensus estimate of $1.36 billion. During the same period last year, the company earned ($0.21) earnings per share. The firm’s revenue was up 15.4% compared to the same quarter last year. Analysts predict that Snap Inc. will post -0.4 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.