Renaissance Technologies LLC Sells 999,824 Shares of Snap Inc. (NYSE:SNAP)

Renaissance Technologies LLC cut its stake in shares of Snap Inc. (NYSE:SNAP) by 24.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,145,100 shares of the company’s stock after selling 999,824 shares during the quarter. Renaissance Technologies LLC’s holdings in Snap were worth $52,240,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Blue Trust Inc. raised its position in shares of Snap by 354.1% during the second quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock worth $36,000 after acquiring an additional 1,682 shares during the last quarter. Rothschild Investment LLC acquired a new stake in Snap during the 2nd quarter valued at approximately $40,000. J.Safra Asset Management Corp raised its holdings in Snap by 534.4% during the 2nd quarter. J.Safra Asset Management Corp now owns 2,766 shares of the company’s stock worth $46,000 after purchasing an additional 2,330 shares during the last quarter. JTC Employer Solutions Trustee Ltd acquired a new position in shares of Snap in the 1st quarter worth approximately $100,000. Finally, Kapitalo Investimentos Ltda bought a new stake in shares of Snap in the 4th quarter valued at $108,000. Institutional investors own 47.52% of the company’s stock.

Analyst Upgrades and Downgrades

SNAP has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Snap from $17.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Piper Sandler reissued a “neutral” rating and issued a $12.00 price objective (down from $15.00) on shares of Snap in a research note on Friday, August 2nd. Cantor Fitzgerald began coverage on Snap in a research note on Thursday, September 5th. They set a “neutral” rating and a $8.00 target price for the company. Barclays lowered their target price on Snap from $17.00 to $16.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Finally, Susquehanna reduced their price objective on shares of Snap from $15.00 to $12.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, twenty-two have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $13.87.

Snap Price Performance

Shares of NYSE:SNAP opened at $9.43 on Wednesday. The company has a current ratio of 3.98, a quick ratio of 3.98 and a debt-to-equity ratio of 1.74. The stock has a market cap of $15.64 billion, a PE ratio of -11.64 and a beta of 1.00. The stock’s fifty day simple moving average is $10.97 and its two-hundred day simple moving average is $12.85. Snap Inc. has a 1-year low of $8.28 and a 1-year high of $17.90.

Snap (NYSE:SNAP) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.13) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.02. Snap had a negative net margin of 23.49% and a negative return on equity of 42.84%. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.25 billion. As a group, analysts forecast that Snap Inc. will post -0.48 EPS for the current fiscal year.

Insider Transactions at Snap

In related news, CTO Robert C. Murphy sold 1,000,000 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $8.69, for a total transaction of $8,690,000.00. Following the completion of the sale, the chief technology officer now directly owns 58,553,813 shares of the company’s stock, valued at $508,832,634.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CTO Robert C. Murphy sold 1,000,000 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $8.69, for a total transaction of $8,690,000.00. Following the completion of the transaction, the chief technology officer now owns 58,553,813 shares in the company, valued at $508,832,634.97. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Evan Spiegel sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $8.85, for a total transaction of $1,327,500.00. Following the sale, the chief executive officer now owns 3,327,844 shares of the company’s stock, valued at approximately $29,451,419.40. The disclosure for this sale can be found here. Insiders have sold 1,352,420 shares of company stock worth $12,091,682 in the last 90 days. Insiders own 22.68% of the company’s stock.

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.