Connor Clark & Lunn Investment Management Ltd. Reduces Stock Holdings in Snap Inc. (NYSE:SNAP)

Connor Clark & Lunn Investment Management Ltd. decreased its stake in Snap Inc. (NYSE:SNAP) by 19.9% in the fourth quarter, Holdings Channel.com reports. The firm owned 3,132,530 shares of the company’s stock after selling 777,929 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Snap were worth $33,737,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Geode Capital Management LLC boosted its holdings in Snap by 5.2% during the 3rd quarter. Geode Capital Management LLC now owns 11,697,455 shares of the company’s stock valued at $124,742,000 after acquiring an additional 575,324 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Snap by 6.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,601,172 shares of the company’s stock valued at $71,095,000 after acquiring an additional 389,812 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Snap by 0.5% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,245,128 shares of the company’s stock valued at $34,950,000 after acquiring an additional 15,294 shares during the period. Assenagon Asset Management S.A. boosted its holdings in Snap by 51.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 3,086,741 shares of the company’s stock valued at $33,244,000 after acquiring an additional 1,050,501 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in Snap by 49.9% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,639,681 shares of the company’s stock valued at $28,245,000 after acquiring an additional 879,212 shares during the period. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Snap Trading Up 0.1 %

Shares of NYSE:SNAP opened at $8.87 on Thursday. The business’s 50-day moving average is $10.87 and its 200 day moving average is $10.82. Snap Inc. has a 1 year low of $8.29 and a 1 year high of $17.33. The firm has a market capitalization of $15.04 billion, a P/E ratio of -21.11 and a beta of 0.92. The company has a debt-to-equity ratio of 1.47, a current ratio of 3.95 and a quick ratio of 3.95.

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

Analysts Set New Price Targets

A number of research firms recently issued reports on SNAP. Citigroup boosted their price objective on Snap from $13.00 to $13.50 and gave the company a “neutral” rating in a report on Wednesday, February 5th. Wells Fargo & Company cut Snap from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $15.00 to $11.00 in a report on Wednesday, February 5th. Barclays reaffirmed an “overweight” rating on shares of Snap in a research report on Wednesday, February 5th. JPMorgan Chase & Co. decreased their target price on Snap from $11.00 to $10.00 and set an “underweight” rating for the company in a research report on Wednesday, February 5th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $640.00 target price on shares of Snap in a research report on Thursday, December 5th. One research analyst has rated the stock with a sell rating, twenty-five have given a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Snap has a consensus rating of “Hold” and an average target price of $36.87.

Insider Buying and Selling at Snap

In other Snap news, CAO Rebecca Morrow sold 2,812 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $11.44, for a total transaction of $32,169.28. Following the sale, the chief accounting officer now owns 430,252 shares in the company, valued at approximately $4,922,082.88. The trade was a 0.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Derek Andersen sold 17,789 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $12.00, for a total value of $213,468.00. Following the sale, the chief financial officer now owns 2,176,017 shares in the company, valued at approximately $26,112,204. The trade was a 0.81 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 449,168 shares of company stock worth $4,993,679. 22.68% of the stock is currently owned by insiders.

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.