Miracle Mile Advisors LLC Acquires 3,000 Shares of Snap Inc. (NYSE:SNAP)

Miracle Mile Advisors LLC grew its stake in shares of Snap Inc. (NYSE:SNAP) by 16.1% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 21,658 shares of the company’s stock after purchasing an additional 3,000 shares during the period. Miracle Mile Advisors LLC’s holdings in Snap were worth $249,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of SNAP. NBC Securities Inc. raised its position in Snap by 2,580.4% in the 4th quarter. NBC Securities Inc. now owns 1,501 shares of the company’s stock valued at $25,000 after buying an additional 1,445 shares during the last quarter. Allworth Financial LP boosted its holdings in Snap by 161.6% during the fourth quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock worth $47,000 after purchasing an additional 1,708 shares during the last quarter. ICA Group Wealth Management LLC bought a new stake in Snap in the 4th quarter worth about $51,000. Rakuten Securities Inc. purchased a new stake in Snap in the 4th quarter valued at about $73,000. Finally, Westpac Banking Corp lifted its position in shares of Snap by 108.7% during the 4th quarter. Westpac Banking Corp now owns 4,812 shares of the company’s stock worth $81,000 after buying an additional 2,506 shares in the last quarter. 47.52% of the stock is owned by hedge funds and other institutional investors.

Snap Stock Down 3.5 %

SNAP stock opened at $16.04 on Tuesday. The company has a debt-to-equity ratio of 1.55, a current ratio of 3.76 and a quick ratio of 3.76. Snap Inc. has a one year low of $8.28 and a one year high of $17.90. The company’s 50 day moving average price is $15.49 and its two-hundred day moving average price is $14.16.

Snap (NYSE:SNAP) last issued its earnings results on Thursday, April 25th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.10. The company had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.12 billion. Snap had a negative net margin of 26.99% and a negative return on equity of 46.62%. Equities research analysts forecast that Snap Inc. will post -0.43 earnings per share for the current year.

Insider Transactions at Snap

In related news, SVP Eric Young sold 115,915 shares of the stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $15.91, for a total transaction of $1,844,207.65. Following the completion of the sale, the senior vice president now directly owns 3,292,657 shares in the company, valued at approximately $52,386,172.87. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Evan Spiegel sold 150,000 shares of the firm’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $14.35, for a total value of $2,152,500.00. Following the sale, the chief executive officer now directly owns 3,477,844 shares of the company’s stock, valued at $49,907,061.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Eric Young sold 115,915 shares of the business’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $15.91, for a total value of $1,844,207.65. Following the transaction, the senior vice president now owns 3,292,657 shares in the company, valued at approximately $52,386,172.87. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,354,583 shares of company stock worth $19,636,195.

Analysts Set New Price Targets

A number of analysts recently commented on SNAP shares. Raymond James reaffirmed an “outperform” rating and set a $16.00 price target (up from $15.00) on shares of Snap in a research report on Friday, April 26th. Stifel Nicolaus boosted their price target on shares of Snap from $12.00 to $13.00 and gave the stock a “hold” rating in a report on Friday, April 26th. HSBC upgraded shares of Snap from a “reduce” rating to a “buy” rating in a research report on Friday, April 26th. Susquehanna lifted their price objective on shares of Snap from $12.00 to $15.00 and gave the stock a “neutral” rating in a research report on Monday, April 29th. Finally, Benchmark reissued a “hold” rating on shares of Snap in a research report on Friday, April 26th. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Snap has a consensus rating of “Hold” and a consensus price target of $14.82.

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.