Van ECK Associates Corp Reduces Holdings in Snap Inc. (NYSE:SNAP)

Van ECK Associates Corp decreased its position in shares of Snap Inc. (NYSE:SNAP) by 61.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,457 shares of the company’s stock after selling 44,838 shares during the period. Van ECK Associates Corp’s holdings in Snap were worth $306,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Certuity LLC boosted its holdings in shares of Snap by 9.2% in the 4th quarter. Certuity LLC now owns 17,738 shares of the company’s stock valued at $191,000 after buying an additional 1,495 shares during the period. Comprehensive Financial Planning Inc. PA acquired a new position in shares of Snap in the 4th quarter valued at about $32,000. Savant Capital LLC acquired a new position in shares of Snap in the 4th quarter valued at about $3,113,000. Empowered Funds LLC boosted its holdings in shares of Snap by 3.1% in the 4th quarter. Empowered Funds LLC now owns 35,639 shares of the company’s stock valued at $384,000 after buying an additional 1,055 shares during the period. Finally, Moloney Securities Asset Management LLC acquired a new position in shares of Snap in the 4th quarter valued at about $186,000. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on SNAP shares. Wells Fargo & Company lowered shares of Snap from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $15.00 to $11.00 in a report on Wednesday, February 5th. Needham & Company LLC reissued a “buy” rating and set a $640.00 target price on shares of Snap in a research note on Thursday, December 5th. Truist Financial boosted their target price on shares of Snap from $13.00 to $14.00 and gave the company a “hold” rating in a research note on Wednesday, October 30th. JMP Securities reissued a “market outperform” rating and set a $16.00 target price on shares of Snap in a research note on Monday, January 27th. Finally, Evercore ISI boosted their target price on shares of Snap from $12.00 to $15.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, twenty-five have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $36.87.

Insiders Place Their Bets

In related news, CAO Rebecca Morrow sold 8,837 shares of the firm’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $10.84, for a total value of $95,793.08. Following the completion of the transaction, the chief accounting officer now directly owns 429,892 shares of the company’s stock, valued at approximately $4,660,029.28. This trade represents a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of Snap stock in a transaction on Friday, November 29th. The stock was sold at an average price of $11.89, for a total transaction of $214,020.00. Following the transaction, the general counsel now directly owns 464,009 shares of the company’s stock, valued at approximately $5,517,067.01. This trade represents a 3.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 499,471 shares of company stock worth $5,608,926. Company insiders own 22.68% of the company’s stock.

Snap Stock Down 3.1 %

Shares of NYSE SNAP opened at $10.35 on Friday. The firm has a market capitalization of $17.55 billion, a PE ratio of -24.63 and a beta of 0.99. The company has a current ratio of 3.95, a quick ratio of 3.95 and a debt-to-equity ratio of 1.47. Snap Inc. has a 1 year low of $8.29 and a 1 year high of $17.33. The firm’s 50-day moving average is $11.19 and its 200-day moving average is $10.75.

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

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.