Snap Inc. (NYSE:SNAP) is SRS Investment Management LLC’s 3rd Largest Position

SRS Investment Management LLC raised its stake in Snap Inc. (NYSE:SNAP) by 1.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 73,723,115 shares of the company’s stock after acquiring an additional 1,001,632 shares during the quarter. Snap makes up approximately 11.3% of SRS Investment Management LLC’s investment portfolio, making the stock its 3rd largest position. SRS Investment Management LLC’s holdings in Snap were worth $793,998,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of SNAP. Mountain Hill Investment Partners Corp. acquired a new position in shares of Snap in the 4th quarter valued at $27,000. Comprehensive Financial Planning Inc. PA acquired a new position in shares of Snap in the fourth quarter worth about $32,000. Osterweis Capital Management Inc. acquired a new position in shares of Snap in the fourth quarter worth about $43,000. Blue Trust Inc. boosted its stake in shares of Snap by 128.0% during the 4th quarter. Blue Trust Inc. now owns 4,370 shares of the company’s stock worth $47,000 after acquiring an additional 2,453 shares in the last quarter. Finally, Generali Investments Towarzystwo Funduszy Inwestycyjnych acquired a new stake in shares of Snap during the 4th quarter valued at about $54,000. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Snap Price Performance

Snap stock opened at $7.62 on Tuesday. The company has a current ratio of 3.95, a quick ratio of 3.95 and a debt-to-equity ratio of 1.47. The stock has a market cap of $12.93 billion, a P/E ratio of -18.14 and a beta of 0.92. The company has a 50-day moving average price of $9.13 and a 200 day moving average price of $10.54. Snap Inc. has a 12-month low of $7.08 and a 12-month high of $17.33.

Snap (NYSE:SNAP) last released its quarterly earnings results on Tuesday, February 4th. The company reported $0.01 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%. Sell-side analysts anticipate that Snap Inc. will post -0.3 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently weighed in on SNAP. JMP Securities reaffirmed a “market outperform” rating and issued a $16.00 price target on shares of Snap in a report on Monday, January 27th. Susquehanna upped their target price on Snap from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. BMO Capital Markets reissued an “outperform” rating and issued a $16.00 price target (down previously from $18.00) on shares of Snap in a research note on Wednesday, January 15th. Guggenheim restated a “neutral” rating on shares of Snap in a research report on Wednesday, April 2nd. Finally, Citizens Jmp raised shares of Snap from a “hold” rating to a “strong-buy” rating in a report on Friday, March 28th. One investment analyst has rated the stock with a sell rating, twenty-four have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $35.60.

Insider Transactions at Snap

In related news, General Counsel Michael J. O’sullivan sold 24,000 shares of the stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $8.60, for a total transaction of $206,400.00. Following the completion of the transaction, the general counsel now owns 507,660 shares of the company’s stock, valued at approximately $4,365,876. This trade represents a 4.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Robert C. Murphy sold 1,000,000 shares of Snap stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $9.04, for a total transaction of $9,040,000.00. Following the completion of the sale, the chief technology officer now owns 55,818,548 shares of the company’s stock, valued at $504,599,673.92. This trade represents a 1.76 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,356,523 shares of company stock worth $12,710,077. 22.68% of the stock is currently owned by company insiders.

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.