Westbourne Investment Advisors Inc. Grows Position in Snap Inc. (NYSE:SNAP)

Westbourne Investment Advisors Inc. boosted its holdings in Snap Inc. (NYSE:SNAP) by 3.7% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 336,837 shares of the company’s stock after buying an additional 11,958 shares during the quarter. Snap accounts for approximately 1.3% of Westbourne Investment Advisors Inc.’s holdings, making the stock its 28th biggest position. Westbourne Investment Advisors Inc.’s holdings in Snap were worth $3,604,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of SNAP. V Square Quantitative Management LLC purchased a new position in shares of Snap in the 3rd quarter worth $29,000. Paladin Wealth LLC purchased a new position in Snap in the third quarter worth about $30,000. Hollencrest Capital Management bought a new stake in shares of Snap during the 2nd quarter valued at about $33,000. Blue Trust Inc. increased its position in shares of Snap by 354.1% during the 2nd quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock valued at $36,000 after purchasing an additional 1,682 shares during the last quarter. Finally, Rothschild Investment LLC purchased a new stake in shares of Snap during the 2nd quarter valued at about $40,000. Institutional investors own 47.52% of the company’s stock.

Insider Activity

In other news, CTO Robert C. Murphy sold 1,000,000 shares of Snap stock in a transaction that occurred on 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 sale, the chief technology officer now owns 58,553,813 shares of the company’s stock, valued at approximately $508,832,634.97. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Snap news, CAO Rebecca Morrow sold 8,923 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.10, for a total transaction of $81,199.30. Following the transaction, the chief accounting officer now directly owns 472,405 shares in the company, valued at $4,298,885.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Robert C. Murphy sold 1,000,000 shares of the company’s 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 trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,497,051 shares of company stock valued at $13,261,098. 22.68% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on SNAP shares. Truist Financial upped their target price on shares of Snap from $13.00 to $14.00 and gave the company a “hold” rating in a report on Wednesday. Stifel Nicolaus lowered their target price on Snap from $13.00 to $11.00 and set a “hold” rating on the stock in a research report on Monday, October 14th. Bank of America boosted their price objective on Snap from $13.00 to $14.00 and gave the company a “neutral” rating in a research note on Wednesday. The Goldman Sachs Group raised their target price on shares of Snap from $12.00 to $13.50 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, Morgan Stanley raised shares of Snap from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $12.00 to $16.00 in a report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Snap presently has a consensus rating of “Hold” and an average target price of $14.25.

Snap Trading Up 3.0 %

SNAP stock traded up $0.37 during midday trading on Friday, reaching $12.53. 49,753,791 shares of the company traded hands, compared to its average volume of 28,778,938. The firm has a market capitalization of $20.79 billion, a price-to-earnings ratio of -21.60 and a beta of 0.99. The business has a 50 day moving average of $10.18 and a 200-day moving average of $12.72. Snap Inc. has a 52-week low of $8.29 and a 52-week high of $17.90. The company has a debt-to-equity ratio of 1.63, a quick ratio of 3.98 and a current ratio of 4.04.

Snap (NYSE:SNAP) last announced its earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.03. The business had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.36 billion. Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. The company’s revenue for the quarter was up 15.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.21) earnings per share. As a group, sell-side analysts expect that Snap Inc. will post -0.47 earnings per share for the current fiscal year.

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.