Handelsbanken Fonder AB Sells 25,534 Shares of Snap Inc. (NYSE:SNAP)

Handelsbanken Fonder AB trimmed its position in shares of Snap Inc. (NYSE:SNAP) by 13.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 161,873 shares of the company’s stock after selling 25,534 shares during the period. Handelsbanken Fonder AB’s holdings in Snap were worth $1,743,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Geode Capital Management LLC boosted its holdings in Snap by 5.2% during the third 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. lifted its stake in shares of Snap by 62.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,211,360 shares of the company’s stock valued at $66,462,000 after buying an additional 2,386,519 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Snap by 49.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,910,459 shares of the company’s stock valued at $41,842,000 after buying an additional 1,297,348 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Snap by 0.5% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,245,128 shares of the company’s stock valued at $34,950,000 after buying an additional 15,294 shares during the period. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Snap by 51.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 3,086,741 shares of the company’s stock valued at $33,244,000 after buying an additional 1,050,501 shares during the period. 47.52% of the stock is currently owned by institutional investors.

Insider Activity at Snap

In related news, SVP Eric Young sold 102,152 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $10.84, for a total value of $1,107,327.68. Following the completion of the sale, the senior vice president now owns 3,443,419 shares of the company’s stock, valued at $37,326,661.96. This trade represents a 2.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Derek Andersen sold 94,164 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $11.44, for a total transaction of $1,077,236.16. Following the completion of the sale, the chief financial officer now directly owns 2,193,806 shares of the company’s stock, valued at approximately $25,097,140.64. This represents a 4.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 499,471 shares of company stock valued at $5,608,926 over the last quarter. Corporate insiders own 22.68% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Bank of America increased their target price on shares of Snap from $14.00 to $14.50 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. JMP Securities reiterated a “market outperform” rating and issued a $16.00 target price on shares of Snap in a research note on Monday, January 27th. Truist Financial increased 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. Piper Sandler reiterated a “neutral” rating and issued a $13.00 target price (up previously from $12.00) on shares of Snap in a research note on Wednesday, October 30th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Snap from $11.00 to $10.00 and set an “underweight” rating for the company in a research note on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, twenty-five have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $36.87.

Snap Stock Performance

NYSE SNAP opened at $10.44 on Wednesday. The firm has a market cap of $17.70 billion, a price-to-earnings ratio of -24.84 and a beta of 0.99. The company has a 50 day moving average of $11.16 and a 200-day moving average of $10.79. 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.

Snap (NYSE:SNAP) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates 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, equities analysts forecast that Snap Inc. will post -0.3 earnings per share for the current fiscal year.

Snap Company 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.