Korea Investment CORP Sells 100,406 Shares of Snap Inc. (NYSE:SNAP)

by · The Markets Daily

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Korea Investment CORP lowered its stake in Snap Inc. (NYSE:SNAP – Free Report) by 41.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 142,479 shares of the company’s stock after selling 100,406 shares during the quarter. Korea Investment CORP’s holdings in Snap were worth $1,687,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of SNAP. BOKF NA bought a new position in Snap in the first quarter valued at approximately $28,000. ICA Group Wealth Management LLC bought a new position in Snap in the fourth quarter valued at approximately $29,000. Cascade Investment Advisors Inc. bought a new position in Snap in the first quarter valued at approximately $35,000. Fiduciary Alliance LLC bought a new position in Snap in the second quarter valued at approximately $35,000. Finally, NVP Associates LLC bought a new position in Snap in the second quarter valued at approximately $41,000. Institutional investors own 44.37% of the company’s stock.

Insider Activity

In related news, CAO Rebecca Morrow sold 6,980 shares of the firm’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $9.59, for a total transaction of $66,938.20. Following the transaction, the chief accounting officer now directly owns 309,835 shares of the company’s stock, valued at $2,971,317.65. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CAO Rebecca Morrow sold 6,980 shares of the firm’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $9.59, for a total transaction of $66,938.20. Following the transaction, the chief accounting officer now directly owns 309,835 shares of the company’s stock, valued at $2,971,317.65. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Derek Andersen sold 10,047 shares of the firm’s stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $12.15, for a total transaction of $122,071.05. Following the transaction, the chief financial officer now directly owns 2,333,483 shares in the company, valued at $28,351,818.45. The disclosure for this sale can be found here. Insiders have sold 1,617,985 shares of company stock valued at $15,309,817 over the last ninety days.

Analyst Ratings Changes

A number of brokerages have recently commented on SNAP. China Renaissance raised shares of Snap from a “sell” rating to a “hold” rating and set a $9.00 price objective on the stock in a research report on Thursday, October 26th. HSBC began coverage on shares of Snap in a research report on Tuesday, September 26th. They issued a “reduce” rating and a $7.50 price objective on the stock. Wells Fargo & Company cut their price objective on shares of Snap from $9.00 to $8.00 in a research report on Friday, October 6th. Piper Sandler boosted their price objective on shares of Snap from $8.00 to $9.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 25th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Snap from $8.00 to $9.00 and gave the stock an “underweight” rating in a research report on Wednesday, October 25th. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $10.52.

Check Out Our Latest Analysis on SNAP

Snap Price Performance

Shares of SNAP opened at $12.83 on Wednesday. The firm has a market capitalization of $21.12 billion, a PE ratio of -14.92 and a beta of 1.20. The company’s 50-day moving average is $10.10 and its 200-day moving average is $10.41. Snap Inc. has a fifty-two week low of $7.86 and a fifty-two week high of $13.89. The company has a debt-to-equity ratio of 1.50, a current ratio of 4.83 and a quick ratio of 4.83.

Snap (NYSE:SNAP – Get Free Report) last issued its quarterly earnings data on Tuesday, October 24th. The company reported ($0.21) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.03. The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.11 billion. Snap had a negative net margin of 29.99% and a negative return on equity of 44.24%. Equities analysts forecast that Snap Inc. will post -0.8 EPS for the current year.

About Snap

(Free Report)

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.

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