Fidelity Management & Research Co recently announced the acquisition of new stake in Snap Inc (NYSE:SNAP). The institutional investor has increased its shareholding in the Communication Services company by 31.52% to 180.9 million shares with purchase of 43.35 million shares. This fresh investment now brings its stake to 12.99% valued currently at $2.5 billion. In addition, The Vanguard Group, Inc. raised its holdings by 1.38 million to 90.78 million shares. And Capital Research & Management Co has lifted its position by 18.35% or 7.07 million shares – to 45.61 million shares.
With over 35.52 million Snap Inc (SNAP) shares trading Friday and a closing price of $16.92 on the day, the dollar volume was approximately $601.01 million. The shares have shown a positive half year performance of 58.43% and its price on 12/15/23 lost nearly -0.12%. Currently, there are 1.32B common shares owned by the public and among those 1.03B shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 40 analysts who have offered their price forecasts for SNAP have a consensus price objective of $11.47. The analysts have set the share’s price value over the next 12 months at a high of $22.00 and a low of $7.00. The average price target is -47.52% below its recent price level and a downside to the estimated low will see the stock lose -141.71% over that period. But an upside of 23.09% will see the stock hit the forecast high price target while median target price for the stock is $11.00.
Insiders at the company have transacted a total of 90 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 25 of these insider trades were purchases, accounting for 9,366,378 shares. Insider sales of the common stock occurred on 65 occasions, with total insider shares sold totaling 7,584,877 shares.
The top 3 mutual fund holders in Snap Inc are Fidelity Blue Chip Growth Fund, Vanguard Total Stock Market ETF, and American Funds Growth Fund of Ame. Fidelity Blue Chip Growth Fund owns 77.79 million shares of the company’s stock, all valued at over $1.08 billion. The company bought an additional 0.37 million shares recently to bring their total holdings to about 5.59% of the shares outstanding. Vanguard Total Stock Market ETF bought 53197.0 shares to see its total holdings expand to 32.2 million shares valued at over $445.3 million and representing 2.31% of the shares outstanding. American Funds Growth Fund of Ame bought 4.37 million shares to bring its total holdings to over 29.9 million shares at a value of $413.51 million. American Funds Growth Fund of Ame now owns shares totaling to 2.15% of the shares outstanding.
Shares of Snap Inc (NYSE: SNAP) opened at $17.04, up $0.1 from a prior closing price of $16.94. However, the script later moved the day high at 17.22, down -0.12%. The company’s stock has a 5-day price change of 12.13% and 90.33% over the past three months. SNAP shares are trading 89.05% year to date (YTD), with the 12-month market performance up to 77.36% higher. It has a 12-month low price of $7.86 and touched a high of $17.23 over the same period. SNAP has an average intraday trading volume of 24.39 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 21.74%, 46.68%, and 59.28% respectively.
Institutional ownership of Snap Inc (NYSE: SNAP) shares accounts for 45.71% of the company’s 1.32B shares outstanding. Mutual fund holders own 22.58%, while other institutional holders and individual stakeholders account for 31.60% and 11.58% respectively.
It has a market capitalization of $27.86B and a beta (3y monthly) value of 1.30. The earnings-per-share (ttm) stands at -$0.85. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.87% over the week and 3.52% over the month.
Analysts forecast that Snap Inc (SNAP) will achieve an EPS of $0.05 for the current quarter, -$0.03 for the next quarter and $0.13 for 2024. The lowest estimate earnings-per-share for the quarter is $0 while analysts give the company a high EPS estimate of $0.07. Comparatively, EPS for the current quarter was $0.14 a year ago. Earnings per share for the fiscal year are expected to increase by 3.97%, and 18.99% over the next financial year. EPS should grow at an annualized rate of 26.85% over the next five years, compared to 21.35% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 40 brokerage firm advisors rate Snap Inc (SNAP) as a “Moderate Buy” at a consensus score of 2.88. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 28 of the 40 advise that investors “hold,” and 4 rated it as a “Sell.”
Looking at the support for the SNAP, a number of firms have released research notes about the stock. Wells Fargo stated their Overweight rating for the stock in a research note on December 11, 2023, with the firm’s price target at $8-$22.
