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 21.56 million Snap Inc (SNAP) shares trading Friday and a closing price of $16.55 on the day, the dollar volume was approximately $356.76 million. The shares have shown a positive half year performance of 41.70% and its price on 01/05/24 gained nearly 2.16%. Currently, there are 1.32B common shares owned by the public and among those 1.03B shares have been available to trade.
3 Tiny Stocks Primed to Explode
The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.
We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.
Click here for full details and to join for free
Sponsored
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 41 analysts who have offered their price forecasts for SNAP have a consensus price objective of $12.78. The analysts have set the share’s price value over the next 12 months at a high of $23.00 and a low of $7.00. The average price target is -29.5% below its recent price level and a downside to the estimated low will see the stock lose -136.43% over that period. But an upside of 28.04% 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. Vanguard Total Stock Market ETF bought 39374.0 shares to see its total holdings expand to 32.24 million shares valued at over $445.85 million and representing 2.32% 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 $16.12, down -$0.08 from a prior closing price of $16.20. However, the script later moved the day high at 16.68, up 2.16%. The company’s stock has a 5-day price change of -2.93% and 89.36% over the past three months. SNAP shares are trading -2.24% year to date (YTD), with the 12-month market performance up to 77.96% higher. It has a 12-month low price of $7.86 and touched a high of $17.90 over the same period. SNAP has an average intraday trading volume of 26.43 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 1.09%, 22.54%, and 50.26% respectively.
Institutional ownership of Snap Inc (NYSE: SNAP) shares accounts for 45.64% of the company’s 1.32B shares outstanding. Mutual fund holders own 22.68%, while other institutional holders and individual stakeholders account for 31.50% and 11.57% respectively.
It has a market capitalization of $27.25B and a beta (3y monthly) value of 1.28. 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 3.72% over the week and 3.74% over the month.
Analysts forecast that Snap Inc (SNAP) will achieve an EPS of $Snap-On Incorporated for the current quarter, $280.93 for the next quarter and $Stocks for Type. The lowest estimate earnings-per-share for the quarter is $SAP SE while analysts give the company a high EPS estimate of $Evolve Transition Infrastructur. Comparatively, EPS for the current quarter was $Snap One Holdings Corp. a year ago. Earnings per share for the fiscal year are expected to increase by 3.84%, and 19.28% 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 41 brokerage firm advisors rate Snap Inc (SNAP) as a “Moderate Buy” at a consensus score of 2.80. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 27 of the 41 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. Raymond James stated their Outperform rating for the stock in a research note on December 20, 2023, with the firm’s price target at $20.
