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 $3.06 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.
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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Insiders at the company have transacted a total of 95 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 27 of these insider trades were purchases, accounting for 9,511,697 shares. Insider sales of the common stock occurred on 68 occasions, with total insider shares sold totaling 7,885,557 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 $1.32 billion. Vanguard Total Stock Market ETF bought 0.58 million shares to see its total holdings expand to 32.82 million shares valued at over $555.66 million and representing 2.36% of the shares outstanding. American Funds Growth Fund of Ame now owns shares totaling to 2.15% of the shares outstanding.
However, the script later moved the day high at 16.57, up 1.30%. The company’s stock has a 5-day price change of -3.92% and 71.04% over the past three months. SNAP shares are trading -3.01% year to date (YTD), with the 12-month market performance up to 74.50% 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 26.38 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 -1.36%, 11.55%, and 45.90% respectively.
Institutional ownership of Snap Inc (NYSE: SNAP) shares accounts for 45.44% of the company’s 1.32B shares outstanding. Mutual fund holders own 22.83%, while other institutional holders and individual stakeholders account for 31.11% and 11.57% respectively.
It has a market capitalization of $27.03B 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 3.82% over the week and 3.80% over the month.
Analysts forecast that Snap Inc (SNAP) will achieve an EPS of $0.06 for the current quarter, -$0.03 for the next quarter and $0.15 for 2024. The lowest estimate earnings-per-share for the quarter is $0 while analysts give the company a high EPS estimate of $0.09. Comparatively, EPS for the current quarter was $0.14 a year ago. Earnings per share for the fiscal year are expected to increase by 3.69%, and 20.12% 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.
Looking at the support for the SNAP, a number of firms have released research notes about the stock. Piper Sandler stated their Neutral rating for the stock in a research note on January 17, 2024, with the firm’s price target at $12-$17.
