Illinois Municipal Retirement Fund Increases Stake in Snap Inc. (NYSE:SNAP)

Illinois Municipal Retirement Fund lifted its stake in Snap Inc. (NYSE:SNAP - Free Report) by 31.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 458,172 shares of the company's stock after purchasing an additional 109,161 shares during the quarter. Illinois Municipal Retirement Fund's holdings in Snap were worth $3,991,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Mountain Hill Investment Partners Corp. purchased a new position in shares of Snap in the 4th quarter valued at approximately $27,000. Raiffeisen Bank International AG purchased a new position in Snap during the 4th quarter worth approximately $30,000. NBC Securities Inc. raised its position in Snap by 154,650.0% during the 1st quarter. NBC Securities Inc. now owns 3,095 shares of the company's stock worth $26,000 after buying an additional 3,093 shares during the last quarter. Rakuten Securities Inc. raised its position in Snap by 155.4% during the 1st quarter. Rakuten Securities Inc. now owns 3,489 shares of the company's stock worth $30,000 after buying an additional 2,123 shares during the last quarter. Finally, Osterweis Capital Management Inc. purchased a new position in Snap during the 4th quarter worth approximately $43,000. 47.52% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. BMO Capital Markets reduced their price target on shares of Snap from $16.00 to $13.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. JMP Securities set a $12.00 price target on shares of Snap in a research report on Friday, April 25th. Guggenheim reissued a "neutral" rating on shares of Snap in a research report on Wednesday, April 2nd. Morgan Stanley dropped their price objective on shares of Snap from $8.00 to $6.50 and set an "equal weight" rating on the stock in a research note on Thursday, May 1st. Finally, Bank of America dropped their price objective on shares of Snap from $14.50 to $10.50 and set a "neutral" rating on the stock in a research note on Wednesday, April 9th. One investment analyst has rated the stock with a sell rating, twenty-three have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $35.62.

Insiders Place Their Bets

In other news, General Counsel Michael J. O'sullivan sold 24,000 shares of Snap stock in a transaction on Monday, March 31st. The stock was sold at an average price of $8.60, for a total transaction of $206,400.00. Following the transaction, the general counsel now owns 507,660 shares in the company, valued at $4,365,876. The trade was a 4.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Robert C. Murphy sold 1,000,000 shares of Snap stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $8.03, for a total value of $8,030,000.00. Following the transaction, the chief technology officer now owns 54,517,308 shares in the company, valued at approximately $437,773,983.24. This represents a 1.80% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,639,601 shares of company stock valued at $13,532,151 in the last 90 days. 22.68% of the stock is owned by insiders.

Snap Trading Up 7.3%

Shares of SNAP opened at $8.73 on Friday. Snap Inc. has a 52-week low of $7.08 and a 52-week high of $17.33. The company has a quick ratio of 4.30, a current ratio of 4.30 and a debt-to-equity ratio of 1.55. The firm's fifty day moving average is $8.36 and its two-hundred day moving average is $9.53. The stock has a market cap of $14.59 billion, a PE ratio of -28.17 and a beta of 0.59.

Snap (NYSE:SNAP - Get Free Report) last announced its earnings results on Tuesday, April 29th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.12). Snap had a negative return on equity of 21.53% and a negative net margin of 9.63%. The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same period last year, the firm earned $0.03 EPS. The company's revenue for the quarter was up 14.1% compared to the same quarter last year. Research 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.

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