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

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

A number of other institutional investors have also made changes to their positions in the stock. Bank of New York Mellon Corp increased its holdings in Snap by 2.0% during the 4th quarter. Bank of New York Mellon Corp now owns 1,538,111 shares of the company's stock worth $16,565,000 after purchasing an additional 29,526 shares in the last quarter. Jones Financial Companies Lllp grew its stake in Snap by 13.0% in the fourth quarter. Jones Financial Companies Lllp now owns 16,421 shares of the company's stock valued at $177,000 after purchasing an additional 1,894 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Snap during the 4th quarter worth approximately $330,000. Charles Schwab Investment Management Inc. raised its stake in shares of Snap by 6.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,601,172 shares of the company's stock worth $71,095,000 after purchasing an additional 389,812 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of Snap by 1.7% during the 4th quarter. Victory Capital Management Inc. now owns 286,080 shares of the company's stock worth $3,081,000 after purchasing an additional 4,808 shares in the last quarter. 47.52% of the stock is owned by institutional investors and hedge funds.

Snap Price Performance

NYSE:SNAP traded down $0.01 during midday trading on Wednesday, hitting $9.34. The company had a trading volume of 38,899,701 shares, compared to its average volume of 30,498,962. The stock's fifty day moving average price is $8.41 and its 200-day moving average price is $9.50. 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 company has a market capitalization of $15.61 billion, a PE ratio of -30.22 and a beta of 0.59.

Snap (NYSE:SNAP - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The company reported ($0.08) EPS for the quarter, missing analysts' consensus estimates of $0.04 by ($0.12). Snap had a negative net margin of 9.63% and a negative return on equity of 21.53%. The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter in the previous year, the business earned $0.03 earnings per share. The firm's revenue was up 14.1% on a year-over-year basis. As a group, research analysts expect that Snap Inc. will post -0.3 earnings per share for the current year.

Insider Transactions at Snap

In related news, General Counsel Michael J. O'sullivan sold 68,845 shares of the business's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $8.59, for a total transaction of $591,378.55. Following the transaction, the general counsel owned 2,173,950 shares in the company, valued at $18,674,230.50. The trade was a 3.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Derek Andersen sold 208,525 shares of Snap stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $9.03, for a total value of $1,882,980.75. Following the completion of the sale, the chief financial officer owned 3,299,372 shares in the company, valued at approximately $29,793,329.16. This represents a 5.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,615,601 shares of company stock valued at $13,325,751.

Analyst Upgrades and Downgrades

Several analysts have issued reports on SNAP shares. Wells Fargo & Company upped their price target on shares of Snap from $8.00 to $11.00 and gave the stock an "equal weight" rating in a research report on Tuesday. Guggenheim reiterated a "neutral" rating on shares of Snap in a research note on Wednesday, April 2nd. Bank of America lowered their price target on Snap from $14.50 to $10.50 and set a "neutral" rating on the stock in a research report on Wednesday, April 9th. The Goldman Sachs Group reduced their target price on Snap from $9.50 to $8.50 and set a "neutral" rating for the company in a research note on Wednesday, April 30th. Finally, Citizens Jmp raised Snap from a "hold" rating to a "strong-buy" rating in a report on Friday, March 28th. One analyst has rated the stock with a sell rating, twenty-three have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Snap presently has a consensus rating of "Hold" and an average target price of $35.74.

About Snap

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.