Retirement Systems of Alabama purchased a new stake in shares of Snap Inc. (NYSE:SNAP - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 807,803 shares of the company's stock, valued at approximately $7,036,000.
Several other institutional investors and hedge funds have also recently made changes to their positions in SNAP. Capital International Investors bought a new position in Snap during the 4th quarter worth about $422,049,000. Capital World Investors lifted its position in shares of Snap by 38.9% in the 4th quarter. Capital World Investors now owns 84,137,317 shares of the company's stock worth $906,161,000 after purchasing an additional 23,569,522 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of Snap by 121.9% during the first quarter. Assenagon Asset Management S.A. now owns 6,848,370 shares of the company's stock valued at $59,649,000 after purchasing an additional 3,761,629 shares in the last quarter. Norges Bank purchased a new position in Snap during the fourth quarter valued at approximately $30,162,000. Finally, Renaissance Technologies LLC bought a new position in Snap in the fourth quarter worth approximately $27,713,000. 47.52% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
SNAP has been the topic of several recent research reports. Truist Financial dropped their target price on Snap from $14.00 to $11.00 and set a "hold" rating on the stock in a research report on Wednesday, April 30th. Morgan Stanley dropped their price objective on Snap from $8.00 to $6.50 and set an "equal weight" rating on the stock in a research report on Thursday, May 1st. Guggenheim reiterated a "neutral" rating on shares of Snap in a research note on Wednesday, April 2nd. Canaccord Genuity Group decreased their price target on shares of Snap from $10.00 to $9.00 and set a "hold" rating for the company in a research report on Wednesday, April 30th. Finally, Cantor Fitzgerald set a $7.00 price objective on shares of Snap and gave the stock a "neutral" rating in a research report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, twenty-three have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Snap has an average rating of "Hold" and a consensus target price of $35.62.
Check Out Our Latest Stock Report on Snap
Snap Stock Performance
SNAP traded up $0.59 during trading on Friday, reaching $8.73. 63,008,648 shares of the company's stock were exchanged, compared to its average volume of 30,106,899. The company's fifty day simple moving average is $8.34 and its 200-day simple moving average is $9.58. The stock has a market capitalization of $14.59 billion, a P/E ratio of -28.17 and a beta of 0.59. The company has a debt-to-equity ratio of 1.55, a current ratio of 4.30 and a quick ratio of 4.30. Snap Inc. has a 1 year low of $7.08 and a 1 year high of $17.33.
Snap (NYSE:SNAP - Get Free Report) last posted its earnings results on Tuesday, April 29th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.04 by ($0.12). The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Snap had a negative net margin of 9.63% and a negative return on equity of 21.53%. The company's revenue for the quarter was up 14.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.03 earnings per share. As a group, research analysts predict that Snap Inc. will post -0.3 earnings per share for the current fiscal year.
Insider Transactions at Snap
In related news, General Counsel Michael J. O'sullivan sold 24,000 shares of the stock in a transaction on Monday, March 31st. The shares were sold at an average price of $8.60, for a total transaction of $206,400.00. Following the sale, the general counsel now directly owns 507,660 shares of the company's stock, valued at approximately $4,365,876. This represents a 4.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Ajit Mohan sold 27,608 shares of the company's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $8.04, for a total transaction of $221,968.32. Following the completion of the transaction, the insider now owns 2,526,855 shares of the company's stock, valued at approximately $20,315,914.20. This trade represents a 1.08% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,639,601 shares of company stock worth $13,532,151 over the last quarter. 22.68% of the stock is currently owned by insiders.
About Snap
(
Free Report)
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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