Retirement Systems of Alabama Invests $7.04 Million in Snap Inc. (NYSE:SNAP)

Retirement Systems of Alabama acquired a new position in shares of Snap Inc. (NYSE:SNAP - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 807,803 shares of the company's stock, valued at approximately $7,036,000.

Other hedge funds have also added to or reduced their stakes in the company. Mountain Hill Investment Partners Corp. acquired a new stake in Snap during the 4th quarter worth $27,000. Raiffeisen Bank International AG bought a new position in Snap during the 4th quarter worth about $30,000. NBC Securities Inc. increased its holdings 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 purchasing an additional 3,093 shares in the last quarter. Rakuten Securities Inc. increased its holdings 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 purchasing an additional 2,123 shares in the last quarter. Finally, Osterweis Capital Management Inc. bought a new position in Snap during the 4th quarter worth about $43,000. Institutional investors and hedge funds own 47.52% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. BMO Capital Markets lowered their target price on Snap from $16.00 to $13.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Wells Fargo & Company lowered their target price on Snap from $9.00 to $8.00 and set an "equal weight" rating for the company in a report on Wednesday, April 30th. JPMorgan Chase & Co. lowered their target price on Snap from $10.00 to $8.00 and set an "underweight" rating for the company in a report on Tuesday, April 8th. Citizens Jmp upgraded Snap from a "hold" rating to a "strong-buy" rating in a report on Friday, March 28th. Finally, Stifel Nicolaus decreased their price objective on Snap from $11.00 to $8.00 and set a "hold" rating for the company in a report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, twenty-three have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $35.62.

Snap Price Performance

Shares of SNAP stock traded up $0.43 during trading on Tuesday, hitting $8.34. The company had a trading volume of 44,742,596 shares, compared to its average volume of 29,825,147. The company has a debt-to-equity ratio of 1.55, a quick ratio of 4.30 and a current ratio of 4.30. The firm has a market capitalization of $13.93 billion, a P/E ratio of -26.89 and a beta of 0.59. The stock's 50-day moving average price is $8.33 and its 200 day moving average price is $9.62. Snap Inc. has a one year low of $7.08 and a one year high of $17.33.

Snap (NYSE:SNAP - Get Free Report) last issued its quarterly 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). The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was up 14.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.03 earnings per share. Equities analysts expect that Snap Inc. will post -0.3 EPS for the current fiscal year.

Insider Activity at Snap

In other Snap news, insider Ajit Mohan sold 27,608 shares of the business's stock in a transaction that occurred on Monday, June 16th. The shares were 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 directly owns 2,526,855 shares in the company, valued at $20,315,914.20. The trade was a 1.08% decrease in their ownership of the stock. 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 the business's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $9.03, for a total transaction of $1,882,980.75. Following the transaction, the chief financial officer now owns 3,299,372 shares of the company's stock, 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. Over the last ninety days, insiders sold 1,639,601 shares of company stock worth $13,532,151.

Snap 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.