Principal Financial Group Inc. purchased a new stake in shares of Snap Inc. (NYSE:SNAP) during the first quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 289,011 shares of the company’s stock, valued at approximately $6,511,000.

Other institutional investors have also modified their holdings of the company. US Bancorp DE purchased a new position in shares of Snap during the first quarter worth $101,000. WFG Advisors LP purchased a new position in shares of Snap during the first quarter worth $109,000. Benjamin F. Edwards & Company Inc. purchased a new position in shares of Snap during the first quarter worth $158,000. Pacer Advisors Inc. purchased a new position in shares of Snap during the first quarter worth $205,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Snap during the first quarter worth $223,000. 30.16% of the stock is currently owned by hedge funds and other institutional investors.

Snap Inc. (NYSE:SNAP) traded down 2.76% on Tuesday, hitting $13.02. The stock had a trading volume of 30,025,622 shares. The firm has a 50-day moving average of $15.61 and a 200 day moving average of $19.35. The company’s market capitalization is $15.35 billion. Snap Inc. has a 52 week low of $11.90 and a 52 week high of $29.44.

Snap (NYSE:SNAP) last issued its quarterly earnings data on Wednesday, May 10th. The company reported ($2.31) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($2.05) by $0.26. The company had revenue of $149.60 million during the quarter, compared to the consensus estimate of $158.32 million. Snap’s revenue for the quarter was up 285.6% on a year-over-year basis. On average, analysts predict that Snap Inc. will post ($0.57) earnings per share for the current year.

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A number of equities analysts have recently weighed in on the company. UBS AG raised Snap from a “market perform” rating to an “outperform” rating and lowered their target price for the stock from $24.00 to $19.00 in a research report on Thursday, May 11th. Vetr lowered Snap from a “buy” rating to a “hold” rating and set a $13.95 target price on the stock. in a research report on Monday. Canaccord Genuity reaffirmed a “hold” rating and set a $22.00 target price on shares of Snap in a research report on Friday, May 12th. Instinet reaffirmed a “reduce” rating and set a $14.00 target price on shares of Snap in a research report on Friday, June 9th. Finally, Aegis reaffirmed a “hold” rating and set a $22.00 target price on shares of Snap in a research report on Friday, May 19th. Nine analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and fourteen have assigned a buy rating to the stock. Snap currently has a consensus rating of “Hold” and a consensus price target of $21.03.

Snap Company Profile

Snap Inc, formerly Snapchat, Inc, is a camera company. The Company’s flagship product, Snapchat, is a camera application that helps people to communicate through short videos and images known as a Snap. The Company offers three ways for people to make Snaps: the Snapchat application, Publishers Tools that help its partners to create Publisher Stories, and Spectacles, its sunglasses that make Snaps.

Institutional Ownership by Quarter for Snap (NYSE:SNAP)

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