Illinois Municipal Retirement Fund Acquires 289,195 Shares of Snap Inc. (NYSE:SNAP)

Illinois Municipal Retirement Fund lifted its holdings in Snap Inc. (NYSE:SNAP) by 609.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 336,658 shares of the company’s stock after acquiring an additional 289,195 shares during the period. Illinois Municipal Retirement Fund’s holdings in Snap were worth $5,700,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Newbridge Financial Services Group Inc. increased its holdings in Snap by 75.0% in the 3rd quarter. Newbridge Financial Services Group Inc. now owns 3,500 shares of the company’s stock valued at $31,000 after acquiring an additional 1,500 shares during the last quarter. Allworth Financial LP increased its holdings in shares of Snap by 161.6% in the fourth quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock worth $47,000 after purchasing an additional 1,708 shares during the last quarter. Rakuten Securities Inc. purchased a new stake in shares of Snap in the fourth quarter worth about $73,000. Avantax Advisory Services Inc. bought a new position in Snap during the third quarter valued at approximately $91,000. Finally, Jacobi Capital Management LLC purchased a new position in Snap during the 3rd quarter valued at approximately $92,000. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Insider Activity

In other Snap news, CAO Rebecca Morrow sold 2,442 shares of the stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $11.00, for a total value of $26,862.00. Following the completion of the sale, the chief accounting officer now directly owns 493,084 shares in the company, valued at $5,423,924. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, General Counsel Michael J. O’sullivan sold 13,000 shares of the business’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $16.16, for a total transaction of $210,080.00. Following the sale, the general counsel now directly owns 461,005 shares of the company’s stock, valued at $7,449,840.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Rebecca Morrow sold 2,442 shares of the company’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $11.00, for a total value of $26,862.00. Following the completion of the transaction, the chief accounting officer now directly owns 493,084 shares in the company, valued at $5,423,924. The disclosure for this sale can be found here. In the last quarter, insiders sold 470,482 shares of company stock worth $5,284,091.

Snap Stock Performance

Shares of NYSE:SNAP opened at $11.40 on Wednesday. The company has a quick ratio of 4.39, a current ratio of 4.39 and a debt-to-equity ratio of 1.55. The company has a market capitalization of $18.82 billion, a price-to-earnings ratio of -13.73 and a beta of 1.13. The firm has a 50 day moving average of $11.20 and a 200 day moving average of $12.80. Snap Inc. has a 52 week low of $7.86 and a 52 week high of $17.90.

Snap (NYSE:SNAP) last posted its earnings results on Tuesday, February 6th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.04. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.39 billion. Snap had a negative return on equity of 47.47% and a negative net margin of 28.71%. On average, sell-side analysts predict that Snap Inc. will post -0.58 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have commented on SNAP. Truist Financial increased their price objective on shares of Snap from $11.00 to $12.00 and gave the company a “hold” rating in a research report on Wednesday, February 7th. Piper Sandler lifted their price target on Snap from $12.00 to $17.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 17th. Deutsche Bank Aktiengesellschaft raised Snap from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $10.00 to $19.00 in a research note on Friday, January 26th. BMO Capital Markets lowered their price objective on Snap from $22.00 to $20.00 and set an “outperform” rating for the company in a research note on Wednesday, February 7th. Finally, Susquehanna lifted their target price on Snap from $9.50 to $12.00 and gave the stock a “neutral” rating in a report on Wednesday, February 7th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Snap currently has an average rating of “Hold” and a consensus target price of $13.86.

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.