Allstate Corp Buys New Position in Snap Inc. (NYSE:SNAP)

Allstate Corp purchased a new position in shares of Snap Inc. (NYSE:SNAP) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 31,015 shares of the company’s stock, valued at approximately $334,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Pictet Asset Management Holding SA grew its stake in shares of Snap by 28.9% in the 4th quarter. Pictet Asset Management Holding SA now owns 525,305 shares of the company’s stock worth $5,658,000 after acquiring an additional 117,797 shares in the last quarter. Norges Bank purchased a new position in Snap during the fourth quarter worth about $30,162,000. AssuredPartners Investment Advisors LLC bought a new stake in Snap in the 4th quarter worth about $224,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Snap by 23.0% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,215,046 shares of the company’s stock valued at $13,086,000 after buying an additional 227,219 shares during the last quarter. Finally, Korea Investment CORP lifted its position in shares of Snap by 150.1% during the 4th quarter. Korea Investment CORP now owns 502,995 shares of the company’s stock worth $5,417,000 after buying an additional 301,842 shares in the last quarter. 47.52% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $640.00 price target on shares of Snap in a research report on Thursday, December 5th. Bank of America raised their target price on Snap from $14.00 to $14.50 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. Citizens Jmp raised shares of Snap from a “hold” rating to a “strong-buy” rating in a report on Friday, March 28th. Barclays restated an “overweight” rating on shares of Snap in a report on Wednesday, February 5th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $16.00 target price (down from $18.00) on shares of Snap in a research note on Wednesday, January 15th. One investment analyst has rated the stock with a sell rating, twenty-four have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $36.80.

Snap Price Performance

NYSE:SNAP opened at $8.86 on Thursday. Snap Inc. has a 52-week low of $8.29 and a 52-week high of $17.33. The stock has a fifty day moving average of $10.06 and a 200 day moving average of $10.80. The company has a debt-to-equity ratio of 1.47, a quick ratio of 3.95 and a current ratio of 3.95. The firm has a market capitalization of $15.03 billion, a price-to-earnings ratio of -21.09 and a beta of 0.92.

Snap (NYSE:SNAP) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.13). Snap had a negative net margin of 13.02% and a negative return on equity of 25.67%. On average, research analysts expect that Snap Inc. will post -0.3 EPS for the current fiscal year.

Insiders Place Their Bets

In other Snap news, General Counsel Michael J. O’sullivan sold 24,000 shares of the firm’s stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $8.60, for a total transaction of $206,400.00. Following the sale, the general counsel now owns 507,660 shares in the company, valued at $4,365,876. This trade represents a 4.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Derek Andersen sold 61,334 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $10.84, for a total value of $664,860.56. Following the completion of the transaction, the chief financial officer now owns 3,564,235 shares of the company’s stock, valued at $38,636,307.40. The trade was a 1.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,356,523 shares of company stock valued at $12,710,077 in the last quarter. Corporate insiders own 22.68% of the company’s stock.

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.