KLP Kapitalforvaltning AS Buys Shares of 464,400 Snap Inc. (NYSE:SNAP)

KLP Kapitalforvaltning AS purchased a new position in shares of Snap Inc. (NYSE:SNAP) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 464,400 shares of the company’s stock, valued at approximately $5,002,000.

Several other institutional investors also recently modified their holdings of SNAP. Advisors Asset Management Inc. increased its holdings in Snap by 141.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 2,782 shares of the company’s stock worth $30,000 after purchasing an additional 1,632 shares in the last quarter. Comprehensive Financial Planning Inc. PA acquired a new position in shares of Snap in the fourth quarter valued at approximately $32,000. Brooklyn Investment Group acquired a new stake in Snap during the 3rd quarter worth approximately $41,000. Blue Trust Inc. grew its holdings in Snap by 128.0% during the 4th quarter. Blue Trust Inc. now owns 4,370 shares of the company’s stock worth $47,000 after acquiring an additional 2,453 shares during the last quarter. Finally, Generali Investments Towarzystwo Funduszy Inwestycyjnych bought a new stake in Snap during the 4th quarter worth approximately $54,000. 47.52% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Snap from $11.00 to $10.00 and set an “underweight” rating on the stock in a research note on Wednesday, February 5th. Citizens Jmp cut Snap from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, February 5th. Bank of America lifted their price objective on Snap from $14.00 to $14.50 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. Wells Fargo & Company downgraded shares of Snap from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $15.00 to $11.00 in a research report on Wednesday, February 5th. Finally, JMP Securities restated a “market outperform” rating and issued a $16.00 price target on shares of Snap in a research report on Monday, January 27th. One equities research analyst has rated the stock with a sell rating, twenty-five have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $36.87.

Insider Activity at Snap

In related news, CTO Robert C. Murphy sold 1,000,000 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $9.04, for a total transaction of $9,040,000.00. Following the completion of the sale, the chief technology officer now directly owns 55,818,548 shares of the company’s stock, valued at approximately $504,599,673.92. This trade represents a 1.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Derek Andersen sold 33,618 shares of the business’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $8.83, for a total value of $296,846.94. Following the completion of the transaction, the chief financial officer now directly owns 3,507,897 shares in the company, valued at approximately $30,974,730.51. This represents a 0.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,350,523 shares of company stock valued at $12,698,797 over the last ninety days. Corporate insiders own 22.68% of the company’s stock.

Snap Stock Performance

Shares of Snap stock opened at $9.63 on Wednesday. The company has a market cap of $16.34 billion, a PE ratio of -22.93 and a beta of 0.92. The company has a quick ratio of 3.95, a current ratio of 3.95 and a debt-to-equity ratio of 1.47. Snap Inc. has a 52 week low of $8.29 and a 52 week high of $17.33. The business has a 50 day moving average price of $10.33 and a 200-day moving average price of $10.81.

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

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.