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 the company in its most recent 13F filing with the SEC. The firm purchased 464,400 shares of the company’s stock, valued at approximately $5,002,000.

Other hedge funds also recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its position in Snap by 62.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,211,360 shares of the company’s stock worth $66,462,000 after buying an additional 2,386,519 shares during the last quarter. Invenomic Capital Management LP purchased a new stake in Snap in the 3rd quarter worth about $2,349,000. Jacobs Levy Equity Management Inc. raised its stake in Snap by 49.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,639,681 shares of the company’s stock valued at $28,245,000 after acquiring an additional 879,212 shares during the period. Patriot Financial Group Insurance Agency LLC purchased a new stake in Snap during the fourth quarter valued at about $289,000. Finally, Holocene Advisors LP bought a new position in Snap during the third quarter worth about $3,436,000. Institutional investors own 47.52% of the company’s stock.

Insider Activity at Snap

In other Snap news, General Counsel Michael J. O’sullivan sold 18,000 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $11.49, for a total transaction of $206,820.00. Following the completion of the transaction, the general counsel now owns 480,498 shares of the company’s stock, valued at $5,520,922.02. This represents a 3.61 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Robert C. Murphy sold 1,000,000 shares of Snap stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $9.04, for a total value of $9,040,000.00. Following the completion of the sale, the chief technology officer now owns 55,818,548 shares in the company, valued at approximately $504,599,673.92. This represents a 1.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,350,523 shares of company stock worth $12,698,797 in the last three months. 22.68% of the stock is owned by insiders.

Wall Street Analyst Weigh In

SNAP has been the topic of several research reports. Barclays reissued an “overweight” rating on shares of Snap in a research report on Wednesday, February 5th. JPMorgan Chase & Co. dropped their target price on Snap from $11.00 to $10.00 and set an “underweight” rating on the stock in a research report on Wednesday, February 5th. Bank of America lifted their price target on Snap from $14.00 to $14.50 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. Guggenheim cut Snap from a “buy” rating to a “neutral” rating in a report on Tuesday, February 11th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $640.00 target price on shares of Snap in a report on Thursday, December 5th. One research analyst has rated the stock with a sell rating, twenty-five have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $36.87.

Snap Stock Up 0.9 %

SNAP opened at $9.63 on Wednesday. Snap Inc. has a 12 month low of $8.29 and a 12 month high of $17.33. The company has a current ratio of 3.95, a quick ratio of 3.95 and a debt-to-equity ratio of 1.47. The business’s 50-day moving average price is $10.33 and its 200-day moving average price is $10.81. The company has a market cap of $16.34 billion, a P/E ratio of -22.93 and a beta of 0.92.

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

Snap Company 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.