State of New Jersey Common Pension Fund D Decreases Holdings in Snap Inc. (NYSE:SNAP)

State of New Jersey Common Pension Fund D lowered its stake in shares of Snap Inc. (NYSE:SNAP - Free Report) by 37.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 394,783 shares of the company's stock after selling 231,647 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Snap were worth $6,557,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Vanguard Personalized Indexing Management LLC boosted its stake in shares of Snap by 12.0% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 40,341 shares of the company's stock valued at $683,000 after purchasing an additional 4,307 shares during the last quarter. Carmignac Gestion bought a new position in shares of Snap in the 4th quarter valued at about $110,103,000. TCW Group Inc. bought a new position in shares of Snap in the 4th quarter valued at about $275,000. V Square Quantitative Management LLC raised its position in shares of Snap by 72.7% in the 4th quarter. V Square Quantitative Management LLC now owns 11,119 shares of the company's stock valued at $188,000 after acquiring an additional 4,679 shares during the period. Finally, Alta Park Capital LP acquired a new stake in shares of Snap in the 4th quarter valued at approximately $13,845,000. Institutional investors own 47.52% of the company's stock.

Insider Transactions at Snap

In related news, CTO Robert C. Murphy sold 1,000,000 shares of the company's stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $8.69, for a total value of $8,690,000.00. Following the sale, the chief technology officer now directly owns 58,553,813 shares in the company, valued at $508,832,634.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CTO Robert C. Murphy sold 1,000,000 shares of the company's stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $8.69, for a total transaction of $8,690,000.00. Following the transaction, the chief technology officer now directly owns 58,553,813 shares of the company's stock, valued at $508,832,634.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Rebecca Morrow sold 8,923 shares of the company's stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $9.10, for a total value of $81,199.30. Following the transaction, the chief accounting officer now directly owns 472,405 shares in the company, valued at $4,298,885.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,352,420 shares of company stock worth $12,091,682. Insiders own 22.68% of the company's stock.

Snap Stock Performance

SNAP stock traded up $0.12 during midday trading on Monday, reaching $9.64. 38,992,969 shares of the company were exchanged, compared to its average volume of 27,410,883. The company has a debt-to-equity ratio of 1.74, a current ratio of 3.98 and a quick ratio of 3.98. The business has a 50-day moving average price of $11.11 and a two-hundred day moving average price of $12.87. Snap Inc. has a one year low of $8.28 and a one year high of $17.90. The firm has a market capitalization of $16.00 billion, a price-to-earnings ratio of -11.90 and a beta of 1.00.

Snap (NYSE:SNAP - Get Free Report) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.13) EPS for the quarter, beating analysts' consensus estimates of ($0.15) by $0.02. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.25 billion. Snap had a negative return on equity of 42.84% and a negative net margin of 23.49%. Equities research analysts forecast that Snap Inc. will post -0.48 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on SNAP shares. JPMorgan Chase & Co. cut their price target on shares of Snap from $13.00 to $11.00 and set an "underweight" rating on the stock in a research report on Friday, August 2nd. Susquehanna cut their price target on shares of Snap from $15.00 to $12.00 and set a "neutral" rating on the stock in a research report on Friday, August 2nd. Piper Sandler reiterated a "neutral" rating and issued a $12.00 price target (down from $15.00) on shares of Snap in a research report on Friday, August 2nd. Morgan Stanley upgraded shares of Snap from an "underweight" rating to an "equal weight" rating and increased their price target for the company from $12.00 to $16.00 in a research report on Tuesday, July 23rd. Finally, HSBC downgraded shares of Snap from a "buy" rating to a "hold" rating in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Snap has an average rating of "Hold" and an average price target of $13.87.

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.