State of Alaska Department of Revenue Sells 72,445 Shares of Snap Inc. (NYSE:SNAP)

State of Alaska Department of Revenue lessened its position in shares of Snap Inc. (NYSE:SNAP - Free Report) by 53.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,335 shares of the company's stock after selling 72,445 shares during the quarter. State of Alaska Department of Revenue's holdings in Snap were worth $677,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Marshall Wace LLP boosted its position in shares of Snap by 587.3% during the second quarter. Marshall Wace LLP now owns 14,667,597 shares of the company's stock worth $243,629,000 after buying an additional 12,533,653 shares during the period. TB Alternative Assets Ltd. boosted its position in Snap by 105.6% during the 3rd quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company's stock worth $85,406,000 after purchasing an additional 4,098,847 shares during the period. Discovery Capital Management LLC CT bought a new stake in shares of Snap during the 2nd quarter valued at about $22,591,000. Assenagon Asset Management S.A. raised its stake in shares of Snap by 74.0% during the second quarter. Assenagon Asset Management S.A. now owns 2,824,354 shares of the company's stock valued at $46,913,000 after purchasing an additional 1,201,565 shares in the last quarter. Finally, Curated Wealth Partners LLC grew its holdings in Snap by 200.0% during the second quarter. Curated Wealth Partners LLC now owns 536,541 shares of the company's stock worth $8,912,000 after acquiring an additional 1,073,082 shares during the period. 47.52% of the stock is owned by institutional investors.

Snap Stock Up 5.6 %

Shares of NYSE:SNAP traded up $0.66 during midday trading on Thursday, hitting $12.47. The stock had a trading volume of 30,485,970 shares, compared to its average volume of 27,711,957. The company has a quick ratio of 4.04, a current ratio of 4.04 and a debt-to-equity ratio of 1.63. The company has a market cap of $20.69 billion, a P/E ratio of -21.50 and a beta of 0.99. Snap Inc. has a 12 month low of $8.29 and a 12 month high of $17.90. The business's 50-day simple moving average is $10.40 and its 200-day simple moving average is $12.73.

Snap (NYSE:SNAP - Get Free Report) last posted its earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, beating analysts' consensus estimates of $0.05 by $0.03. Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. The company had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.36 billion. During the same quarter in the prior year, the company earned ($0.21) earnings per share. Snap's revenue was up 15.4% on a year-over-year basis. On average, sell-side analysts forecast that Snap Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Snap news, CFO Derek Andersen sold 97,608 shares of the company's stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $9.29, for a total value of $906,778.32. Following the completion of the sale, the chief financial officer now owns 2,287,970 shares of the company's stock, valued at approximately $21,255,241.30. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, SVP Eric Young sold 114,097 shares of the business's stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $9.11, for a total value of $1,039,423.67. Following the sale, the senior vice president now directly owns 3,041,723 shares of the company's stock, valued at approximately $27,710,096.53. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Derek Andersen sold 97,608 shares of the firm's stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $9.29, for a total transaction of $906,778.32. Following the completion of the transaction, the chief financial officer now owns 2,287,970 shares in the company, valued at $21,255,241.30. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,365,051 shares of company stock valued at $15,965,178.

Analysts Set New Price Targets

SNAP has been the topic of a number of research reports. Citigroup lowered their price objective on Snap from $16.00 to $11.00 and set a "neutral" rating on the stock in a research report on Monday, August 12th. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $16.00 price objective on shares of Snap in a report on Wednesday, October 30th. HSBC lowered Snap from a "buy" rating to a "hold" rating in a research report on Friday, August 2nd. Truist Financial increased their price target on Snap from $13.00 to $14.00 and gave the stock a "hold" rating in a research report on Wednesday, October 30th. Finally, Evercore ISI lifted their target price on Snap from $12.00 to $15.00 and gave the company an "in-line" rating in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, twenty-two have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $14.31.

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.