BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Acquires 75,917 Shares of Snap Inc. (NYSE:SNAP)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in Snap Inc. (NYSE:SNAP) by 60.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 200,583 shares of the company’s stock after purchasing an additional 75,917 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Snap were worth $3,332,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of SNAP. Steward Partners Investment Advisory LLC boosted its stake in shares of Snap by 2.2% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 41,245 shares of the company’s stock worth $698,000 after acquiring an additional 891 shares in the last quarter. GraniteShares Advisors LLC lifted its holdings in shares of Snap by 2.5% during the second quarter. GraniteShares Advisors LLC now owns 38,154 shares of the company’s stock worth $634,000 after buying an additional 941 shares during the last quarter. Charles Schwab Investment Advisory Inc. boosted its holdings in Snap by 2.7% in the 1st quarter. Charles Schwab Investment Advisory Inc. now owns 35,807 shares of the company’s stock valued at $411,000 after purchasing an additional 956 shares during the period. Concurrent Investment Advisors LLC grew its position in Snap by 4.0% during the second quarter. Concurrent Investment Advisors LLC now owns 26,998 shares of the company’s stock worth $448,000 after buying an additional 1,048 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. increased its stake in Snap by 6.7% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 19,640 shares of the company’s stock valued at $333,000 after acquiring an additional 1,232 shares during the period. 47.52% of the stock is owned by institutional investors and hedge funds.

Snap Stock Up 3.0 %

Shares of NYSE SNAP opened at $10.88 on Friday. The firm has a 50-day simple moving average of $10.11 and a two-hundred day simple moving average of $12.77. The company has a market cap of $18.06 billion, a P/E ratio of -13.43 and a beta of 1.00. The company has a debt-to-equity ratio of 1.74, a current ratio of 3.98 and a quick ratio of 3.98. Snap Inc. has a 1 year low of $8.29 and a 1 year high of $17.90.

Snap (NYSE:SNAP) last posted its 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. Snap had a negative net margin of 23.49% and a negative return on equity of 42.84%. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.25 billion. Research analysts anticipate that Snap Inc. will post -0.47 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on SNAP shares. Argus raised Snap to a “hold” rating in a report on Thursday, August 8th. B. Riley initiated coverage on shares of Snap in a report on Friday, September 20th. They set a “neutral” rating and a $11.00 price objective for the company. Bank of America dropped their price target on Snap from $16.00 to $13.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Roth Mkm reaffirmed a “neutral” rating and issued a $14.00 target price on shares of Snap in a research note on Wednesday, September 18th. Finally, The Goldman Sachs Group reduced their price target on Snap from $16.00 to $12.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, twenty-four have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $14.00.

Insider Transactions at Snap

In related news, CTO Robert C. Murphy sold 1,000,000 shares of the firm’s stock in a transaction dated 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 sale, the chief technology officer now directly owns 58,553,813 shares of the company’s stock, valued at $508,832,634.97. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, General Counsel Michael J. O’sullivan sold 18,000 shares of the stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $13.28, for a total transaction of $239,040.00. Following the completion of the transaction, the general counsel now directly owns 463,908 shares in the company, valued at approximately $6,160,698.24. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Robert C. Murphy sold 1,000,000 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $8.69, for a total value of $8,690,000.00. Following the completion of the sale, the chief technology officer now owns 58,553,813 shares in the company, valued at approximately $508,832,634.97. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,493,540 shares of company stock worth $13,271,826. Company 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.