Allstate Corp Invests $334,000 in Snap Inc. (NYSE:SNAP)

Allstate Corp purchased a new stake in Snap Inc. (NYSE:SNAP) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 31,015 shares of the company’s stock, valued at approximately $334,000.

Other institutional investors have also made changes to their positions in the company. Pictet Asset Management Holding SA lifted its position in shares of Snap by 28.9% during the 4th quarter. Pictet Asset Management Holding SA now owns 525,305 shares of the company’s stock valued at $5,658,000 after acquiring an additional 117,797 shares during the period. Norges Bank acquired a new position in Snap in the fourth quarter valued at about $30,162,000. AssuredPartners Investment Advisors LLC bought a new stake in Snap during the fourth quarter worth about $224,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Snap by 23.0% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,215,046 shares of the company’s stock worth $13,086,000 after buying an additional 227,219 shares in the last quarter. Finally, Korea Investment CORP increased its holdings in Snap by 150.1% in the 4th quarter. Korea Investment CORP now owns 502,995 shares of the company’s stock valued at $5,417,000 after buying an additional 301,842 shares during the period. 47.52% of the stock is currently owned by institutional investors.

Snap Stock Down 0.8 %

Shares of NYSE:SNAP opened at $8.86 on Thursday. The business’s 50-day moving average is $10.06 and its 200-day moving average is $10.80. Snap Inc. has a 1 year low of $8.29 and a 1 year high of $17.33. The company has a market capitalization of $15.03 billion, a price-to-earnings ratio of -21.09 and a beta of 0.92. The company has a debt-to-equity ratio of 1.47, a current ratio of 3.95 and a quick ratio of 3.95.

Snap (NYSE:SNAP) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $0.01 earnings per share (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%. Equities research analysts predict that Snap Inc. will post -0.3 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SNAP. BMO Capital Markets reaffirmed an “outperform” rating and set a $16.00 price target (down previously from $18.00) on shares of Snap in a report on Wednesday, January 15th. JMP Securities reaffirmed a “market outperform” rating and issued a $16.00 target price on shares of Snap in a report on Monday, January 27th. Needham & Company LLC reissued a “buy” rating and set a $640.00 price target on shares of Snap in a report on Thursday, December 5th. Guggenheim reaffirmed a “neutral” rating on shares of Snap in a research note on Wednesday. Finally, Barclays reiterated an “overweight” rating on shares of Snap in a research report on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, twenty-four have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $36.80.

Insiders Place Their Bets

In other Snap 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 value of $9,040,000.00. Following the transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $11.49, for a total value of $206,820.00. Following the sale, the general counsel now owns 480,498 shares of the company’s stock, valued at approximately $5,520,922.02. This represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,356,523 shares of company stock worth $12,710,077. 22.68% of the stock is currently owned by company insiders.

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.