Investment Management Corp of Ontario Purchases 23,643 Shares of Snap Inc. (NYSE:SNAP)

Investment Management Corp of Ontario raised its holdings in shares of Snap Inc. (NYSE:SNAP) by 68.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 58,199 shares of the company’s stock after buying an additional 23,643 shares during the quarter. Investment Management Corp of Ontario’s holdings in Snap were worth $627,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently modified their holdings of the business. Mountain Hill Investment Partners Corp. bought a new stake in Snap during the fourth quarter valued at approximately $27,000. Comprehensive Financial Planning Inc. PA purchased a new stake in shares of Snap during the 4th quarter valued at $32,000. Osterweis Capital Management Inc. bought a new stake in shares of Snap during the 4th quarter worth $43,000. Blue Trust Inc. increased its stake in Snap by 128.0% in the fourth quarter. Blue Trust Inc. now owns 4,370 shares of the company’s stock valued at $47,000 after acquiring an additional 2,453 shares during the last quarter. Finally, Generali Investments Towarzystwo Funduszy Inwestycyjnych purchased a new stake in Snap during the fourth quarter valued at about $54,000. Institutional investors own 47.52% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SNAP. BMO Capital Markets dropped their price target on Snap from $16.00 to $13.00 and set an “outperform” rating for the company in a research note on Wednesday, April 30th. Loop Capital set a $9.00 target price on Snap in a research report on Friday, May 2nd. Wells Fargo & Company cut their target price on Snap from $9.00 to $8.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 30th. Citizens Jmp raised shares of Snap from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 28th. Finally, Truist Financial cut their price objective on shares of Snap from $14.00 to $11.00 and set a “hold” rating for the company in a research note on Wednesday, April 30th. One analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $35.50.

Insider Buying and Selling

In other news, CTO Robert C. Murphy sold 1,000,000 shares of the business’s 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 sale, the chief technology officer now directly owns 55,818,548 shares of the company’s stock, valued at $504,599,673.92. The trade was a 1.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel Michael J. O’sullivan sold 24,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $7.74, for a total value of $185,760.00. Following the transaction, the general counsel now directly owns 483,660 shares of the company’s stock, valued at approximately $3,743,528.40. This trade represents a 4.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,362,523 shares of company stock valued at $20,719,017 over the last quarter. Corporate insiders own 22.68% of the company’s stock.

Snap Stock Up 11.4%

Shares of NYSE:SNAP opened at $9.19 on Tuesday. The firm has a market capitalization of $15.59 billion, a P/E ratio of -21.88 and a beta of 0.61. The company has a debt-to-equity ratio of 1.47, a quick ratio of 3.95 and a current ratio of 3.95. The stock has a 50 day moving average price of $8.51 and a 200-day moving average price of $10.31. Snap Inc. has a 52-week low of $7.08 and a 52-week high of $17.33.

Snap (NYSE:SNAP) last posted its quarterly earnings data on Tuesday, April 29th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.12). Snap had a negative return on equity of 25.67% and a negative net margin of 13.02%. The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter last year, the company posted $0.03 EPS. Snap’s revenue for the quarter was up 14.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Snap Inc. will post -0.3 EPS for the current fiscal year.

About Snap

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.