State of Michigan Retirement System purchased a new stake in shares of Snap Inc (NYSE:SNAP) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 400,000 shares of the company’s stock, valued at approximately $9,396,000.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Capital Square LLC acquired a new stake in shares of Snap during the 1st quarter valued at about $27,000. Synovus Financial Corp lifted its stake in Snap by 2,335.8% in the first quarter. Synovus Financial Corp now owns 3,264 shares of the company’s stock valued at $39,000 after acquiring an additional 3,130 shares during the last quarter. Truewealth LLC grew its position in Snap by 70.1% in the second quarter. Truewealth LLC now owns 1,789 shares of the company’s stock worth $42,000 after acquiring an additional 737 shares in the last quarter. Trustcore Financial Services LLC increased its stake in shares of Snap by 73.0% during the 1st quarter. Trustcore Financial Services LLC now owns 3,895 shares of the company’s stock worth $46,000 after purchasing an additional 1,643 shares during the last quarter. Finally, Costello Asset Management INC bought a new position in shares of Snap during the 2nd quarter valued at $47,000. 39.37% of the stock is owned by institutional investors and hedge funds.
In other Snap news, CFO Derek Andersen sold 8,284 shares of the stock in a transaction on Monday, May 18th. The shares were sold at an average price of $17.63, for a total value of $146,046.92. Following the sale, the chief financial officer now directly owns 1,573,072 shares in the company, valued at $27,733,259.36. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Joanna Coles sold 6,896 shares of Snap stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $17.40, for a total transaction of $119,990.40. Following the transaction, the director now directly owns 70,997 shares in the company, valued at $1,235,347.80. The disclosure for this sale can be found here. Insiders sold a total of 4,444,642 shares of company stock worth $90,517,622 in the last ninety days.
Several equities research analysts recently weighed in on the company. Bank of America reissued a “buy” rating and set a $28.50 target price on shares of Snap in a research report on Wednesday, July 15th. Barclays lowered their target price on Snap from $30.00 to $29.00 and set an “overweight” rating on the stock in a report on Wednesday, July 22nd. Wedbush reiterated a “hold” rating and set a $18.00 price target on shares of Snap in a report on Wednesday, July 22nd. Cowen increased their price objective on Snap from $16.00 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, April 22nd. Finally, Guggenheim cut shares of Snap from a “buy” rating to a “neutral” rating and upped their target price for the company from $18.00 to $22.00 in a research note on Wednesday, July 22nd. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-three have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $23.55.
Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page that allows creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps surfacing the stories and shows from publishers, creators, and the community, based on a user's subscriptions and interests.
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