State of New Jersey Common Pension Fund D Sells 231,647 Shares of Snap Inc. (NYSE:SNAP)

State of New Jersey Common Pension Fund D cut its holdings in Snap Inc. (NYSE:SNAP) by 37.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 394,783 shares of the company’s stock after selling 231,647 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Snap were worth $6,557,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. NBC Securities Inc. raised its stake in shares of Snap by 2,580.4% during the fourth quarter. NBC Securities Inc. now owns 1,501 shares of the company’s stock valued at $25,000 after acquiring an additional 1,445 shares during the last quarter. Blue Trust Inc. raised its stake in shares of Snap by 354.1% during the second quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock valued at $36,000 after acquiring an additional 1,682 shares during the last quarter. Rothschild Investment LLC bought a new position in shares of Snap during the second quarter valued at about $40,000. J.Safra Asset Management Corp raised its stake in shares of Snap by 534.4% during the second quarter. J.Safra Asset Management Corp now owns 2,766 shares of the company’s stock valued at $46,000 after acquiring an additional 2,330 shares during the last quarter. Finally, JTC Employer Solutions Trustee Ltd bought a new position in shares of Snap during the first quarter valued at about $100,000. 47.52% of the stock is owned by institutional investors.

Snap Stock Performance

Shares of NYSE SNAP opened at $9.52 on Monday. The firm’s 50 day moving average price is $11.25 and its 200-day moving average price is $12.86. Snap Inc. has a 52-week low of $8.28 and a 52-week high of $17.90. The company has a current ratio of 3.98, a quick ratio of 3.98 and a debt-to-equity ratio of 1.74.

Snap (NYSE:SNAP) last issued its earnings results on Thursday, August 1st. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.02. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.25 billion. Snap had a negative net margin of 23.49% and a negative return on equity of 42.84%. On average, research analysts forecast that Snap Inc. will post -0.48 earnings per share for the current year.

Insider Activity at Snap

In related news, CAO Rebecca Morrow sold 8,923 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $9.10, for a total transaction of $81,199.30. Following the transaction, the chief accounting officer now owns 472,405 shares in the company, valued at $4,298,885.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CAO Rebecca Morrow sold 8,923 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $9.10, for a total transaction of $81,199.30. Following the transaction, the chief accounting officer now owns 472,405 shares in the company, valued at $4,298,885.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Eric Young sold 114,097 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $9.11, for a total transaction of $1,039,423.67. Following the transaction, the senior vice president now owns 3,041,723 shares in the company, valued at approximately $27,710,096.53. The disclosure for this sale can be found here. Insiders have sold a total of 1,352,420 shares of company stock worth $12,091,682 over the last quarter. Company insiders own 22.68% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on SNAP. Barclays lowered their price objective on shares of Snap from $17.00 to $16.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Morgan Stanley upgraded shares of Snap from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $12.00 to $16.00 in a research report on Tuesday, July 23rd. The Goldman Sachs Group reduced their price target on shares of Snap from $16.00 to $12.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Citigroup reduced their price target on shares of Snap from $16.00 to $11.00 and set a “neutral” rating on the stock in a research report on Monday, August 12th. Finally, Truist Financial reduced their price target on shares of Snap from $16.00 to $13.00 and set a “hold” rating on the stock in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, twenty-two have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Snap currently has an average rating of “Hold” and an average price target of $13.87.

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.