Evan Spiegel Sells 1,652,966 Shares of Snap Inc. (SNAP) Stock

Snap Inc. (NYSE:SNAP) CEO Evan Spiegel sold 1,652,966 shares of the stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $12.42, for a total value of $20,529,837.72. Following the completion of the sale, the chief executive officer now owns 86,657,812 shares in the company, valued at approximately $1,076,290,025.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Snap Inc. (NYSE:SNAP) opened at $12.46 on Thursday. Snap Inc. has a 12 month low of $11.28 and a 12 month high of $29.44.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Tuesday, November 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.17. The firm had revenue of $207.90 million during the quarter, compared to analysts’ expectations of $236.71 million. The business’s revenue for the quarter was up 62.2% compared to the same quarter last year. research analysts anticipate that Snap Inc. will post -3.04 EPS for the current fiscal year.

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A number of equities analysts have recently issued reports on SNAP shares. Vetr raised Snap from a “hold” rating to a “strong-buy” rating and set a $18.29 price target on the stock in a research report on Thursday, October 19th. Drexel Hamilton reissued a “buy” rating and set a $30.00 price target on shares of Snap in a research report on Thursday, September 14th. Cantor Fitzgerald reissued a “buy” rating and set a $17.00 price target (up previously from $15.00) on shares of Snap in a research report on Friday, September 15th. Royal Bank Of Canada reissued a “buy” rating and set a $20.00 price target on shares of Snap in a research report on Sunday, October 8th. Finally, Zacks Investment Research downgraded Snap from a “hold” rating to a “sell” rating in a research report on Wednesday, October 18th. Fifteen equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $17.12.

Several large investors have recently made changes to their positions in SNAP. BlackRock Inc. purchased a new position in shares of Snap in the first quarter worth about $211,934,000. Vanguard Group Inc. purchased a new position in Snap during the first quarter valued at approximately $152,135,000. First Trust Advisors LP raised its position in Snap by 873.8% during the third quarter. First Trust Advisors LP now owns 5,884,101 shares of the company’s stock valued at $85,555,000 after acquiring an additional 5,279,883 shares in the last quarter. Valiant Capital Management L.P. raised its position in Snap by 379.1% during the third quarter. Valiant Capital Management L.P. now owns 3,215,300 shares of the company’s stock valued at $46,750,000 after acquiring an additional 2,544,200 shares in the last quarter. Finally, Sumitomo Mitsui Asset Management Company LTD raised its position in Snap by 2,592.8% during the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 2,533,820 shares of the company’s stock valued at $45,025,000 after acquiring an additional 2,439,725 shares in the last quarter. Hedge funds and other institutional investors own 17.33% of the company’s stock.

About Snap

Snap Inc, formerly Snapchat, Inc, is a camera company. The Company’s flagship product, Snapchat, is a camera application that helps people to communicate through short videos and images known as a Snap. The Company offers three ways for people to make Snaps: the Snapchat application, Publishers Tools that help its partners to create Publisher Stories, and Spectacles, its sunglasses that make Snaps.

Insider Buying and Selling by Quarter for Snap (NYSE:SNAP)

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