Michael J. O’sullivan Sells 24,000 Shares of Snap Inc. (NYSE:SNAP) Stock

Snap Inc. (NYSE:SNAP) General Counsel Michael J. O’sullivan sold 24,000 shares of the stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $7.74, for a total transaction of $185,760.00. Following the completion of the sale, the general counsel now owns 483,660 shares of the company’s stock, valued at approximately $3,743,528.40. The trade was a 4.73 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Snap Price Performance

Snap stock opened at $8.44 on Friday. The stock has a market cap of $14.32 billion, a price-to-earnings ratio of -20.09 and a beta of 0.92. Snap Inc. has a 12-month low of $7.08 and a 12-month high of $17.33. The company has a quick ratio of 3.95, a current ratio of 3.95 and a debt-to-equity ratio of 1.47. The business’s 50-day simple moving average is $8.69 and its 200 day simple moving average is $10.39.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SNAP. Capital International Investors acquired a new position in Snap in the fourth quarter valued at about $422,049,000. Capital World Investors grew its holdings in Snap by 38.9% during the fourth quarter. Capital World Investors now owns 84,137,317 shares of the company’s stock valued at $906,161,000 after purchasing an additional 23,569,522 shares during the period. Assenagon Asset Management S.A. increased its stake in Snap by 121.9% in the first quarter. Assenagon Asset Management S.A. now owns 6,848,370 shares of the company’s stock valued at $59,649,000 after purchasing an additional 3,761,629 shares in the last quarter. Norges Bank acquired a new stake in Snap in the fourth quarter worth $30,162,000. Finally, Renaissance Technologies LLC bought a new position in shares of Snap during the fourth quarter worth $27,713,000. 47.52% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on SNAP shares. Loop Capital set a $9.00 price objective on Snap in a report on Friday. Susquehanna lowered their price target on shares of Snap from $13.00 to $8.00 and set a “neutral” rating on the stock in a report on Wednesday. Wells Fargo & Company reduced their price objective on shares of Snap from $9.00 to $8.00 and set an “equal weight” rating for the company in a report on Wednesday. The Goldman Sachs Group cut their price target on shares of Snap from $9.50 to $8.50 and set a “neutral” rating for the company in a research note on Wednesday. Finally, Piper Sandler cut their target price on Snap from $13.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, April 10th. One research analyst has rated the stock with a sell rating, twenty-three have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $35.58.

Snap Company 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.