Robert C. Murphy Sells 1,000,000 Shares of Snap Inc. (NYSE:SNAP) Stock

Snap Inc. (NYSE:SNAP) CTO Robert C. Murphy sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $8.03, for a total value of $8,030,000.00. Following the transaction, the chief technology officer now owns 54,517,308 shares in the company, valued at $437,773,983.24. This represents a 1.80 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Snap Price Performance

Snap stock opened at $8.37 on Wednesday. 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 firm’s 50-day simple moving average is $8.63 and its 200 day simple moving average is $10.36. Snap Inc. has a 52 week low of $7.08 and a 52 week high of $17.33. The firm has a market capitalization of $14.20 billion, a PE ratio of -19.93 and a beta of 0.61.

Snap (NYSE:SNAP) last announced its quarterly earnings results on Tuesday, April 29th. The company reported ($0.08) earnings per share (EPS) 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 analysts’ expectations of $1.35 billion. During the same period last year, the company earned $0.03 EPS. The firm’s revenue for the quarter was up 14.1% on a year-over-year basis. On average, equities research analysts predict that Snap Inc. will post -0.3 EPS for the current fiscal year.

Institutional Investors Weigh In On Snap

Large investors have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. increased its position in Snap by 6.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,601,172 shares of the company’s stock worth $71,095,000 after purchasing an additional 389,812 shares in the last quarter. Patriot Financial Group Insurance Agency LLC acquired a new stake in shares of Snap during the 4th quarter worth about $289,000. Bank of New York Mellon Corp grew its holdings in shares of Snap by 2.0% during the fourth quarter. Bank of New York Mellon Corp now owns 1,538,111 shares of the company’s stock worth $16,565,000 after buying an additional 29,526 shares in the last quarter. Empowered Funds LLC raised its position in shares of Snap by 3.1% in the fourth quarter. Empowered Funds LLC now owns 35,639 shares of the company’s stock valued at $384,000 after buying an additional 1,055 shares during the last quarter. Finally, Sei Investments Co. purchased a new position in shares of Snap during the fourth quarter valued at approximately $158,000. Institutional investors and hedge funds own 47.52% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on SNAP shares. The Goldman Sachs Group decreased their price objective on Snap from $9.50 to $8.50 and set a “neutral” rating for the company in a report on Wednesday, April 30th. Citigroup dropped their price objective on shares of Snap from $9.00 to $8.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 30th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $12.00 target price on shares of Snap in a report on Wednesday, April 30th. Citizens Jmp raised Snap from a “hold” rating to a “strong-buy” rating in a report on Friday, March 28th. Finally, UBS Group reduced their price objective on Snap from $14.00 to $9.00 and set a “neutral” rating for the company in a research note on Friday, April 11th. One analyst has rated the stock with a sell rating, twenty-three have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $35.50.

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.