Insider Selling: Snap Inc. (NYSE:SNAP) General Counsel Sells 68,845 Shares of Stock

Snap Inc. (NYSE:SNAP) General Counsel Michael J. O’sullivan sold 68,845 shares of Snap stock in a transaction on Friday, May 16th. The stock was sold at an average price of $8.59, for a total value of $591,378.55. Following the sale, the general counsel now owns 2,173,950 shares of the company’s stock, valued at approximately $18,674,230.50. This trade represents a 3.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Snap Stock Down 0.7%

Shares of SNAP stock traded down $0.06 during trading hours on Monday, reaching $8.69. 26,094,903 shares of the company’s stock were exchanged, compared to its average volume of 28,740,900. Snap Inc. has a 1 year low of $7.08 and a 1 year high of $17.33. The stock has a market cap of $14.52 billion, a PE ratio of -20.69 and a beta of 0.61. The company has a current ratio of 3.95, a quick ratio of 3.95 and a debt-to-equity ratio of 1.47. The stock’s fifty day moving average price is $8.47 and its two-hundred day moving average price is $10.21.

Snap (NYSE:SNAP) last issued its quarterly earnings results on Tuesday, April 29th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.12). Snap had a negative return on equity of 25.67% and a negative net margin of 13.02%. The business had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. During the same quarter in the previous year, the firm posted $0.03 EPS. Snap’s revenue was up 14.1% on a year-over-year basis. Research analysts predict that Snap Inc. will post -0.3 EPS for the current year.

Institutional Investors Weigh In On Snap

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Snap by 6.7% during the first quarter. Vanguard Group Inc. now owns 109,483,491 shares of the company’s stock worth $953,601,000 after purchasing an additional 6,921,841 shares during the period. Capital World Investors lifted its holdings in shares of Snap by 38.9% during the fourth quarter. Capital World Investors now owns 84,137,317 shares of the company’s stock worth $906,161,000 after purchasing an additional 23,569,522 shares during the period. SRS Investment Management LLC lifted its holdings in shares of Snap by 1.4% during the fourth quarter. SRS Investment Management LLC now owns 73,723,115 shares of the company’s stock worth $793,998,000 after purchasing an additional 1,001,632 shares during the period. Capital International Investors acquired a new stake in shares of Snap during the fourth quarter worth about $422,049,000. Finally, Geode Capital Management LLC lifted its holdings in shares of Snap by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 11,831,472 shares of the company’s stock worth $127,078,000 after purchasing an additional 134,017 shares during the period. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on SNAP shares. Citigroup decreased their target price on Snap from $9.00 to $8.00 and set a “neutral” rating for the company in a research report on Wednesday, April 30th. Barclays restated an “overweight” rating on shares of Snap in a research note on Wednesday, February 5th. B. Riley cut their price target on Snap from $12.00 to $10.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 30th. Truist Financial cut their price target on Snap from $14.00 to $11.00 and set a “hold” rating on the stock in a research note on Wednesday, April 30th. Finally, UBS Group cut their price target on Snap from $14.00 to $9.00 and set a “neutral” rating on the stock in a research note on Friday, April 11th. One investment analyst has rated the stock with a sell rating, twenty-three have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $35.62.

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.