Snap (NYSE:SNAP) General Counsel Zachary Briers Sells 11,257 Shares of Stock

Snap Inc. (NYSE:SNAP) General Counsel Zachary Briers sold 11,257 shares of the stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $6.00, for a total transaction of $67,542.00. Following the completion of the sale, the general counsel directly owned 2,345,534 shares of the company’s stock, valued at $14,073,204. This trade represents a 0.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Snap Stock Down 0.6%

SNAP traded down $0.04 on Tuesday, reaching $5.43. 21,090,873 shares of the company traded hands, compared to its average volume of 34,613,128. The stock’s 50 day moving average price is $5.05 and its 200-day moving average price is $5.16. Snap Inc. has a 52-week low of $3.81 and a 52-week high of $9.28. The company has a market cap of $9.19 billion, a price-to-earnings ratio of -30.19 and a beta of 1.05. The company has a debt-to-equity ratio of 1.75, a current ratio of 2.94 and a quick ratio of 2.94.

Snap (NYSE:SNAP) last released its earnings results on Monday, August 3rd. The company reported ($0.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.02. The company had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.54 billion. Snap had a negative net margin of 4.90% and a negative return on equity of 14.61%. The company’s revenue was up 18.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.16) EPS. On average, sell-side analysts expect that Snap Inc. will post -0.02 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Mackenzie Financial Corp grew its holdings in Snap by 5.1% during the third quarter. Mackenzie Financial Corp now owns 27,638 shares of the company’s stock valued at $213,000 after purchasing an additional 1,349 shares during the last quarter. Alliancebernstein L.P. lifted its stake in shares of Snap by 0.3% in the third quarter. Alliancebernstein L.P. now owns 414,416 shares of the company’s stock worth $3,195,000 after buying an additional 1,396 shares during the last quarter. Orion Porfolio Solutions LLC lifted its stake in shares of Snap by 8.3% in the second quarter. Orion Porfolio Solutions LLC now owns 18,913 shares of the company’s stock worth $164,000 after buying an additional 1,451 shares during the last quarter. Allworth Financial LP boosted its holdings in shares of Snap by 92.3% during the 3rd quarter. Allworth Financial LP now owns 3,293 shares of the company’s stock worth $25,000 after buying an additional 1,581 shares during the period. Finally, Independent Advisor Alliance boosted its holdings in shares of Snap by 16.8% during the 4th quarter. Independent Advisor Alliance now owns 14,782 shares of the company’s stock worth $119,000 after buying an additional 2,128 shares during the period. Institutional investors and hedge funds own 47.52% of the company’s stock.

Analyst Ratings Changes

SNAP has been the subject of a number of research reports. Barclays lifted their price objective on Snap from $15.00 to $16.00 and gave the company an “overweight” rating in a research report on Tuesday, August 4th. Piper Sandler reaffirmed a “neutral” rating on shares of Snap in a research note on Tuesday, August 4th. Benchmark reaffirmed a “hold” rating on shares of Snap in a research note on Tuesday, August 4th. DA Davidson lifted their price target on Snap from $5.00 to $5.25 and gave the company a “neutral” rating in a report on Tuesday, August 4th. Finally, The Goldman Sachs Group reissued a “neutral” rating and issued a $6.50 price target on shares of Snap in a research note on Tuesday, August 4th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-four have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $7.65.

Snap Company Profile

Snap Inc is a camera and social media company best known for developing and operating Snapchat, a multimedia messaging application that allows users to send photos, videos and messages that disappear after being viewed. In addition to its core messaging service, Snap offers a suite of augmented reality (AR) tools, including custom Lenses and Filters, that enable users and third-party developers to create interactive and immersive experiences. The company also provides advertising solutions that allow brands to engage audiences through Snap Ads, Sponsored Lenses and Discover content on the platform.

Founded in 2011 by Evan Spiegel and Bobby Murphy, Snap has continually focused on innovation in camera technology and AR.