Snap (NYSE:SNAP) General Counsel Zachary Briers Sells 67,540 Shares

Snap Inc. (NYSE:SNAP) General Counsel Zachary Briers sold 67,540 shares of the firm’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $5.08, for a total value of $343,103.20. Following the completion of the sale, the general counsel directly owned 2,356,791 shares of the company’s stock, valued at approximately $11,972,498.28. This trade represents a 2.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Snap Price Performance

Shares of SNAP opened at $5.24 on Thursday. The business’s 50-day moving average is $4.85 and its 200-day moving average is $5.15. The company has a debt-to-equity ratio of 1.75, a current ratio of 2.94 and a quick ratio of 2.94. The company has a market capitalization of $8.86 billion, a price-to-earnings ratio of -29.11 and a beta of 1.03. Snap Inc. has a fifty-two week low of $3.81 and a fifty-two week high of $9.28.

Snap (NYSE:SNAP) last posted its quarterly earnings results on Monday, August 3rd. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.02. Snap had a negative net margin of 4.90% and a negative return on equity of 14.61%. The business had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same period last year, the company posted ($0.16) earnings per share. The firm’s quarterly revenue was up 18.9% compared to the same quarter last year. Equities research analysts expect that Snap Inc. will post -0.05 EPS for the current fiscal year.

Key Snap News

Here are the key news stories impacting Snap this week:

• Neutral Sentiment: CFO Douglas Hott sold 131,884 shares for approximately $685,797 at an average price of $5.20, reducing his ownership by about 5.37%. The filing states that the shares were sold to cover tax-withholding obligations related to vested equity awards. He still owns more than 2.3 million shares. Snap CFO share sale article
• Neutral Sentiment: General Counsel Zachary Briers sold 136,504 shares for about $709,821 at $5.20 and an additional 67,540 shares for roughly $343,103 at $5.08. Both transactions were described as tax-related sales; Briers continued to own more than 2.3 million shares directly after the reported transactions. SEC insider ownership filing
• Neutral Sentiment: Chief Accounting Officer Rebecca Morrow sold 17,336 shares valued at approximately $90,147, while insider Ajit Mohan sold 54,608 shares worth about $283,962. Both sales were also made to satisfy tax withholding requirements, and each executive retained a substantial position in Snap. SEC insider ownership filings

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on SNAP shares. Citizens Jmp reaffirmed a “market perform” rating on shares of Snap in a research note on Tuesday, August 4th. BNP Paribas Exane cut Snap to a “neutral” rating in a research report on Monday, April 27th. Piper Sandler restated a “neutral” rating on shares of Snap in a research note on Tuesday, August 4th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Snap in a research note on Friday, July 17th. Finally, Evercore set a $8.00 price target on Snap in a report on Tuesday, August 4th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-three have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $7.65.

Institutional Trading of Snap

Several hedge funds have recently added to or reduced their stakes in SNAP. Saba Capital Management L.P. grew its stake in shares of Snap by 232.5% in the first quarter. Saba Capital Management L.P. now owns 4,727,808 shares of the company’s stock worth $21,748,000 after acquiring an additional 3,306,024 shares during the last quarter. Empyrean Capital Partners LP acquired a new position in shares of Snap during the first quarter valued at about $25,300,000. Assenagon Asset Management S.A. lifted its stake in shares of Snap by 1,191.8% in the second quarter. Assenagon Asset Management S.A. now owns 3,903,141 shares of the company’s stock valued at $17,330,000 after buying an additional 3,601,002 shares during the period. Leonteq Securities AG acquired a new stake in Snap during the fourth quarter worth about $1,620,000. Finally, Eurizon Capital SGR S.p.A. acquired a new position in Snap in the 4th quarter valued at approximately $1,629,000. Institutional investors own 47.52% of the company’s stock.

About Snap

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.