Zachary Briers Sells 71,745 Shares of Snap (NYSE:SNAP) Stock

Snap Inc. (NYSE:SNAP) General Counsel Zachary Briers sold 71,745 shares of the business’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $5.67, for a total transaction of $406,794.15. Following the sale, the general counsel directly owned 2,572,793 shares of the company’s stock, valued at $14,587,736.31. This represents a 2.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Snap Stock Up 1.2%

Shares of NYSE SNAP opened at $5.69 on Friday. Snap Inc. has a 52-week low of $3.81 and a 52-week high of $10.41. The firm has a fifty day moving average of $5.23 and a 200-day moving average of $6.43. The stock has a market capitalization of $9.61 billion, a PE ratio of -23.70 and a beta of 1.05. The company has a quick ratio of 3.53, a current ratio of 3.53 and a debt-to-equity ratio of 1.67.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.14). Snap had a negative net margin of 6.72% and a negative return on equity of 18.92%. The company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.53 billion. During the same period in the prior year, the firm earned ($0.08) earnings per share. The firm’s quarterly revenue was up 12.2% on a year-over-year basis. On average, analysts anticipate that Snap Inc. will post -0.07 EPS for the current year.

Institutional Trading of Snap

Institutional investors have recently added to or reduced their stakes in the business. Korea Investment CORP lifted its holdings in Snap by 573.6% in the 3rd quarter. Korea Investment CORP now owns 967,544 shares of the company’s stock worth $7,460,000 after buying an additional 823,900 shares in the last quarter. Contrarius Group Holdings Ltd acquired a new position in Snap in the 3rd quarter worth $10,256,000. DNB Asset Management AS lifted its holdings in Snap by 433.6% in the 3rd quarter. DNB Asset Management AS now owns 1,042,873 shares of the company’s stock worth $8,041,000 after buying an additional 847,447 shares in the last quarter. Quantbot Technologies LP lifted its holdings in Snap by 54.4% in the 3rd quarter. Quantbot Technologies LP now owns 749,724 shares of the company’s stock worth $5,780,000 after buying an additional 264,156 shares in the last quarter. Finally, Ausdal Financial Partners Inc. lifted its holdings in Snap by 76.3% in the 3rd quarter. Ausdal Financial Partners Inc. now owns 628,109 shares of the company’s stock worth $4,843,000 after buying an additional 271,893 shares in the last quarter. 47.52% of the stock is owned by hedge funds and other institutional investors.

Snap News Summary

Here are the key news stories impacting Snap this week:

• Positive Sentiment: Snap added Luke Wood, former Beats president and Apple executive, to its board of directors. Investors may view this as a credibility boost for leadership and a sign Snap is leaning on experienced consumer-tech talent to support its strategy. Luke Wood Joins Snap Inc. Board of Directors
• Neutral Sentiment: CFO Douglas Hott, General Counsel Zachary M. Briers, and CAO Rebecca Morrow all disclosed share sales, but each filing said the transactions were to cover tax withholding tied to vesting equity awards. That makes the sales more routine than a clear sign of waning confidence, though the timing may still attract attention. SEC filing for CFO Douglas Hott
• Neutral Sentiment: The insider selling was broad-based and included multiple transactions over May 18-19, which can create near-term caution even if the sales were pre-planned or tax-related. SEC filing for Zachary M. Briers
• Negative Sentiment: Multiple executive sales in a short period can weigh on Snap Inc. (NYSE: SNAP) sentiment, especially after a recent earnings report that missed profit expectations. Traders may worry that management sees limited near-term upside, even though the company said the sales were for tax reasons. SEC filing for Rebecca Morrow

Wall Street Analysts Forecast Growth

SNAP has been the subject of a number of research reports. Arete Research set a $7.30 price target on shares of Snap and gave the stock a “buy” rating in a research report on Tuesday, February 10th. Freedom Capital cut shares of Snap from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 12th. Susquehanna decreased their price target on shares of Snap from $9.00 to $6.50 and set a “neutral” rating for the company in a research report on Thursday, February 5th. Canaccord Genuity Group decreased their price target on shares of Snap from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Tuesday, April 14th. Finally, Sanford C. Bernstein cut shares of Snap from a “market perform” rating to a “market perform” rating in a research report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty-two have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $7.91.

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.