Zachary Briers Sells 136,504 Shares of Snap (NYSE:SNAP) Stock

Snap Inc. (NYSE:SNAP) General Counsel Zachary Briers sold 136,504 shares of the business’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $5.20, for a total value of $709,820.80. Following the completion of the transaction, the general counsel owned 2,424,331 shares in the company, valued at approximately $12,606,521.20. This trade represents a 5.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Snap Price Performance

Shares of NYSE SNAP opened at $5.23 on Friday. Snap Inc. has a fifty-two week low of $3.81 and a fifty-two week high of $9.28. The business has a 50 day moving average price of $4.85 and a two-hundred day moving average price of $5.14. The company has a quick ratio of 2.94, a current ratio of 2.94 and a debt-to-equity ratio of 1.75. The firm has a market cap of $8.84 billion, a PE ratio of -29.05 and a beta of 1.03.

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

Hedge Funds Weigh In On Snap

Several institutional investors have recently made changes to their positions in SNAP. Allworth Financial LP lifted its holdings in shares of Snap by 92.3% in the 3rd quarter. Allworth Financial LP now owns 3,293 shares of the company’s stock worth $25,000 after purchasing an additional 1,581 shares during the last quarter. Arax Advisory Partners increased its position in Snap by 220.0% in the fourth quarter. Arax Advisory Partners now owns 3,309 shares of the company’s stock worth $27,000 after buying an additional 2,275 shares during the period. EverSource Wealth Advisors LLC increased its position in Snap by 561.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 3,618 shares of the company’s stock worth $29,000 after buying an additional 3,071 shares during the period. Fifth Third Bancorp lifted its stake in Snap by 6,678.0% in the first quarter. Fifth Third Bancorp now owns 6,778 shares of the company’s stock valued at $31,000 after buying an additional 6,678 shares during the last quarter. Finally, NFSG Corp lifted its stake in Snap by 52.7% in the first quarter. NFSG Corp now owns 8,400 shares of the company’s stock valued at $39,000 after buying an additional 2,900 shares during the last quarter. 47.52% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

SNAP has been the subject of several recent analyst reports. Tigress Financial began coverage on shares of Snap in a report on Monday, April 27th. They set a “buy” rating for the company. BMO Capital Markets restated an “outperform” rating on shares of Snap in a research note on Tuesday, August 4th. DA Davidson increased their price target on shares of Snap from $5.00 to $5.25 and gave the stock a “neutral” rating in a research report on Tuesday, August 4th. JPMorgan Chase & Co. decreased their price target on Snap from $7.00 to $6.00 and set an “underweight” rating for the company in a research note on Thursday, May 7th. Finally, The Goldman Sachs Group restated a “neutral” rating and set a $6.50 price objective 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 issued a Buy rating, twenty-three have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Snap has an average rating of “Hold” and a consensus price target of $7.65.

Trending Headlines about Snap

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 direct stake by about 5.37%. He retained more than 2.3 million shares. Snap CFO share sale article
• Neutral Sentiment: General Counsel Zachary Briers sold 204,044 shares in two reported transactions valued at roughly $1.05 million. The sales reduced his holdings, but he continued to own more than 2.3 million shares. SEC insider ownership filing
• Neutral Sentiment: Chief Accounting Officer Rebecca Morrow sold 17,336 shares worth approximately $90,147, while insider Ajit Mohan sold 54,608 shares valued at about $283,962. Both retained substantial positions after their tax-related sales. Snap insider selling report

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.