Insider Selling: Snap (NYSE:SNAP) CAO Sells $90,147.20 in Stock

Snap Inc. (NYSE:SNAP) CAO Rebecca Morrow sold 17,336 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $5.20, for a total value of $90,147.20. Following the completion of the sale, the chief accounting officer directly owned 598,105 shares in the company, valued at approximately $3,110,146. This trade represents a 2.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Snap Trading Up 0.6%

NYSE:SNAP opened at $5.24 on Friday. The firm has a market capitalization of $8.86 billion, a P/E ratio of -29.11 and a beta of 1.03. The business has a 50 day simple moving average of $4.85 and a 200 day simple moving average of $5.14. 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 Inc. has a 12-month low of $3.81 and a 12-month high of $9.28.

Snap (NYSE:SNAP) last issued its earnings results on Monday, August 3rd. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.02. The firm 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%.The firm’s revenue for the quarter was up 18.9% on a year-over-year basis. During the same period last year, the company earned ($0.16) earnings per share. Equities research analysts predict that Snap Inc. will post -0.05 EPS for the current year.

Hedge Funds Weigh In On Snap

A number of institutional investors and hedge funds have recently bought and sold shares of SNAP. Saba Capital Management L.P. increased its stake in shares of Snap by 232.5% during the first quarter. Saba Capital Management L.P. now owns 4,727,808 shares of the company’s stock valued at $21,748,000 after acquiring an additional 3,306,024 shares during the period. Empyrean Capital Partners LP bought a new stake in Snap during the first quarter worth approximately $25,300,000. Assenagon Asset Management S.A. boosted its stake in Snap by 1,191.8% during the 2nd quarter. Assenagon Asset Management S.A. now owns 3,903,141 shares of the company’s stock valued at $17,330,000 after purchasing an additional 3,601,002 shares in the last quarter. Leonteq Securities AG bought a new position in Snap during the 4th quarter valued at $1,620,000. Finally, Eurizon Capital SGR S.p.A. bought a new position in Snap during the 4th quarter valued at $1,629,000. Institutional investors own 47.52% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on SNAP. BMO Capital Markets reissued an “outperform” rating on shares of Snap in a research note on Tuesday, August 4th. Truist Financial decreased their target price on shares of Snap from $8.00 to $7.00 and set a “hold” rating for the company in a research report on Tuesday, August 4th. Royal Bank Of Canada dropped their price target on shares of Snap from $10.00 to $8.00 and set a “sector perform” rating on the stock in a research note on Thursday, May 7th. Mizuho lifted their price target on Snap from $5.00 to $6.00 and gave the company a “neutral” rating in a report on Tuesday, August 4th. Finally, BNP Paribas Exane downgraded Snap to a “neutral” rating in a research report on Monday, April 27th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-three have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $7.65.

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.