Insider Selling: Snap (NYSE:SNAP) CTO Sells $2,022,396.60 in Stock

Snap Inc. (NYSE:SNAP) CTO Robert Murphy sold 343,945 shares of the business’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $5.88, for a total value of $2,022,396.60. Following the completion of the sale, the chief technology officer directly owned 4,963,581 shares of the company’s stock, valued at approximately $29,185,856.28. This represents a 6.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Snap Stock Up 5.5%

Shares of Snap stock opened at $6.05 on Friday. The company has a quick ratio of 3.53, a current ratio of 3.53 and a debt-to-equity ratio of 1.67. The firm has a market cap of $10.21 billion, a P/E ratio of -25.19 and a beta of 1.03. Snap Inc. has a fifty-two week low of $3.81 and a fifty-two week high of $10.41. The business has a 50-day moving average price of $5.47 and a 200 day moving average price of $6.26.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.14). The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.53 billion. Snap had a negative net margin of 6.72% and a negative return on equity of 18.92%. The firm’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.08) earnings per share. On average, sell-side analysts forecast that Snap Inc. will post -0.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Snap

Several hedge funds and other institutional investors have recently made changes to their positions in SNAP. Korea Investment CORP raised its stake in Snap by 573.6% during the 3rd quarter. Korea Investment CORP now owns 967,544 shares of the company’s stock valued at $7,460,000 after acquiring an additional 823,900 shares in the last quarter. Contrarius Group Holdings Ltd bought a new stake in shares of Snap during the third quarter valued at about $10,256,000. DNB Asset Management AS raised its stake in shares of Snap by 433.6% during the third quarter. DNB Asset Management AS now owns 1,042,873 shares of the company’s stock valued at $8,041,000 after purchasing an additional 847,447 shares in the last quarter. Quantbot Technologies LP raised its stake in shares of Snap by 54.4% during the third quarter. Quantbot Technologies LP now owns 749,724 shares of the company’s stock valued at $5,780,000 after purchasing an additional 264,156 shares in the last quarter. Finally, Ausdal Financial Partners Inc. raised its stake in shares of Snap by 76.3% during the third quarter. Ausdal Financial Partners Inc. now owns 628,109 shares of the company’s stock valued at $4,843,000 after purchasing an additional 271,893 shares in the last quarter. 47.52% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently weighed in on SNAP shares. Benchmark started coverage on Snap in a report on Monday, April 27th. They set a “buy” rating for the company. Barclays raised Snap from an “overweight” rating to an “overweight” rating in a report on Monday, April 27th. Tigress Financial started coverage on Snap in a report on Monday, April 27th. They set a “buy” rating for the company. KeyCorp raised Snap from a “sector weight” rating to an “overweight” rating in a report on Monday, April 27th. Finally, JPMorgan Chase & Co. lowered their target price on Snap from $7.00 to $6.00 and set an “underweight” rating for the company in a report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty-two have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Snap has an average rating of “Hold” and an average target price 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.