Insider Selling: Snap (NYSE:SNAP) General Counsel Sells 24,000 Shares of Stock

Snap Inc. (NYSE:SNAP) General Counsel Michael O’sullivan sold 24,000 shares of the firm’s stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $7.73, for a total transaction of $185,520.00. Following the completion of the sale, the general counsel directly owned 490,454 shares of the company’s stock, valued at approximately $3,791,209.42. This represents a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Snap Stock Down 4.6%

NYSE SNAP traded down $0.36 during trading hours on Tuesday, reaching $7.46. 45,003,067 shares of the company’s stock traded hands, compared to its average volume of 52,074,965. Snap Inc. has a 52-week low of $6.90 and a 52-week high of $13.28. The firm has a market cap of $12.61 billion, a PE ratio of -23.32 and a beta of 0.89. The firm has a 50-day simple moving average of $7.78 and a 200 day simple moving average of $8.26. The company has a debt-to-equity ratio of 1.73, a current ratio of 3.88 and a quick ratio of 3.88.

Snap (NYSE:SNAP) last issued its quarterly earnings results on Tuesday, August 5th. The company reported ($0.16) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.16). The company had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Snap had a negative net margin of 9.69% and a negative return on equity of 23.32%. Snap’s revenue was up 8.7% on a year-over-year basis. During the same period last year, the company posted ($0.15) EPS. Sell-side analysts anticipate that Snap Inc. will post -0.3 EPS for the current fiscal year.

Institutional Investors Weigh In On Snap

Hedge funds have recently bought and sold shares of the business. Signaturefd LLC raised its stake in Snap by 169.9% during the second quarter. Signaturefd LLC now owns 2,942 shares of the company’s stock valued at $26,000 after purchasing an additional 1,852 shares in the last quarter. Quarry LP purchased a new stake in Snap during the first quarter valued at $34,000. Itau Unibanco Holding S.A. purchased a new stake in Snap during the first quarter valued at $35,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Snap during the third quarter valued at $33,000. Finally, Wealth Preservation Advisors LLC bought a new position in Snap during the first quarter valued at $44,000. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on SNAP shares. New Street Research lowered shares of Snap from a “buy” rating to a “neutral” rating in a research note on Tuesday, October 28th. JMP Securities reiterated a “market perform” rating on shares of Snap in a research note on Wednesday, August 6th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $7.00 price target on shares of Snap in a research note on Wednesday, August 6th. Citizens Jmp reiterated a “market perform” rating on shares of Snap in a research note on Wednesday, August 6th. Finally, Piper Sandler reduced their price target on shares of Snap from $10.00 to $9.00 and set a “neutral” rating for the company in a research note on Wednesday, August 6th. Four investment analysts have rated the stock with a Buy rating, twenty-two have given a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $34.57.

About Snap

Snap Inc operates as a technology company in North America, Europe, and internationally. The company offers Snapchat, a visual messaging application with various tabs, such as camera, visual messaging, snap map, stories, and spotlight that enable people to communicate visually through short videos and images.