Snap (NYSE:SNAP) CTO Robert Murphy Sells 2,000,000 Shares of Company Stock

Snap Inc. (NYSE:SNAP) CTO Robert Murphy sold 2,000,000 shares of the stock in a transaction on Monday, November 9th. The stock was sold at an average price of $5.02, for a total transaction of $10,040,000.00. Following the sale, the chief technology officer directly owned 34,586,451 shares of the company’s stock, valued at $173,623,984.02. This represents a 5.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Snap Stock Down 1.1%

Shares of NYSE:SNAP opened at $5.00 on Wednesday. Snap Inc. has a 12 month low of $3.81 and a 12 month high of $9.13. The company’s fifty day simple moving average is $5.73 and its 200 day simple moving average is $5.37. The company has a debt-to-equity ratio of 1.52, a quick ratio of 3.36 and a current ratio of 3.36.

Snap (NYSE:SNAP) last announced its earnings results on Wednesday, November 4th. The company reported $0.03 earnings per share for the quarter. The firm had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.73 billion. Snap had a negative net margin of 2.30% and a negative return on equity of 7.10%. The company’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.06) EPS. As a group, equities research analysts predict that Snap Inc. will post -0.03 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Piper Sandler reaffirmed a “neutral” rating on shares of Snap in a research report on Tuesday, August 4th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $8.00 target price on shares of Snap in a research report on Thursday, September 17th. DA Davidson lifted their target price on Snap from $5.00 to $5.25 and gave the company a “neutral” rating in a research report on Tuesday, August 4th. Wells Fargo & Company boosted their target price on Snap from $5.00 to $6.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 4th. Finally, Susquehanna reaffirmed a “neutral” rating on shares of Snap in a research report on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, twenty-three have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $7.31.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Assenagon Asset Management S.A. increased its holdings in Snap by 278.5% during the third quarter. Assenagon Asset Management S.A. now owns 14,771,533 shares of the company’s stock worth $79,766,000 after buying an additional 10,868,392 shares during the last quarter. Empyrean Capital Partners LP acquired a new stake in Snap in the first quarter valued at $25,300,000. Saba Capital Management L.P. grew its position in shares of Snap by 232.5% in the 1st 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. Russell Investments Group Ltd. grew its position in shares of Snap by 9.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,228,614 shares of the company’s stock valued at $22,765,000 after acquiring an additional 375,301 shares during the period. Finally, Swiss National Bank grew its position in shares of Snap by 7.1% in the 1st quarter. Swiss National Bank now owns 3,160,100 shares of the company’s stock valued at $14,536,000 after acquiring an additional 209,900 shares during the period. Institutional investors and hedge funds own 47.52% of the company’s stock.

About Snap

Snap Inc. is a technology company best known for Snapchat, a mobile application for visual communication. The company’s products and services help people share photos and videos, message friends, and explore content from creators and publishers. Snapchat features include Stories, Spotlight for short-form video, Snap Map, and augmented reality tools such as interactive Lenses. Snap also provides advertising solutions to businesses and develops camera-related products and services, including its Spectacles smart glasses and Snap AR platform.