Snap (NYSE:SNAP) Insider Ajit Mohan Sells 54,608 Shares of Stock

Snap Inc. (NYSE:SNAP) insider Ajit Mohan sold 54,608 shares of the 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 $283,961.60. Following the completion of the sale, the insider owned 4,972,097 shares in the company, valued at approximately $25,854,904.40. The trade was a 1.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Ajit Mohan also recently made the following trade(s):

• On Tuesday, June 16th, Ajit Mohan sold 6,923 shares of Snap stock. The shares were sold at an average price of $5.58, for a total value of $38,630.34.

Snap Stock Performance

Shares of Snap stock opened at $5.24 on Thursday. The stock’s fifty day moving average is $4.85 and its two-hundred day moving average is $5.15. The company has a market capitalization of $8.86 billion, a PE ratio of -29.11 and a beta of 1.03. The company has a quick ratio of 2.94, a current ratio of 2.94 and a debt-to-equity ratio of 1.75. Snap Inc. has a 52 week low of $3.81 and a 52 week high of $9.28.

Snap (NYSE:SNAP) last released 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 business had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.54 billion. Snap had a negative return on equity of 14.61% and a negative net margin of 4.90%.The business’s revenue for the quarter was up 18.9% compared to the same quarter last year. During the same period last year, the company earned ($0.16) earnings per share. As a group, analysts expect that Snap Inc. will post -0.05 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have issued reports on SNAP. Citigroup boosted their price objective on shares of Snap from $6.50 to $6.75 and gave the company a “neutral” rating in a research report on Tuesday, August 4th. Rosenblatt Securities reduced their target price on shares of Snap from $6.40 to $6.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 4th. Freedom Capital upgraded Snap from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 4th. TD Cowen started coverage on Snap in a research note on Monday, April 27th. They issued a “buy” rating on the stock. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Snap in a report on Friday, July 17th. Two 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 issued a Sell rating to the company. Based on data from MarketBeat.com, Snap presently has an average rating of “Hold” and a consensus price target of $7.65.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SNAP. Peak Asset Management LLC bought a new stake in shares of Snap in the 2nd quarter valued at about $178,000. W1M Asset Management Ltd bought a new position in shares of Snap during the second quarter valued at approximately $48,000. Paragon Financial Partners Inc. bought a new position in shares of Snap during the second quarter valued at approximately $53,000. Plato Investment Management Ltd purchased a new position in Snap during the second quarter valued at approximately $257,000. Finally, Handelsbanken Fonder AB raised its stake in Snap by 21.2% in the second quarter. Handelsbanken Fonder AB now owns 352,900 shares of the company’s stock worth $1,567,000 after buying an additional 61,700 shares in the last quarter. Hedge funds and other institutional investors own 47.52% of the company’s stock.

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 ownership by about 5.37%. The filing states that the shares were sold to cover tax-withholding obligations related to vested equity awards. He still owns more than 2.3 million shares. Snap CFO share sale article
• Neutral Sentiment: General Counsel Zachary Briers sold 136,504 shares for about $709,821 at $5.20 and an additional 67,540 shares for roughly $343,103 at $5.08. Both transactions were described as tax-related sales; Briers continued to own more than 2.3 million shares directly after the reported transactions. SEC insider ownership filing
• Neutral Sentiment: Chief Accounting Officer Rebecca Morrow sold 17,336 shares valued at approximately $90,147, while insider Ajit Mohan sold 54,608 shares worth about $283,962. Both sales were also made to satisfy tax withholding requirements, and each executive retained a substantial position in Snap. SEC insider ownership filings

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.