Insider Selling: Snap (NYSE:SNAP) General Counsel Sells $71,748.00 in Stock

Snap Inc. (NYSE:SNAP) General Counsel Zachary Briers sold 11,958 shares of the company’s stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $6.00, for a total value of $71,748.00. Following the transaction, the general counsel directly owned 2,560,835 shares in the company, valued at approximately $15,365,010. This represents a 0.46% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Snap Stock Down 0.0%

NYSE:SNAP opened at $5.76 on Monday. The stock’s fifty day moving average price is $5.50 and its two-hundred day moving average price is $6.24. Snap Inc. has a 52-week low of $3.81 and a 52-week high of $10.41. The company has a debt-to-equity ratio of 1.67, a quick ratio of 3.53 and a current ratio of 3.53. The company has a market cap of $9.72 billion, a price-to-earnings ratio of -23.99 and a beta of 1.03.

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

Institutional Trading of Snap

Large investors have recently made changes to their positions in the company. Allworth Financial LP increased its position in shares of Snap by 92.3% in the 3rd quarter. Allworth Financial LP now owns 3,293 shares of the company’s stock valued at $25,000 after buying an additional 1,581 shares in the last quarter. Oak Harvest Investment Services bought a new stake in shares of Snap in the 4th quarter valued at $26,000. Arax Advisory Partners increased its position in shares of Snap by 220.0% in the 4th quarter. Arax Advisory Partners now owns 3,309 shares of the company’s stock valued at $27,000 after buying an additional 2,275 shares in the last quarter. V Square Quantitative Management LLC bought a new stake in shares of Snap in the 4th quarter valued at $29,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of Snap by 561.4% in the 4th quarter. EverSource Wealth Advisors LLC now owns 3,618 shares of the company’s stock valued at $29,000 after buying an additional 3,071 shares in the last quarter. Institutional investors own 47.52% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on SNAP. Wells Fargo & Company increased their price target on Snap from $6.00 to $7.00 and gave the company an “equal weight” rating in a research note on Thursday, May 7th. Morgan Stanley cut their price target on Snap from $9.50 to $6.50 and set an “equal weight” rating on the stock in a research note on Sunday, February 22nd. KeyCorp raised Snap from a “sector weight” rating to an “overweight” rating in a research note on Monday, April 27th. Citigroup reissued a “neutral” rating on shares of Snap in a research note on Monday, May 18th. Finally, Guggenheim reissued a “neutral” rating and issued a $6.50 price target on shares of Snap in a research note on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty-two have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $7.91.

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.