Snap (NYSE:SNAP) General Counsel Sells 67,540 Shares of Stock

Snap Inc. (NYSE:SNAP) General Counsel Zachary Briers sold 67,540 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $5.08, for a total value of $343,103.20. Following the transaction, the general counsel owned 2,356,791 shares of the company’s stock, valued at $11,972,498.28. This trade represents a 2.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Snap Trading Up 2.5%

Shares of NYSE SNAP traded up $0.13 during midday trading on Wednesday, hitting $5.24. The company’s stock had a trading volume of 29,931,596 shares, compared to its average volume of 48,138,145. The company has a current ratio of 2.94, a quick ratio of 2.94 and a debt-to-equity ratio of 1.75. The business’s 50 day moving average is $4.86 and its two-hundred day moving average is $5.17. Snap Inc. has a 12-month low of $3.81 and a 12-month high of $9.28. The firm has a market cap of $8.86 billion, a P/E ratio of -29.11 and a beta of 1.03.

Snap (NYSE:SNAP) last issued its quarterly earnings results on Monday, August 3rd. The company reported ($0.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.02. The firm had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.54 billion. Snap had a negative return on equity of 14.61% and a negative net margin of 4.90%.Snap’s quarterly revenue was up 18.9% compared to the same quarter last year. During the same period last year, the company earned ($0.16) EPS. As a group, equities research analysts expect that Snap Inc. will post -0.05 EPS for the current year.

Analyst Ratings Changes

SNAP has been the topic of a number of research analyst reports. Weiss Ratings restated a “sell (e+)” rating on shares of Snap in a report on Friday, July 17th. Zacks Research lowered shares of Snap from a “hold” rating to a “strong sell” rating in a report on Monday, August 3rd. Citizens Jmp reissued a “market perform” rating on shares of Snap in a research report on Tuesday, August 4th. HSBC downgraded shares of Snap from a “hold” rating to a “hold” rating in a research note on Monday, April 27th. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating and set a $5.00 price target on shares of Snap in a research note on Tuesday, July 21st. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-three have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $7.65.

Institutional Trading of Snap

Hedge funds have recently added to or reduced their stakes in the business. Empowered Funds LLC raised its holdings in shares of Snap by 13.3% in the 1st quarter. Empowered Funds LLC now owns 40,393 shares of the company’s stock valued at $352,000 after purchasing an additional 4,754 shares in the last quarter. Prudential Financial Inc. bought a new position in shares of Snap during the second quarter valued at approximately $136,000. Investment Management Corp of Ontario increased its holdings in Snap by 104.0% during the second quarter. Investment Management Corp of Ontario now owns 61,513 shares of the company’s stock valued at $535,000 after buying an additional 31,357 shares during the period. Nebula Research & Development LLC purchased a new position in Snap during the second quarter valued at approximately $1,675,000. Finally, The Manufacturers Life Insurance Company raised its stake in Snap by 52.0% in the second quarter. The Manufacturers Life Insurance Company now owns 89,337 shares of the company’s stock worth $776,000 after buying an additional 30,561 shares in the last quarter. 47.52% of the stock is owned by hedge funds and other institutional investors.

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.