Michael J. O’sullivan Sells 68,845 Shares of Snap Inc. (NYSE:SNAP) Stock

Snap Inc. (NYSE:SNAP) General Counsel Michael J. O’sullivan sold 68,845 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $8.59, for a total value of $591,378.55. Following the completion of the sale, the general counsel now owns 2,173,950 shares of the company’s stock, valued at $18,674,230.50. The trade was a 3.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Snap Stock Down 0.7%

Shares of NYSE SNAP opened at $8.69 on Tuesday. The firm has a fifty day simple moving average of $8.47 and a two-hundred day simple moving average of $10.21. Snap Inc. has a 12 month low of $7.08 and a 12 month high of $17.33. The company has a current ratio of 3.95, a quick ratio of 3.95 and a debt-to-equity ratio of 1.47. The firm has a market capitalization of $14.52 billion, a PE ratio of -20.69 and a beta of 0.61.

Snap (NYSE:SNAP) last released its quarterly earnings results on Tuesday, April 29th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.12). Snap had a negative return on equity of 25.67% and a negative net margin of 13.02%. The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. During the same period in the previous year, the company earned $0.03 earnings per share. Snap’s quarterly revenue was up 14.1% on a year-over-year basis. Equities analysts expect that Snap Inc. will post -0.3 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Royal Bank of Canada restated a “sector perform” rating and issued a $12.00 price objective on shares of Snap in a report on Wednesday, April 30th. Morgan Stanley decreased their target price on shares of Snap from $8.00 to $6.50 and set an “equal weight” rating on the stock in a research report on Thursday, May 1st. The Goldman Sachs Group cut their price target on shares of Snap from $9.50 to $8.50 and set a “neutral” rating for the company in a research report on Wednesday, April 30th. Piper Sandler decreased their price objective on Snap from $13.00 to $10.00 and set a “neutral” rating on the stock in a report on Thursday, April 10th. Finally, Stifel Nicolaus lowered their target price on Snap from $11.00 to $8.00 and set a “hold” rating for the company in a research note on Wednesday, April 23rd. One analyst has rated the stock with a sell rating, twenty-three have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $35.62.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Checchi Capital Advisers LLC boosted its stake in Snap by 3.0% during the fourth quarter. Checchi Capital Advisers LLC now owns 31,126 shares of the company’s stock worth $335,000 after acquiring an additional 901 shares in the last quarter. Captrust Financial Advisors lifted its holdings in shares of Snap by 8.0% during the fourth quarter. Captrust Financial Advisors now owns 13,918 shares of the company’s stock valued at $150,000 after purchasing an additional 1,030 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Snap by 1.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 61,365 shares of the company’s stock worth $661,000 after purchasing an additional 1,033 shares in the last quarter. Empowered Funds LLC grew its stake in shares of Snap by 3.1% in the 4th quarter. Empowered Funds LLC now owns 35,639 shares of the company’s stock worth $384,000 after buying an additional 1,055 shares during the last quarter. Finally, Trajan Wealth LLC increased its position in Snap by 5.9% during the 4th quarter. Trajan Wealth LLC now owns 20,191 shares of the company’s stock valued at $217,000 after buying an additional 1,132 shares in the last quarter. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Snap Company Profile

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.