Insider Selling: Snap (NYSE:SNAP) CTO Sells $10,880,000.00 in Stock

Snap Inc. (NYSE:SNAP) CTO Robert Murphy sold 2,000,000 shares of the business’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $5.44, for a total transaction of $10,880,000.00. Following the transaction, the chief technology officer owned 47,012,324 shares in the company, valued at $255,747,042.56. The trade was a 4.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Snap Stock Performance

SNAP opened at $5.53 on Monday. The firm has a market capitalization of $9.33 billion, a PE ratio of -23.02 and a beta of 1.05. Snap Inc. has a twelve month low of $3.81 and a twelve month high of $10.41. The firm’s 50-day moving average price is $5.19 and its 200 day moving average price is $6.49. The company has a current ratio of 3.53, a quick ratio of 3.53 and a debt-to-equity ratio of 1.67.

Snap (NYSE:SNAP) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.14). The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.53 billion. Snap had a negative return on equity of 18.92% and a negative net margin of 6.72%.The business’s revenue was up 12.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.08) earnings per share. As a group, sell-side analysts expect that Snap Inc. will post -0.07 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. HSBC downgraded shares of Snap from a “hold” rating to a “hold” rating in a research note on Monday, April 27th. The Goldman Sachs Group reduced their target price on shares of Snap from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Thursday, May 7th. Benchmark assumed coverage on shares of Snap in a research note on Monday, April 27th. They set a “buy” rating on the stock. Susquehanna reduced their target price on shares of Snap from $9.00 to $6.50 and set a “neutral” rating on the stock in a research note on Thursday, February 5th. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $6.40 target price 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 assigned a Buy rating, twenty-two have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $7.91.

Institutional Investors Weigh In On Snap

Institutional investors and hedge funds have recently made changes to their positions in the stock. Allworth Financial LP raised its stake 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 acquiring an additional 1,581 shares during the period. Oak Harvest Investment Services purchased a new stake in shares of Snap in the 4th quarter valued at approximately $26,000. Arax Advisory Partners raised its stake 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 acquiring an additional 2,275 shares during the period. V Square Quantitative Management LLC purchased a new stake in shares of Snap in the 4th quarter valued at approximately $29,000. Finally, EverSource Wealth Advisors LLC raised its stake 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 acquiring an additional 3,071 shares during the period. 47.52% of the stock is owned by hedge funds and other institutional investors.

About Snap

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.