Snap (NYSE:SNAP) General Counsel Zachary Briers Sells 136,504 Shares

Snap Inc. (NYSE:SNAP) General Counsel Zachary Briers sold 136,504 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $5.20, for a total value of $709,820.80. Following the completion of the transaction, the general counsel owned 2,424,331 shares of the company’s stock, valued at approximately $12,606,521.20. The trade was a 5.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Snap Trading Up 2.5%

NYSE SNAP opened at $5.24 on Thursday. The stock has a market cap of $8.86 billion, a P/E ratio of -29.11 and a beta of 1.03. 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 stock’s fifty day moving average price is $4.85 and its 200-day moving average price is $5.15. Snap Inc. has a 12 month low of $3.81 and a 12 month high of $9.28.

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

Analysts Set New Price Targets

SNAP has been the subject of a number of recent research reports. Sanford C. Bernstein reissued a “market perform” rating and issued a $5.00 target price on shares of Snap in a report on Tuesday, July 21st. Wells Fargo & Company boosted their target price on Snap from $5.00 to $6.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 4th. JPMorgan Chase & Co. lowered their price target on shares of Snap from $7.00 to $6.00 and set an “underweight” rating on the stock in a report on Thursday, May 7th. BMO Capital Markets reissued an “outperform” rating on shares of Snap in a research note on Tuesday, August 4th. Finally, Mizuho upped their price target on Snap from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Tuesday, August 4th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-three have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $7.65.

Institutional Investors Weigh In On Snap

Large investors have recently modified their holdings of the company. Allworth Financial LP increased its holdings in shares of Snap by 92.3% in the third quarter. Allworth Financial LP now owns 3,293 shares of the company’s stock valued at $25,000 after purchasing an additional 1,581 shares during the period. Arax Advisory Partners raised its position in Snap by 220.0% in the fourth quarter. Arax Advisory Partners now owns 3,309 shares of the company’s stock valued at $27,000 after purchasing an additional 2,275 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of Snap by 561.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 3,618 shares of the company’s stock worth $29,000 after buying an additional 3,071 shares during the last quarter. Fifth Third Bancorp boosted its holdings in shares of Snap by 6,678.0% in the 1st quarter. Fifth Third Bancorp now owns 6,778 shares of the company’s stock valued at $31,000 after buying an additional 6,678 shares during the period. Finally, NFSG Corp boosted its stake in Snap by 52.7% during the 1st quarter. NFSG Corp now owns 8,400 shares of the company’s stock valued at $39,000 after purchasing an additional 2,900 shares during the period. 47.52% of the stock is owned by institutional investors and hedge funds.

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.