Snap (SNAP) Shares Gap Down Following Insider Selling

Snap Inc (NYSE:SNAP) shares gapped down prior to trading on Thursday following insider selling activity. The stock had previously closed at $14.62, but opened at $14.60. Snap shares last traded at $14.58, with a volume of 10485293 shares traded.

Specifically, CFO Andrew Vollero sold 37,874 shares of Snap stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $14.64, for a total transaction of $554,475.36. Following the completion of the transaction, the chief financial officer now owns 1,797,644 shares of the company’s stock, valued at approximately $26,317,508.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Steven Michael Horowitz sold 151,872 shares of Snap stock in a transaction on Tuesday, December 5th. The stock was sold at an average price of $14.06, for a total value of $2,135,320.32. Following the transaction, the vice president now directly owns 2,296,890 shares of the company’s stock, valued at approximately $32,294,273.40. The disclosure for this sale can be found here. Insiders have sold a total of 3,903,723 shares of company stock valued at $51,620,444 in the last ninety days.

A number of analysts recently commented on the company. Vetr cut Snap from a “strong-buy” rating to a “buy” rating and set a $15.73 price objective for the company. in a research report on Tuesday. Evercore ISI assumed coverage on Snap in a research report on Tuesday. They set an “underperform” rating and a $7.00 price objective for the company. Barclays upgraded Snap from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $11.00 to $18.00 in a research report on Tuesday. Deutsche Bank reiterated a “hold” rating and set a $11.00 price objective on shares of Snap in a research report on Thursday, November 30th. Finally, Wells Fargo & Company reiterated a “hold” rating on shares of Snap in a research report on Wednesday, November 29th. Sixteen research analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have issued a buy rating to the company’s stock. Snap has an average rating of “Hold” and an average target price of $16.88.

Snap (NYSE:SNAP) last announced its earnings results on Tuesday, November 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.31) by $0.17. The business had revenue of $207.90 million during the quarter, compared to analyst estimates of $236.71 million. The firm’s revenue for the quarter was up 62.2% on a year-over-year basis. equities analysts expect that Snap Inc will post -3.04 EPS for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in SNAP. Credit Suisse AG acquired a new position in shares of Snap in the 1st quarter valued at approximately $799,000. IFP Advisors Inc bought a new stake in shares of Snap in the 2nd quarter valued at approximately $280,000. Seven Bridges Advisors LLC bought a new stake in shares of Snap in the 2nd quarter valued at approximately $101,000. Global X Management Co. LLC increased its holdings in shares of Snap by 75.1% in the 2nd quarter. Global X Management Co. LLC now owns 283,672 shares of the company’s stock valued at $5,041,000 after acquiring an additional 121,652 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. increased its holdings in shares of Snap by 654.0% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company’s stock valued at $134,000 after acquiring an additional 6,540 shares during the last quarter. 18.88% of the stock is currently owned by institutional investors.

TRADEMARK VIOLATION WARNING: This piece of content was originally posted by The Lincolnian Online and is owned by of The Lincolnian Online. If you are reading this piece of content on another website, it was copied illegally and republished in violation of international copyright and trademark legislation. The original version of this piece of content can be accessed at https://www.thelincolnianonline.com/2017/12/07/snap-snap-shares-gap-down-following-insider-selling.html.

Snap Company Profile

Snap Inc, formerly Snapchat, Inc, is a camera company. The Company’s flagship product, Snapchat, is a camera application that helps people to communicate through short videos and images known as a Snap. The Company offers three ways for people to make Snaps: the Snapchat application, Publishers Tools that help its partners to create Publisher Stories, and Spectacles, its sunglasses that make Snaps.

Receive News & Ratings for Snap Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Snap Inc and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply