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.
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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.
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