Rebecca Morrow Sells 3,570 Shares of Snap (NYSE:SNAP) Stock

Snap Inc. (NYSE:SNAP) CAO Rebecca Morrow sold 3,570 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $5.74, for a total value of $20,491.80. Following the completion of the transaction, the chief accounting officer directly owned 509,241 shares in the company, valued at $2,923,043.34. This trade represents a 0.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Rebecca Morrow also recently made the following trade(s):

• On Monday, May 18th, Rebecca Morrow sold 16,729 shares of Snap stock. The shares were sold at an average price of $5.60, for a total value of $93,682.40.
• On Thursday, February 19th, Rebecca Morrow sold 3,175 shares of Snap stock. The shares were sold at an average price of $4.84, for a total value of $15,367.00.

Snap Stock Performance

SNAP stock opened at $5.69 on Friday. The stock has a market capitalization of $9.61 billion, a PE ratio of -23.70 and a beta of 1.05. Snap Inc. has a 12-month low of $3.81 and a 12-month high of $10.41. The company has a current ratio of 3.53, a quick ratio of 3.53 and a debt-to-equity ratio of 1.67. The stock’s 50 day simple moving average is $5.23 and its 200 day simple moving average is $6.43.

Snap (NYSE:SNAP) last announced its 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 company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.53 billion. Snap had a negative net margin of 6.72% and a negative return on equity of 18.92%. Snap’s quarterly revenue was up 12.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.08) earnings per share. As a group, research analysts forecast that Snap Inc. will post -0.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Snap

Hedge funds and other institutional investors have recently modified their holdings of the stock. Korea Investment CORP increased its stake in Snap by 573.6% in the 3rd quarter. Korea Investment CORP now owns 967,544 shares of the company’s stock worth $7,460,000 after buying an additional 823,900 shares in the last quarter. Contrarius Group Holdings Ltd purchased a new stake in Snap in the 3rd quarter worth $10,256,000. DNB Asset Management AS increased its stake in Snap by 433.6% in the 3rd quarter. DNB Asset Management AS now owns 1,042,873 shares of the company’s stock worth $8,041,000 after buying an additional 847,447 shares in the last quarter. Quantbot Technologies LP increased its stake in Snap by 54.4% in the 3rd quarter. Quantbot Technologies LP now owns 749,724 shares of the company’s stock worth $5,780,000 after buying an additional 264,156 shares in the last quarter. Finally, Ausdal Financial Partners Inc. increased its stake in Snap by 76.3% in the 3rd quarter. Ausdal Financial Partners Inc. now owns 628,109 shares of the company’s stock worth $4,843,000 after buying an additional 271,893 shares in the last quarter. 47.52% of the stock is currently owned by hedge funds and other institutional investors.

More Snap News

Here are the key news stories impacting Snap this week:

• Positive Sentiment: Snap added Luke Wood, former Beats president and Apple executive, to its board of directors. Investors may view this as a credibility boost for leadership and a sign Snap is leaning on experienced consumer-tech talent to support its strategy. Luke Wood Joins Snap Inc. Board of Directors
• Neutral Sentiment: CFO Douglas Hott, General Counsel Zachary M. Briers, and CAO Rebecca Morrow all disclosed share sales, but each filing said the transactions were to cover tax withholding tied to vesting equity awards. That makes the sales more routine than a clear sign of waning confidence, though the timing may still attract attention. SEC filing for CFO Douglas Hott
• Neutral Sentiment: The insider selling was broad-based and included multiple transactions over May 18-19, which can create near-term caution even if the sales were pre-planned or tax-related. SEC filing for Zachary M. Briers
• Negative Sentiment: Multiple executive sales in a short period can weigh on Snap Inc. (NYSE: SNAP) sentiment, especially after a recent earnings report that missed profit expectations. Traders may worry that management sees limited near-term upside, even though the company said the sales were for tax reasons. SEC filing for Rebecca Morrow

Analyst Ratings Changes

SNAP has been the subject of a number of research reports. Arete Research set a $7.30 target price on shares of Snap and gave the company a “buy” rating in a research note on Tuesday, February 10th. KeyCorp upgraded Snap from a “sector weight” rating to an “overweight” rating in a research note on Monday, April 27th. B. Riley Financial upgraded Snap from a “neutral” rating to a “buy” rating and set a $10.00 price objective for the company in a research note on Thursday, February 5th. Roth Mkm set a $7.00 price objective on Snap in a research note on Thursday, February 5th. Finally, Bank of America upgraded Snap from a “neutral” rating to a “buy” rating and set a $10.00 price objective for the company in a research note on Thursday, February 5th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty-two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Snap currently has a consensus rating of “Hold” and a consensus target price of $7.91.

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.