Insider Selling: Snap (NYSE:SNAP) General Counsel Sells $343,103.20 in Stock

Snap Inc. (NYSE:SNAP) General Counsel Zachary Briers sold 67,540 shares of the company’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $5.08, for a total value of $343,103.20. Following the sale, the general counsel owned 2,356,791 shares of the company’s stock, valued at $11,972,498.28. This trade represents a 2.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Snap Price Performance

SNAP opened at $5.24 on Friday. Snap Inc. has a 1 year low of $3.81 and a 1 year high of $9.28. The business’s 50-day moving average is $4.85 and its two-hundred day moving average is $5.14. The company has a debt-to-equity ratio of 1.75, a current ratio of 2.94 and a quick ratio of 2.94. The firm has a market capitalization of $8.86 billion, a PE ratio of -29.11 and a beta of 1.03.

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

Analyst Ratings Changes

Several brokerages recently commented on SNAP. Royal Bank Of Canada decreased their price objective on shares of Snap from $10.00 to $8.00 and set a “sector perform” rating for the company in a research report on Thursday, May 7th. Piper Sandler reissued a “neutral” rating on shares of Snap in a research report on Tuesday, August 4th. Citizens Jmp reaffirmed a “market perform” rating on shares of Snap in a report on Tuesday, August 4th. Truist Financial lowered their price objective on shares of Snap from $8.00 to $7.00 and set a “hold” rating for the company in a research note on Tuesday, August 4th. Finally, DA Davidson lifted their price objective on shares of Snap from $5.00 to $5.25 and gave the stock a “neutral” rating in a research note on Tuesday, August 4th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-three have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $7.65.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Mackenzie Financial Corp lifted its stake in Snap by 5.1% in the 3rd quarter. Mackenzie Financial Corp now owns 27,638 shares of the company’s stock valued at $213,000 after buying an additional 1,349 shares in the last quarter. WealthCollab LLC increased its stake in Snap by 1.2% during the 4th quarter. WealthCollab LLC now owns 115,390 shares of the company’s stock worth $931,000 after buying an additional 1,369 shares in the last quarter. Alliancebernstein L.P. raised its holdings in shares of Snap by 0.3% during the third quarter. Alliancebernstein L.P. now owns 414,416 shares of the company’s stock valued at $3,195,000 after acquiring an additional 1,396 shares during the last quarter. Orion Porfolio Solutions LLC raised its holdings in shares of Snap by 8.3% during the second quarter. Orion Porfolio Solutions LLC now owns 18,913 shares of the company’s stock valued at $164,000 after acquiring an additional 1,451 shares during the last quarter. Finally, Allworth Financial LP raised its holdings in shares of Snap by 92.3% during the third 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 last quarter. Institutional investors and hedge funds own 47.52% of the company’s stock.

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.