Insider Selling: Snap (NYSE:SNAP) CAO Sells 20,000 Shares

Key Points

• Snap CAO Rebecca Morrow sold 20,000 shares at an average price of $5.35, generating $107,000. The sale reduced her ownership by 3.34%, though she still held 578,105 shares.
• Snap shares recently traded at $5.67, with a market capitalization of approximately $9.58 billion. The company reported quarterly revenue of $1.60 billion, up 18.9% year over year, and narrowed its loss to $0.10 per share.
• Analysts maintain an overall “Hold” rating on Snap, with an average price target of $7.65; institutional investors own about 47.52% of the company.

Snap Inc. (NYSE:SNAP - Get Free Report) CAO Rebecca Morrow sold 20,000 shares of the business's stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $5.35, for a total value of $107,000.00. Following the completion of the sale, the chief accounting officer owned 578,105 shares of the company's stock, valued at approximately $3,092,861.75. This trade represents a 3.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

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

• On Monday, August 17th, Rebecca Morrow sold 17,336 shares of Snap stock. The stock was sold at an average price of $5.20, for a total value of $90,147.20.

Snap Stock Performance

Shares of NYSE SNAP traded up $0.14 during trading hours on Friday, hitting $5.67. 29,060,047 shares of the stock were exchanged, compared to its average volume of 34,733,076. Snap Inc. has a one year low of $3.81 and a one year high of $9.28. The company's 50 day moving average is $5.10 and its 200 day moving average is $5.17. 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 $9.58 billion, a P/E ratio of -31.47 and a beta of 1.05.

Snap (NYSE:SNAP - Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.12) by $0.02. Snap had a negative net margin of 4.90% and a negative return on equity of 14.61%. The company had revenue of $1.60 billion during the quarter, compared to analysts' expectations of $1.54 billion. During the same period in the prior year, the company earned ($0.16) earnings per share. The business's quarterly revenue was up 18.9% compared to the same quarter last year. On average, research analysts expect that Snap Inc. will post -0.02 EPS for the current year.

Analyst Upgrades and Downgrades

SNAP has been the subject of a number of research analyst reports. Citizens Jmp reaffirmed a "market perform" rating on shares of Snap in a research report on Tuesday, August 4th. Cantor Fitzgerald lifted their target price on Snap from $5.00 to $6.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 4th. Citigroup boosted their price target on Snap from $6.50 to $6.75 and gave the company a "neutral" rating in a research note on Tuesday, August 4th. Truist Financial cut their price target on Snap from $8.00 to $7.00 and set a "hold" rating for the company in a report on Tuesday, August 4th. Finally, Rosenblatt Securities reduced their price objective on Snap from $6.40 to $6.00 and set a "neutral" rating for the company in a research report on Tuesday, August 4th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-four have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $7.65.

Institutional Trading of Snap

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SNAP. Empowered Funds LLC boosted its holdings in Snap by 13.3% during the first quarter. Empowered Funds LLC now owns 40,393 shares of the company's stock valued at $352,000 after purchasing an additional 4,754 shares in the last quarter. Prudential Financial Inc. acquired a new position in shares of Snap in the 2nd quarter worth approximately $136,000. Investment Management Corp of Ontario raised its holdings in shares of Snap by 104.0% in the 2nd quarter. Investment Management Corp of Ontario now owns 61,513 shares of the company's stock worth $535,000 after buying an additional 31,357 shares in the last quarter. Nebula Research & Development LLC bought a new position in shares of Snap during the 2nd quarter worth approximately $1,675,000. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Snap by 52.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 89,337 shares of the company's stock worth $776,000 after buying an additional 30,561 shares during the period. Institutional investors own 47.52% of the company's stock.

About Snap

Snap Inc is a technology and social media company best known for Snapchat, a visual messaging and social networking application. Snapchat enables users to communicate through photos, videos, text messages and augmented reality experiences, including Lenses and filters. The platform also offers Stories, Spotlight for short-form video, Snap Map and other tools for discovering and sharing content.

Snap generates most of its business through digital advertising, including advertising displayed across Snapchat's content and communication features.

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