Snap Inc. (NYSE:SNAP) General Counsel Michael J. O'sullivan Sells 24,000 Shares

Key Points

• Michael J. O'sullivan, General Counsel of Snap Inc., sold 24,000 shares at an average price of $9.57, totaling approximately $229,680, and now owns 486,984 shares.
• Snap Inc.'s stock has a 52-week high of $13.28 and a low of $7.08, with analysts giving it an average rating of "Hold" and an average target price of $34.64.
• Institutional investors currently hold 47.52% of Snap's stock, with several recent changes in their positions, including significant increases by Raiffeisen Bank and NBC Securities.

Snap Inc. (NYSE:SNAP - Get Free Report) General Counsel Michael J. O'sullivan sold 24,000 shares of the firm's stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $9.57, for a total value of $229,680.00. Following the transaction, the general counsel directly owned 486,984 shares of the company's stock, valued at $4,660,436.88. This represents a 4.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Snap Stock Performance

Shares of SNAP stock traded down $1.61 during mid-day trading on Wednesday, reaching $7.79. The stock had a trading volume of 185,191,453 shares, compared to its average volume of 35,934,223. The firm's 50 day simple moving average is $8.93 and its 200 day simple moving average is $9.17. The company has a quick ratio of 4.30, a current ratio of 4.30 and a debt-to-equity ratio of 1.55. Snap Inc. has a one year low of $7.08 and a one year high of $13.28. The firm has a market cap of $13.01 billion, a PE ratio of -25.11 and a beta of 0.62.

Snap (NYSE:SNAP - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($0.16) EPS for the quarter, hitting analysts' consensus estimates of ($0.16). Snap had a negative return on equity of 21.53% and a negative net margin of 9.63%. The company had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter last year, the company earned ($0.15) EPS. The company's quarterly revenue was up 8.7% on a year-over-year basis. On average, analysts forecast that Snap Inc. will post -0.3 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently commented on SNAP. Guggenheim reduced their target price on Snap from $9.00 to $8.00 and set a "neutral" rating for the company in a report on Wednesday. Cantor Fitzgerald restated a "neutral" rating and set a $7.00 price target on shares of Snap in a report on Wednesday. Morgan Stanley lifted their price objective on Snap from $6.50 to $8.50 and gave the company an "equal weight" rating in a research report on Monday, July 21st. Piper Sandler dropped their target price on Snap from $10.00 to $9.00 and set a "neutral" rating on the stock in a research report on Wednesday. Finally, B. Riley lowered their price target on Snap from $12.00 to $10.00 and set a "neutral" rating for the company in a research note on Wednesday, April 30th. Two investment analysts have rated the stock with a sell rating, twenty-three have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Snap currently has a consensus rating of "Hold" and a consensus price target of $34.16.

Hedge Funds Weigh In On Snap

Hedge funds and other institutional investors have recently modified their holdings of the stock. NBC Securities Inc. raised its position in Snap by 154,650.0% in the 1st quarter. NBC Securities Inc. now owns 3,095 shares of the company's stock valued at $26,000 after purchasing an additional 3,093 shares during the last quarter. Signaturefd LLC increased its stake in shares of Snap by 169.9% in the 2nd quarter. Signaturefd LLC now owns 2,942 shares of the company's stock valued at $26,000 after buying an additional 1,852 shares during the period. Raiffeisen Bank International AG acquired a new stake in shares of Snap in the 4th quarter valued at $30,000. Rakuten Securities Inc. increased its stake in shares of Snap by 155.4% in the 1st quarter. Rakuten Securities Inc. now owns 3,489 shares of the company's stock valued at $30,000 after buying an additional 2,123 shares during the period. Finally, Quarry LP acquired a new stake in shares of Snap in the 1st quarter valued at $34,000. Institutional investors own 47.52% of the company's stock.

About Snap

Snap Inc operates as a technology company in North America, Europe, and internationally. The company offers Snapchat, a visual messaging application with various tabs, such as camera, visual messaging, snap map, stories, and spotlight that enable people to communicate visually through short videos and images.