Insider Selling: Snap (NYSE:SNAP) General Counsel Sells 11,437 Shares of Stock

Key Points

• General Counsel Zachary Briers sold 11,437 shares on April 15 at an average of $6.04 for about $69,079, and now owns 2,774,031 shares (a 0.41% reduction), according to an SEC filing.
• Snap is cutting roughly 1,000 roles (~16% of staff) as an AI-driven cost-saving move; the restructuring elicited mixed analyst reactions (BMO raised its target to $15 while others stayed neutral) and prompted a Pomerantz LLP investor probe that adds legal/disclosure risk.
• Recent results showed an EPS of $0.03 that missed estimates while revenue rose to $1.72 billion (+10.2% Y/Y); the stock trades near $6 with a market cap of about $10.2 billion and an average analyst target of $8.17 (consensus: Hold).

Snap Inc. (NYSE:SNAP - Get Free Report) General Counsel Zachary Briers sold 11,437 shares of the company's stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $6.04, for a total transaction of $69,079.48. Following the sale, the general counsel owned 2,774,031 shares of the company's stock, valued at $16,755,147.24. This represents a 0.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Snap Trading Up 0.1%

Shares of SNAP stock traded up $0.01 during mid-day trading on Friday, reaching $6.03. The stock had a trading volume of 64,239,688 shares, compared to its average volume of 54,917,887. The firm has a market capitalization of $10.18 billion, a PE ratio of -22.31 and a beta of 0.91. The stock's 50-day moving average price is $4.89 and its two-hundred day moving average price is $6.79. The company has a current ratio of 3.56, a quick ratio of 3.56 and a debt-to-equity ratio of 1.53. Snap Inc. has a 52-week low of $3.81 and a 52-week high of $10.41.

Snap (NYSE:SNAP - Get Free Report) last issued its quarterly earnings data on Wednesday, February 4th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.12). Snap had a negative net margin of 7.76% and a negative return on equity of 20.72%. The firm had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same period last year, the company posted $0.01 earnings per share. The business's revenue was up 10.2% on a year-over-year basis. Equities analysts expect that Snap Inc. will post -0.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Snap

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allworth Financial LP lifted its position in 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 buying an additional 1,581 shares during the period. Oak Harvest Investment Services purchased a new stake in shares of Snap in the 4th quarter worth about $26,000. Arax Advisory Partners increased its stake in shares of Snap by 220.0% in the 4th quarter. Arax Advisory Partners now owns 3,309 shares of the company's stock worth $27,000 after acquiring an additional 2,275 shares in the last quarter. V Square Quantitative Management LLC purchased a new position in Snap during the 4th quarter valued at about $29,000. Finally, EverSource Wealth Advisors LLC lifted its position in Snap by 561.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 3,618 shares of the company's stock valued at $29,000 after acquiring an additional 3,071 shares during the period. 47.52% of the stock is owned by hedge funds and other institutional investors.

Key Snap News

Here are the key news stories impacting Snap this week:

• Positive Sentiment: Large workforce cut aimed at AI efficiencies and cost savings — management will eliminate ~1,000 roles (about 16% of staff), closing ~300 open roles; the market initially reacted favorably on the prospect of faster path to profitability. Snap cuts 1,000 jobs as AI drives wave of tech sector layoffs
• Positive Sentiment: Analyst bullish move — BMO Capital raised its price target to $15 (from $13) and kept an Outperform rating, signaling some analysts see the restructuring as a potential catalyst for re-rating. BMO Raises Snap’s Target After 1,000-Job Cut
• Positive Sentiment: Other tactical bullish calls — Roth Capital and commentators highlighted Snap’s long-standing AI/AR assets and suggested the stock can be a tactical buy if cost cuts accelerate margin improvement. Is Snap Inc. Really Worth It After Roth Capital Names It A Positive Tactical Trade?
• Neutral Sentiment: Mixed analyst positioning — Guggenheim and Rosenblatt reaffirmed Neutral ratings with modest targets ($6.50 and $6.40), implying limited near-term upside from current levels absent clearer proof the restructuring boosts profits. Benzinga coverage of analyst ratings
• Neutral Sentiment: Market reaction has been volatile — Zacks and other outlets noted a recent intraday surge on heavy volume but warned momentum may not persist without earnings revisions. Snap (SNAP) Surges 7.9%: Is This an Indication of Further Gains?
• Neutral Sentiment: Analyst/feature pieces evaluating the restructure — commentary such as Seeking Alpha’s “Cutting The Bloat” treats the layoffs as a possible necessary reset but flags execution risk. Snap: Cutting The Bloat
• Negative Sentiment: Investor lawsuit probe launched — Pomerantz LLP is investigating potential claims on behalf of shareholders, raising legal and disclosure risk that could create downside if investigations progress. Pomerantz investigates claims on behalf of Snap investors
• Negative Sentiment: Reputational/leadership hit — CEO Evan Spiegel faced backlash after appearing at Coachella shortly before announcing layoffs, a PR headwind that can weigh on sentiment and employee morale. Snap CEO faces backlash over Coachella appearance
• Negative Sentiment: Critical coverage and activist pressure — opinion pieces question Snap’s structural competitiveness, and activist Irenic Capital’s push for deeper cost savings increases governance scrutiny and execution risk. Snap Was Always A Terrible Company Snapchat parent company cuts 1,000 jobs

Analyst Ratings Changes

SNAP has been the subject of a number of recent analyst reports. Citizens Jmp restated a "market perform" rating on shares of Snap in a report on Thursday, February 5th. Susquehanna cut their price target on shares of Snap from $9.00 to $6.50 and set a "neutral" rating on the stock in a report on Thursday, February 5th. Sanford C. Bernstein restated a "market perform" rating and issued a $8.00 price objective on shares of Snap in a report on Thursday, February 5th. JPMorgan Chase & Co. dropped their target price on shares of Snap from $8.00 to $7.00 and set an "underweight" rating for the company in a research report on Thursday, February 5th. Finally, Wells Fargo & Company cut their target price on shares of Snap from $8.00 to $6.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 7th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $8.17.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.