Snap (NYSE:SNAP) CTO Sells 2,000,000 Shares of Company Stock

Key Points

• Snap CTO Robert Murphy sold 2 million shares at an average price of $4.99, totaling about $9.98 million. He retained approximately 36.6 million shares after the sale.
• Snap reported quarterly EPS of $0.03 and revenue of $1.72 billion, up 14.3% year over year but below analyst expectations of $1.73 billion. Shares traded down 1.1% to $5.00.
• Analyst consensus remained Hold, with an average price target of $7.31; recent target changes included cuts from Citigroup and Barclays.

Snap Inc. (NYSE:SNAP - Get Free Report) CTO Robert Murphy sold 2,000,000 shares of the firm's stock in a transaction dated Friday, November 6th. The shares were sold at an average price of $4.99, for a total value of $9,980,000.00. Following the completion of the transaction, the chief technology officer owned 36,586,451 shares in the company, valued at approximately $182,566,390.49. This represents a 5.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Snap Trading Down 1.1%

SNAP stock traded down $0.06 during midday trading on Tuesday, reaching $5.00. The stock had a trading volume of 33,487,373 shares, compared to its average volume of 45,360,528. The business has a fifty day simple moving average of $5.73 and a two-hundred day simple moving average of $5.37. The company has a debt-to-equity ratio of 1.52, a current ratio of 3.36 and a quick ratio of 3.36. Snap Inc. has a twelve month low of $3.81 and a twelve month high of $9.13.

Snap (NYSE:SNAP - Get Free Report) last announced its quarterly earnings data on Wednesday, November 4th. The company reported $0.03 earnings per share for the quarter. Snap had a negative return on equity of 7.10% and a negative net margin of 2.30%. The firm had revenue of $1.72 billion during the quarter, compared to analysts' expectations of $1.73 billion. During the same period in the previous year, the business posted ($0.06) EPS. The company's quarterly revenue was up 14.3% compared to the same quarter last year. As a group, sell-side analysts predict that Snap Inc. will post -0.03 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SNAP has been the subject of a number of recent research reports. Sanford C. Bernstein reissued a "market perform" rating and set a $5.00 price target on shares of Snap in a research note on Tuesday, July 21st. Citigroup cut their price objective on shares of Snap from $6.75 to $6.00 and set a "neutral" rating on the stock in a report on Friday. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $6.50 price objective on shares of Snap in a research note on Tuesday, August 4th. DA Davidson lifted their target price on shares of Snap from $5.00 to $5.25 and gave the stock a "neutral" rating in a report on Tuesday, August 4th. Finally, Barclays dropped their target price on shares of Snap from $16.00 to $8.00 and set an "overweight" rating for the company in a research report on Thursday, November 5th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, twenty-three have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $7.31.

Institutional Trading of Snap

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Signaturefd LLC increased its holdings in shares of Snap by 68.9% in the third quarter. Signaturefd LLC now owns 5,211 shares of the company's stock valued at $28,000 after purchasing an additional 2,126 shares during the last quarter. NFSG Corp raised its position in shares of Snap by 52.7% in the first quarter. NFSG Corp now owns 8,400 shares of the company's stock valued at $39,000 after purchasing an additional 2,900 shares during the period. Krilogy Financial LLC lifted its stake in shares of Snap by 13.8% during the 3rd quarter. Krilogy Financial LLC now owns 27,789 shares of the company's stock worth $150,000 after buying an additional 3,371 shares during the last quarter. Brighton Jones LLC lifted its stake in shares of Snap by 6.5% during the 3rd quarter. Brighton Jones LLC now owns 57,178 shares of the company's stock worth $309,000 after buying an additional 3,511 shares during the last quarter. Finally, Davidson Kahn Capital Management LLC lifted its stake in shares of Snap by 31.7% during the 3rd quarter. Davidson Kahn Capital Management LLC now owns 17,261 shares of the company's stock worth $93,000 after buying an additional 4,159 shares during the last quarter. 47.52% of the stock is owned by institutional investors.

Snap Company Profile

Snap Inc. is a technology company best known for Snapchat, a mobile application for visual communication. The company's products and services help people share photos and videos, message friends, and explore content from creators and publishers. Snapchat features include Stories, Spotlight for short-form video, Snap Map, and augmented reality tools such as interactive Lenses. Snap also provides advertising solutions to businesses and develops camera-related products and services, including its Spectacles smart glasses and Snap AR platform.

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