Insider Selling: Snap Inc. (NYSE:SNAP) General Counsel Sells 24,000 Shares of Stock

Snap Inc. (NYSE:SNAP - Get Free Report) General Counsel Michael J. O'sullivan sold 24,000 shares of Snap stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $8.15, for a total value of $195,600.00. Following the completion of the sale, the general counsel now directly owns 521,790 shares in the company, valued at approximately $4,252,588.50. This represents a 4.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Snap Stock Performance

NYSE:SNAP traded down $0.27 during mid-day trading on Thursday, hitting $8.19. The company's stock had a trading volume of 34,339,536 shares, compared to its average volume of 29,107,466. Snap Inc. has a 1 year low of $7.08 and a 1 year high of $17.33. The company has a debt-to-equity ratio of 1.47, a current ratio of 3.95 and a quick ratio of 3.95. The stock has a market cap of $13.68 billion, a price-to-earnings ratio of -19.49 and a beta of 0.61. The business's fifty day moving average is $8.30 and its two-hundred day moving average is $9.96.

Snap (NYSE:SNAP - Get Free Report) last posted its earnings results on Tuesday, April 29th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.12). Snap had a negative return on equity of 25.67% and a negative net margin of 13.02%. The firm had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. During the same period in the previous year, the company earned $0.03 earnings per share. The company's revenue was up 14.1% compared to the same quarter last year. Analysts anticipate that Snap Inc. will post -0.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SNAP has been the subject of several research analyst reports. Citizens Jmp upgraded Snap from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 28th. Loop Capital dropped their price objective on Snap from $16.00 to $12.00 and set a "buy" rating for the company in a report on Friday, May 16th. BMO Capital Markets lowered their price target on Snap from $16.00 to $13.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. The Goldman Sachs Group reduced their price objective on Snap from $9.50 to $8.50 and set a "neutral" rating on the stock in a research report on Wednesday, April 30th. Finally, UBS Group reduced their price objective on Snap from $14.00 to $9.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. One equities research analyst has rated the stock with a sell rating, twenty-three have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $35.62.

Institutional Trading of Snap

A number of hedge funds have recently bought and sold shares of SNAP. Blue Trust Inc. increased its holdings in shares of Snap by 136.3% during the 4th quarter. Blue Trust Inc. now owns 4,529 shares of the company's stock worth $48,000 after buying an additional 2,612 shares during the last quarter. Swedbank AB increased its holdings in shares of Snap by 9.7% during the 4th quarter. Swedbank AB now owns 167,431 shares of the company's stock worth $1,803,000 after buying an additional 14,868 shares during the last quarter. SYM FINANCIAL Corp increased its holdings in shares of Snap by 17.9% during the 4th quarter. SYM FINANCIAL Corp now owns 18,507 shares of the company's stock worth $199,000 after buying an additional 2,810 shares during the last quarter. Stratos Wealth Partners LTD. increased its holdings in shares of Snap by 7.4% during the 4th quarter. Stratos Wealth Partners LTD. now owns 37,668 shares of the company's stock worth $406,000 after buying an additional 2,610 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Snap by 42.1% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 82,750 shares of the company's stock worth $909,000 after buying an additional 24,533 shares during the last quarter. Institutional investors and hedge funds 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.