Snap Inc. (NYSE:SNAP) CTO Robert C. Murphy Sells 1,000,000 Shares

Key Points

• Robert C. Murphy, CTO of Snap Inc., sold 1,000,000 shares on August 7th for a total of $7.8 million, reducing his stake by 1.84% to approximately 53.2 million shares valued at $415 million.
• Snap's stock is currently down 3.0%, trading at $7.19, with a market cap of $12.01 billion and a P/E ratio of -22.45.
• Recent analysts' ratings for Snap include upgrades and downgrades, with targets ranging from $8.00 to $12.00, reflecting mixed sentiments about the company's future performance.

Snap Inc. (NYSE:SNAP - Get Free Report) CTO Robert C. Murphy sold 1,000,000 shares of Snap stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $7.80, for a total transaction of $7,800,000.00. Following the sale, the chief technology officer owned 53,215,224 shares of the company's stock, valued at approximately $415,078,747.20. This represents a 1.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Snap Stock Up 0.8%

Shares of SNAP stock traded up $0.06 during trading on Wednesday, reaching $7.33. The company's stock had a trading volume of 41,739,246 shares, compared to its average volume of 36,474,781. The business has a fifty day moving average price of $8.85 and a 200-day moving average price of $9.05. The company has a quick ratio of 3.88, a current ratio of 3.88 and a debt-to-equity ratio of 1.73. The company has a market cap of $12.24 billion, a price-to-earnings ratio of -22.89 and a beta of 0.62. Snap Inc. has a one year low of $7.08 and a one year high of $13.28.

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). The business had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.34 billion. Snap had a negative net margin of 9.69% and a negative return on equity of 23.32%. The firm's revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.15) earnings per share. Analysts anticipate that Snap Inc. will post -0.3 earnings per share for the current year.

Analyst Ratings Changes

SNAP has been the topic of several recent analyst reports. UBS Group reduced their price objective on shares of Snap from $10.00 to $9.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 6th. Cantor Fitzgerald reissued a "neutral" rating and set a $7.00 price objective on shares of Snap in a research note on Wednesday, August 6th. Evercore ISI lifted their price objective on shares of Snap from $11.00 to $12.00 and gave the stock an "in-line" rating in a research note on Wednesday, August 6th. Citigroup lowered shares of Snap from an "outperform" rating to a "negative" rating in a research note on Tuesday, July 15th. Finally, Citizens Jmp reissued a "market perform" rating on shares of Snap in a research note on Wednesday, August 6th. Two analysts have rated the stock with a sell rating, twenty-two have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Snap has an average rating of "Hold" and an average target price of $34.16.

Hedge Funds Weigh In On Snap

A number of institutional investors have recently added to or reduced their stakes in SNAP. Raiffeisen Bank International AG bought a new position in shares of Snap in the fourth quarter valued at about $30,000. Signaturefd LLC raised its position in shares of Snap by 169.9% in the second quarter. Signaturefd LLC now owns 2,942 shares of the company's stock valued at $26,000 after purchasing an additional 1,852 shares during the period. NBC Securities Inc. raised its position in shares of Snap by 154,650.0% in the first 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 period. Rakuten Securities Inc. raised its position in shares of Snap by 155.4% in the first quarter. Rakuten Securities Inc. now owns 3,489 shares of the company's stock valued at $30,000 after purchasing an additional 2,123 shares during the period. Finally, Quarry LP bought a new position in shares of Snap in the first quarter valued at about $34,000. 47.52% of the stock is currently owned by institutional investors and hedge funds.

Snap Company Profile

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.