Snap (NYSE:SNAP) CAO Sells 17,336 Shares

Key Points

• Snap CAO Rebecca Morrow sold 17,336 shares at an average price of $5.20, generating approximately $90,147. The sale reduced her holdings by 2.82% and covered tax withholding related to vested equity awards.
• Snap shares recently traded at $5.24, with a market capitalization of about $8.86 billion and a 52-week range of $3.81 to $9.28.
• The company reported quarterly revenue of $1.60 billion, up 18.9% year over year, and an adjusted loss of $0.10 per share that beat estimates. Analysts maintain a consensus “Hold” rating with an average price target of $7.65.

Snap Inc. (NYSE:SNAP - Get Free Report) CAO Rebecca Morrow sold 17,336 shares of the firm's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $5.20, for a total transaction of $90,147.20. Following the sale, the chief accounting officer owned 598,105 shares in the company, valued at approximately $3,110,146. This trade represents a 2.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Snap Price Performance

Shares of NYSE SNAP traded up $0.13 during mid-day trading on Wednesday, reaching $5.24. 29,931,596 shares of the company were exchanged, compared to its average volume of 41,258,152. Snap Inc. has a 52 week low of $3.81 and a 52 week high of $9.28. The company's 50 day moving average price is $4.85 and its 200 day moving average price is $5.15. The stock has a market capitalization of $8.86 billion, a PE ratio of -29.11 and a beta of 1.03. The company has a quick ratio of 2.94, a current ratio of 2.94 and a debt-to-equity ratio of 1.75.

Snap (NYSE:SNAP - Get Free Report) last released its earnings results on Monday, August 3rd. The company reported ($0.10) EPS for the quarter, beating analysts' consensus estimates of ($0.12) by $0.02. Snap had a negative return on equity of 14.61% and a negative net margin of 4.90%.The business had revenue of $1.60 billion for the quarter, compared to analysts' expectations of $1.54 billion. During the same quarter in the prior year, the firm earned ($0.16) earnings per share. The firm's revenue was up 18.9% on a year-over-year basis. Sell-side analysts forecast that Snap Inc. will post -0.05 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on SNAP. Royal Bank Of Canada reduced their price objective on Snap from $10.00 to $8.00 and set a "sector perform" rating on the stock in a research report on Thursday, May 7th. UBS Group set a $6.00 target price on Snap in a research report on Tuesday, August 4th. HSBC lowered Snap from a "hold" rating to a "hold" rating in a research note on Monday, April 27th. Cantor Fitzgerald increased their price target on shares of Snap from $5.00 to $6.00 and gave the company a "neutral" rating in a research report on Tuesday, August 4th. Finally, The Goldman Sachs Group reissued a "neutral" rating and set a $6.50 price target on shares of Snap in a research note on Tuesday, August 4th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-three have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $7.65.

Hedge Funds Weigh In On Snap

Institutional investors and hedge funds have recently bought and sold shares of the stock. Empowered Funds LLC boosted its stake in shares of Snap by 13.3% during the first quarter. Empowered Funds LLC now owns 40,393 shares of the company's stock valued at $352,000 after purchasing an additional 4,754 shares during the period. Prudential Financial Inc. purchased a new position in shares of Snap in the second quarter worth $136,000. Investment Management Corp of Ontario raised its holdings in Snap by 104.0% during the 2nd quarter. Investment Management Corp of Ontario now owns 61,513 shares of the company's stock valued at $535,000 after buying an additional 31,357 shares during the last quarter. Nebula Research & Development LLC bought a new stake in Snap during the 2nd quarter valued at $1,675,000. Finally, The Manufacturers Life Insurance Company boosted its position in Snap by 52.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 89,337 shares of the company's stock valued at $776,000 after buying an additional 30,561 shares during the period. 47.52% of the stock is currently owned by institutional investors.

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.

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