Snap (NYSE:SNAP) General Counsel Zachary Briers Sells 136,504 Shares

Key Points

• Snap General Counsel Zachary Briers sold 136,504 shares at an average price of $5.20, generating $709,820.80. The sale covered tax withholding obligations tied to vested equity awards and reduced his ownership by 5.33% to 2,424,331 shares.
• Snap shares rose 2.5% to $5.24 during Wednesday trading. The company recently reported better-than-expected quarterly results, including revenue of $1.60 billion, up 18.9% year over year, and an adjusted loss of $0.10 per share versus expectations of $0.12.
• Analysts maintain a consensus “Hold” rating with an average price target of $7.65, while institutional investors own 47.52% of Snap’s stock.

Snap Inc. (NYSE:SNAP - Get Free Report) General Counsel Zachary Briers sold 136,504 shares of the company's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $5.20, for a total transaction of $709,820.80. Following the transaction, the general counsel owned 2,424,331 shares in the company, valued at approximately $12,606,521.20. The trade was a 5.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Snap Trading Up 2.5%

NYSE:SNAP traded up $0.13 during trading hours on Wednesday, hitting $5.24. The stock had a trading volume of 29,931,596 shares, compared to its average volume of 41,258,152. The business's 50 day moving average is $4.85 and its 200-day moving average is $5.15. Snap Inc. has a one year low of $3.81 and a one year high of $9.28. The company has a market cap of $8.86 billion, a price-to-earnings ratio of -29.11 and a beta of 1.03. The company has a debt-to-equity ratio of 1.75, a quick ratio of 2.94 and a current ratio of 2.94.

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

Hedge Funds Weigh In On Snap

A number of large investors have recently made changes to their positions in SNAP. Vanguard Group Inc. grew its holdings in shares of Snap by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 101,251,557 shares of the company's stock worth $817,100,000 after purchasing an additional 641,271 shares in the last quarter. Capital World Investors raised its stake in Snap by 1.4% in the fourth quarter. Capital World Investors now owns 88,452,006 shares of the company's stock valued at $713,808,000 after purchasing an additional 1,179,543 shares in the last quarter. Alyeska Investment Group L.P. purchased a new stake in Snap in the third quarter valued at approximately $176,697,000. Geode Capital Management LLC lifted its position in Snap by 3.6% during the fourth quarter. Geode Capital Management LLC now owns 13,525,119 shares of the company's stock valued at $108,711,000 after purchasing an additional 469,795 shares during the last quarter. Finally, Voloridge Investment Management LLC lifted its position in Snap by 53.3% during the third quarter. Voloridge Investment Management LLC now owns 10,300,911 shares of the company's stock valued at $79,420,000 after purchasing an additional 3,582,223 shares during the last quarter. 47.52% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SNAP has been the topic of several recent research reports. Citizens Jmp reissued a "market perform" rating on shares of Snap in a report on Tuesday, August 4th. Zacks Research lowered Snap from a "hold" rating to a "strong sell" rating in a report on Monday, August 3rd. Tigress Financial initiated coverage on shares of Snap in a research note on Monday, April 27th. They set a "buy" rating for the company. KeyCorp upgraded Snap from a "sector weight" rating to an "overweight" rating in a research note on Monday, April 27th. Finally, UBS Group set a $6.00 target price on Snap in a report on Tuesday, August 4th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-three have assigned a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $7.65.

About Snap

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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