Snap (NYSE:SNAP) General Counsel Zachary Briers Sells 71,745 Shares

Key Points

• Snap General Counsel Zachary Briers sold 71,745 shares on May 19 at an average price of $5.67, totaling about $406,794. The filing says the sale was made to cover tax withholding tied to vesting equity awards.
• Snap’s stock was trading around $5.62 after a modest gain, with a market cap of $9.49 billion. The shares have been range-bound well below their 52-week high of $10.41.
• Recent company and analyst updates remain mixed: Snap reported revenue that matched expectations but missed EPS estimates, while multiple insiders sold shares and analysts currently have a consensus rating of “Hold.”

Snap Inc. (NYSE:SNAP - Get Free Report) General Counsel Zachary Briers sold 71,745 shares of the company's stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $5.67, for a total value of $406,794.15. Following the completion of the transaction, the general counsel owned 2,572,793 shares in the company, valued at approximately $14,587,736.31. The trade was a 2.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Snap Price Performance

SNAP traded up $0.07 during trading on Wednesday, reaching $5.62. The stock had a trading volume of 25,514,032 shares, compared to its average volume of 44,708,984. The company has a debt-to-equity ratio of 1.67, a quick ratio of 3.53 and a current ratio of 3.53. The business has a 50-day moving average of $5.21 and a 200-day moving average of $6.44. The stock has a market cap of $9.49 billion, a PE ratio of -23.40 and a beta of 1.05. Snap Inc. has a one year low of $3.81 and a one year high of $10.41.

Snap (NYSE:SNAP - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported ($0.05) earnings per share for the quarter, missing analysts' consensus estimates of $0.09 by ($0.14). Snap had a negative return on equity of 18.92% and a negative net margin of 6.72%.The firm had revenue of $1.53 billion for the quarter, compared to analysts' expectations of $1.53 billion. During the same quarter in the prior year, the company posted ($0.08) earnings per share. The business's revenue for the quarter was up 12.2% on a year-over-year basis. As a group, equities research analysts anticipate that Snap Inc. will post -0.07 EPS for the current fiscal year.

Snap News Summary

Here are the key news stories impacting Snap this week:

• Positive Sentiment: Snap appointed Luke Wood, the former President of Beats by Dr. Dre and former Apple executive, to its board of directors. Investors may view the hire as a positive signal for product, brand, and consumer-tech strategy. Luke Wood Joins Snap Inc. Board of Directors
• Neutral Sentiment: Snap’s latest earnings call was described as a “cautious comeback,” suggesting management may have sounded more measured on the recovery path rather than issuing a clearly bullish surprise. Snap Inc. Earnings Call Signals Cautious Comeback
• Negative Sentiment: Multiple insiders, including CFO Douglas Hott, General Counsel Zachary M. Briers, CAO Rebecca Morrow, and insider Ajit Mohan, sold shares in recent days. The company said the transactions were tied to tax withholding on equity vesting, which makes them less alarming, but the breadth of selling can still pressure sentiment. SEC filing for CFO sale

Institutional Investors Weigh In On Snap

A number of hedge funds have recently modified their holdings of SNAP. Korea Investment CORP raised its position in Snap by 573.6% in the 3rd quarter. Korea Investment CORP now owns 967,544 shares of the company's stock valued at $7,460,000 after buying an additional 823,900 shares during the last quarter. Contrarius Group Holdings Ltd bought a new position in Snap in the third quarter valued at approximately $10,256,000. DNB Asset Management AS grew its stake in Snap by 433.6% in the third quarter. DNB Asset Management AS now owns 1,042,873 shares of the company's stock valued at $8,041,000 after purchasing an additional 847,447 shares in the last quarter. Quantbot Technologies LP boosted its stake in shares of Snap by 54.4% during the 3rd quarter. Quantbot Technologies LP now owns 749,724 shares of the company's stock worth $5,780,000 after acquiring an additional 264,156 shares during the period. Finally, Ausdal Financial Partners Inc. boosted its stake in shares of Snap by 76.3% during the 3rd quarter. Ausdal Financial Partners Inc. now owns 628,109 shares of the company's stock worth $4,843,000 after acquiring an additional 271,893 shares during the period. Institutional investors and hedge funds own 47.52% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on SNAP shares. HSBC cut shares of Snap from a "hold" rating to a "hold" rating in a research note on Monday, April 27th. Barclays upgraded shares of Snap from an "overweight" rating to an "overweight" rating in a research report on Monday, April 27th. Loop Capital set a $8.00 price target on shares of Snap in a research report on Monday, February 23rd. Bank of America upgraded shares of Snap from a "neutral" rating to a "buy" rating and set a $10.00 target price on the stock in a report on Thursday, February 5th. Finally, Morgan Stanley decreased their price target on shares of Snap from $9.50 to $6.50 and set an "equal weight" rating for the company in a research report on Sunday, February 22nd. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty-two have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Snap presently has a consensus rating of "Hold" and an average target price of $7.91.

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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