Snap (NYSE:SNAP) CFO Sells $426,668.04 in Stock

Snap Inc. (NYSE:SNAP) CFO Derek Andersen sold 92,956 shares of the business’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $4.59, for a total value of $426,668.04. Following the completion of the sale, the chief financial officer owned 3,799,661 shares of the company’s stock, valued at approximately $17,440,443.99. This represents a 2.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Derek Andersen also recently made the following trade(s):

• On Tuesday, February 17th, Derek Andersen sold 63,041 shares of Snap stock. The stock was sold at an average price of $4.70, for a total transaction of $296,292.70.
• On Wednesday, January 14th, Derek Andersen sold 23,715 shares of Snap stock. The shares were sold at an average price of $7.83, for a total transaction of $185,688.45.

Snap Stock Performance

SNAP stock traded down $0.04 on Tuesday, hitting $4.65. The company’s stock had a trading volume of 28,532,711 shares, compared to its average volume of 40,170,488. The stock has a market cap of $7.85 billion, a price-to-earnings ratio of -17.20 and a beta of 0.83. The firm has a 50 day moving average of $6.06 and a two-hundred day moving average of $7.24. The company has a current ratio of 3.56, a quick ratio of 3.56 and a debt-to-equity ratio of 1.53. Snap Inc. has a 1 year low of $4.52 and a 1 year high of $10.41.

Snap (NYSE:SNAP) last issued its quarterly earnings data on Wednesday, February 4th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.12). The business had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.70 billion. Snap had a negative return on equity of 20.72% and a negative net margin of 7.76%.The company’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.01 earnings per share. Equities analysts predict that Snap Inc. will post -0.3 EPS for the current fiscal year.

Institutional Trading of Snap

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Contrarius Group Holdings Ltd acquired a new stake in shares of Snap in the third quarter worth $10,256,000. Korea Investment CORP lifted its holdings in shares of Snap by 573.6% during the 3rd quarter. Korea Investment CORP now owns 967,544 shares of the company’s stock valued at $7,460,000 after acquiring an additional 823,900 shares in the last quarter. DNB Asset Management AS boosted its position in Snap by 433.6% during the 3rd quarter. DNB Asset Management AS now owns 1,042,873 shares of the company’s stock worth $8,041,000 after purchasing an additional 847,447 shares during the period. Nikko Asset Management Americas Inc. increased its holdings in Snap by 94.1% in the 2nd quarter. Nikko Asset Management Americas Inc. now owns 2,107,288 shares of the company’s stock valued at $18,312,000 after purchasing an additional 1,021,677 shares in the last quarter. Finally, Quantbot Technologies LP increased its holdings in Snap by 54.4% in the 3rd quarter. Quantbot Technologies LP now owns 749,724 shares of the company’s stock valued at $5,780,000 after purchasing an additional 264,156 shares in the last quarter. Institutional investors and hedge funds own 47.52% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on SNAP shares. TD Cowen reduced their price objective on Snap from $9.00 to $8.00 and set a “hold” rating for the company in a research note on Thursday, February 5th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Snap in a research note on Wednesday, January 21st. JPMorgan Chase & Co. dropped their target price on Snap from $8.00 to $7.00 and set an “underweight” rating on the stock in a report on Thursday, February 5th. Arete Research set a $7.30 price target on Snap and gave the stock a “buy” rating in a report on Tuesday, February 10th. Finally, Piper Sandler reiterated a “neutral” rating on shares of Snap in a research report on Thursday, February 5th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $8.17.

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.