Snap (NYSE:SNAP) Insider Ajit Mohan Sells 54,608 Shares

Snap Inc. (NYSE:SNAP) insider Ajit Mohan sold 54,608 shares of Snap stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $5.20, for a total value of $283,961.60. Following the completion of the transaction, the insider owned 4,972,097 shares in the company, valued at approximately $25,854,904.40. This represents a 1.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Ajit Mohan also recently made the following trade(s):

• On Tuesday, June 16th, Ajit Mohan sold 6,923 shares of Snap stock. The shares were sold at an average price of $5.58, for a total value of $38,630.34.

Snap Trading Up 2.5%

Shares of NYSE:SNAP traded up $0.13 on Wednesday, hitting $5.24. The company had a trading volume of 29,931,596 shares, compared to its average volume of 41,258,152. 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 Inc. has a 1 year low of $3.81 and a 1 year high of $9.28. The firm’s 50-day simple moving average is $4.85 and its two-hundred day simple moving average is $5.15. The firm has a market capitalization of $8.86 billion, a price-to-earnings ratio of -29.11 and a beta of 1.03.

Snap (NYSE:SNAP) last posted its quarterly earnings data on Monday, August 3rd. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate 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 period in the previous year, the firm posted ($0.16) EPS. The business’s revenue was up 18.9% on a year-over-year basis. Equities analysts anticipate that Snap Inc. will post -0.05 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently commented on SNAP. Citigroup boosted their target price on shares of Snap from $6.50 to $6.75 and gave the company a “neutral” rating in a report on Tuesday, August 4th. Royal Bank Of Canada decreased their price target on shares of Snap from $10.00 to $8.00 and set a “sector perform” rating for the company in a research note on Thursday, May 7th. Susquehanna restated a “neutral” rating on shares of Snap in a report on Tuesday, August 4th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $6.50 target price on shares of Snap in a research note on Tuesday, August 4th. Finally, Piper Sandler reissued a “neutral” rating on shares of Snap in a research report on Tuesday, August 4th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-three have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $7.65.

Institutional Investors Weigh In On Snap

Institutional investors have recently made changes to their positions in the company. Allworth Financial LP increased its position in shares of Snap by 92.3% during the third quarter. Allworth Financial LP now owns 3,293 shares of the company’s stock valued at $25,000 after acquiring an additional 1,581 shares in the last quarter. Arax Advisory Partners lifted its position in Snap by 220.0% in the 4th quarter. Arax Advisory Partners now owns 3,309 shares of the company’s stock valued at $27,000 after acquiring an additional 2,275 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in Snap by 561.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 3,618 shares of the company’s stock valued at $29,000 after purchasing an additional 3,071 shares during the last quarter. Fifth Third Bancorp boosted its stake in Snap by 6,678.0% during the 1st quarter. Fifth Third Bancorp now owns 6,778 shares of the company’s stock valued at $31,000 after purchasing an additional 6,678 shares during the last quarter. Finally, NFSG Corp boosted its stake in Snap by 52.7% during the 1st quarter. NFSG Corp now owns 8,400 shares of the company’s stock valued at $39,000 after purchasing an additional 2,900 shares during the last quarter. Hedge funds and other institutional investors own 47.52% of the company’s stock.

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.