Rebecca Morrow Sells 17,336 Shares of Snap (NYSE:SNAP) Stock

Snap Inc. (NYSE:SNAP) 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 value of $90,147.20. Following the transaction, the chief accounting officer directly owned 598,105 shares of the company’s stock, valued at $3,110,146. This represents a 2.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Snap Stock Performance

Shares of SNAP stock opened at $5.23 on Friday. The company’s fifty day moving average price is $4.85 and its 200-day moving average price is $5.14. The stock has a market cap of $8.84 billion, a PE ratio of -29.05 and a beta of 1.03. The company has a current ratio of 2.94, a quick ratio of 2.94 and a debt-to-equity ratio of 1.75. Snap Inc. has a 12 month low of $3.81 and a 12 month high of $9.28.

Snap (NYSE:SNAP) last issued its quarterly earnings results on Monday, August 3rd. The company reported ($0.10) earnings per share (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 company had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same period last year, the business earned ($0.16) EPS. Snap’s quarterly revenue was up 18.9% compared to the same quarter last year. On average, equities analysts expect that Snap Inc. will post -0.05 EPS for the current fiscal year.

More Snap News

Here are the key news stories impacting Snap this week:

• Neutral Sentiment: CFO Douglas Hott sold 131,884 shares for approximately $685,797 at an average price of $5.20, reducing his direct stake by about 5.37%. He retained more than 2.3 million shares. Snap CFO share sale article
• Neutral Sentiment: General Counsel Zachary Briers sold 204,044 shares in two reported transactions valued at roughly $1.05 million. The sales reduced his holdings, but he continued to own more than 2.3 million shares. SEC insider ownership filing
• Neutral Sentiment: Chief Accounting Officer Rebecca Morrow sold 17,336 shares worth approximately $90,147, while insider Ajit Mohan sold 54,608 shares valued at about $283,962. Both retained substantial positions after their tax-related sales. Snap insider selling report

Institutional Trading of Snap

A number of institutional investors have recently made changes to their positions in the stock. Saba Capital Management L.P. boosted its holdings in shares of Snap by 232.5% during the 1st quarter. Saba Capital Management L.P. now owns 4,727,808 shares of the company’s stock valued at $21,748,000 after purchasing an additional 3,306,024 shares during the last quarter. Empyrean Capital Partners LP purchased a new stake in shares of Snap in the first quarter worth about $25,300,000. Assenagon Asset Management S.A. boosted its stake in Snap by 1,191.8% during the second quarter. Assenagon Asset Management S.A. now owns 3,903,141 shares of the company’s stock valued at $17,330,000 after buying an additional 3,601,002 shares during the last quarter. Leonteq Securities AG bought a new position in Snap during the fourth quarter valued at approximately $1,620,000. Finally, Eurizon Capital SGR S.p.A. purchased a new position in Snap during the 4th quarter valued at approximately $1,629,000. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on SNAP shares. Susquehanna reiterated a “neutral” rating on shares of Snap in a report on Tuesday, August 4th. Cantor Fitzgerald upped their price target on Snap from $5.00 to $6.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 4th. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $5.00 price objective on shares of Snap in a research report on Tuesday, July 21st. Weiss Ratings reiterated a “sell (e+)” rating on shares of Snap in a research note on Friday, July 17th. Finally, Evercore set a $8.00 target price on Snap in a report on Tuesday, August 4th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-three have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average 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.