Snap Inc. (NYSE:SNAP) General Counsel Sells $591,378.55 in Stock

Snap Inc. (NYSE:SNAP) General Counsel Michael J. O’sullivan sold 68,845 shares of the company’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $8.59, for a total transaction of $591,378.55. Following the transaction, the general counsel now owns 2,173,950 shares of the company’s stock, valued at approximately $18,674,230.50. This represents a 3.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Snap Price Performance

SNAP stock traded down $0.06 during midday trading on Monday, hitting $8.69. The company’s stock had a trading volume of 26,094,903 shares, compared to its average volume of 28,740,900. Snap Inc. has a 12 month low of $7.08 and a 12 month high of $17.33. The company has a quick ratio of 3.95, a current ratio of 3.95 and a debt-to-equity ratio of 1.47. The firm has a market capitalization of $14.52 billion, a price-to-earnings ratio of -20.69 and a beta of 0.61. The company has a 50 day moving average of $8.47 and a two-hundred day moving average of $10.21.

Snap (NYSE:SNAP) last posted its earnings results on Tuesday, April 29th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.12). Snap had a negative net margin of 13.02% and a negative return on equity of 25.67%. The business had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. During the same period last year, the business posted $0.03 earnings per share. The company’s revenue for the quarter was up 14.1% compared to the same quarter last year. On average, analysts expect that Snap Inc. will post -0.3 EPS for the current year.

Institutional Trading of Snap

Institutional investors have recently bought and sold shares of the stock. Capital International Investors bought a new stake in shares of Snap during the fourth quarter worth $422,049,000. Capital World Investors lifted its position in shares of Snap by 38.9% during the fourth quarter. Capital World Investors now owns 84,137,317 shares of the company’s stock worth $906,161,000 after purchasing an additional 23,569,522 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Snap by 6.7% during the first quarter. Vanguard Group Inc. now owns 109,483,491 shares of the company’s stock worth $953,601,000 after purchasing an additional 6,921,841 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Snap by 110.4% during the first quarter. AQR Capital Management LLC now owns 11,300,874 shares of the company’s stock worth $95,549,000 after purchasing an additional 5,930,766 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in shares of Snap by 121.9% during the first quarter. Assenagon Asset Management S.A. now owns 6,848,370 shares of the company’s stock worth $59,649,000 after purchasing an additional 3,761,629 shares during the last quarter. 47.52% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Royal Bank of Canada restated a “sector perform” rating and issued a $12.00 price target on shares of Snap in a research report on Wednesday, April 30th. Morgan Stanley decreased their price target on shares of Snap from $8.00 to $6.50 and set an “equal weight” rating for the company in a research report on Thursday, May 1st. Citizens Jmp upgraded shares of Snap from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 28th. Bank of America decreased their price target on shares of Snap from $14.50 to $10.50 and set a “neutral” rating for the company in a research report on Wednesday, April 9th. Finally, Piper Sandler decreased their price target on shares of Snap from $13.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, April 10th. One research analyst has rated the stock with a sell rating, twenty-three have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Snap currently has an average rating of “Hold” and an average price target of $35.62.

About Snap

Snap Inc operates as a technology company in North America, Europe, and internationally. The company offers Snapchat, a visual messaging application with various tabs, such as camera, visual messaging, snap map, stories, and spotlight that enable people to communicate visually through short videos and images.