Snap Inc. (NYSE:SNAP – Get Free Report) CFO Douglas Hott sold 114,702 shares of the company’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $5.67, for a total value of $650,360.34. Following the transaction, the chief financial officer directly owned 2,456,447 shares in the company, valued at $13,928,054.49. This represents a 4.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Douglas Hott also recently made the following trade(s):
- On Monday, May 18th, Douglas Hott sold 124,209 shares of Snap stock. The stock was sold at an average price of $5.60, for a total value of $695,570.40.
Snap Trading Up 1.2%
Shares of SNAP stock opened at $5.69 on Friday. The business’s fifty day moving average price is $5.23 and its 200 day moving average price is $6.43. Snap Inc. has a 1-year low of $3.81 and a 1-year high of $10.41. The firm has a market capitalization of $9.61 billion, a PE ratio of -23.70 and a beta of 1.05. The company has a debt-to-equity ratio of 1.67, a current ratio of 3.53 and a quick ratio of 3.53.
Key Stories Impacting Snap
Here are the key news stories impacting Snap this week:
- Positive Sentiment: Snap added Luke Wood, former Beats president and Apple executive, to its board of directors. Investors may view this as a credibility boost for leadership and a sign Snap is leaning on experienced consumer-tech talent to support its strategy. Luke Wood Joins Snap Inc. Board of Directors
- Neutral Sentiment: CFO Douglas Hott, General Counsel Zachary M. Briers, and CAO Rebecca Morrow all disclosed share sales, but each filing said the transactions were to cover tax withholding tied to vesting equity awards. That makes the sales more routine than a clear sign of waning confidence, though the timing may still attract attention. SEC filing for CFO Douglas Hott
- Neutral Sentiment: The insider selling was broad-based and included multiple transactions over May 18-19, which can create near-term caution even if the sales were pre-planned or tax-related. SEC filing for Zachary M. Briers
- Negative Sentiment: Multiple executive sales in a short period can weigh on Snap Inc. (NYSE: SNAP) sentiment, especially after a recent earnings report that missed profit expectations. Traders may worry that management sees limited near-term upside, even though the company said the sales were for tax reasons. SEC filing for Rebecca Morrow
Institutional Trading of Snap
Institutional investors and hedge funds have recently made changes to their positions in the stock. Allworth Financial LP lifted its position in shares of Snap by 92.3% in 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. Oak Harvest Investment Services purchased a new stake in shares of Snap in the fourth quarter valued at $26,000. Arax Advisory Partners lifted its position in shares of Snap by 220.0% in the fourth 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. V Square Quantitative Management LLC purchased a new stake in shares of Snap in the fourth quarter valued at $29,000. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Snap by 561.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 3,618 shares of the company’s stock valued at $29,000 after acquiring an additional 3,071 shares in the last quarter. 47.52% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of research analysts recently weighed in on the company. B. Riley Financial raised Snap from a “neutral” rating to a “buy” rating and set a $10.00 price objective on the stock in a report on Thursday, February 5th. Guggenheim reiterated a “neutral” rating and set a $6.50 target price on shares of Snap in a research report on Thursday, April 16th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Snap in a research report on Monday, April 20th. The Goldman Sachs Group decreased their target price on Snap from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Thursday, May 7th. Finally, Bank of America upgraded Snap from a “neutral” rating to a “buy” rating and set a $10.00 target price on the stock in a research report on Thursday, February 5th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty-two have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $7.91.
Read Our Latest Report on SNAP
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.
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