Insider Selling: Snap (NYSE:SNAP) General Counsel Sells $343,103.20 in Stock

Snap Inc. (NYSE:SNAP – Get Free Report) General Counsel Zachary Briers sold 67,540 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $5.08, for a total value of $343,103.20. Following the sale, the general counsel directly owned 2,356,791 shares in the company, valued at approximately $11,972,498.28. The trade was a 2.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Snap Stock Up 2.5%

Snap stock traded up $0.13 during trading hours on Wednesday, reaching $5.24. The stock had a trading volume of 29,931,596 shares, compared to its average volume of 48,138,145. The company has a market cap of $8.86 billion, a price-to-earnings ratio of -29.11 and a beta of 1.03. The business’s 50 day moving average price is $4.86 and its 200-day moving average price is $5.17. Snap Inc. has a 52 week low of $3.81 and a 52 week high of $9.28. The company has a debt-to-equity ratio of 1.75, a current ratio of 2.94 and a quick ratio of 2.94.

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Snap (NYSE:SNAP – Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.54 billion. During the same period last year, the business earned ($0.16) EPS. The company’s revenue was up 18.9% compared to the same quarter last year. Sell-side analysts anticipate that Snap Inc. will post -0.05 EPS for the current year.

Analysts Set New Price Targets

SNAP has been the subject of several analyst reports. Mizuho increased their price objective on Snap from $5.00 to $6.00 and gave the company a “neutral” rating in a report on Tuesday, August 4th. Citigroup upped their target price on Snap from $6.50 to $6.75 and gave the company a “neutral” rating in a research report on Tuesday, August 4th. Cantor Fitzgerald increased their price target on Snap from $5.00 to $6.00 and gave the company a “neutral” rating in a research note on Tuesday, August 4th. Tigress Financial began coverage on shares of Snap in a research note on Monday, April 27th. They issued a “buy” rating for the company. Finally, Wall Street Zen upgraded shares of Snap from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. 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 assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $7.65.

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Institutional Trading of Snap

Several large investors have recently made changes to their positions in SNAP. Alyeska Investment Group L.P. acquired a new position in shares of Snap in the 3rd quarter valued at $176,697,000. AQR Capital Management LLC grew its position in Snap by 874.3% during the fourth quarter. AQR Capital Management LLC now owns 10,066,852 shares of the company’s stock valued at $81,239,000 after buying an additional 9,033,644 shares during the period. Empyrean Capital Partners LP purchased a new position in Snap in the first quarter valued at $25,300,000. Assenagon Asset Management S.A. increased its holdings in Snap by 1,191.8% in 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 in the last quarter. Finally, Voloridge Investment Management LLC raised its position in shares of Snap by 53.3% in the third quarter. Voloridge Investment Management LLC now owns 10,300,911 shares of the company’s stock worth $79,420,000 after acquiring an additional 3,582,223 shares during the period. 47.52% of the stock is owned by hedge funds and other institutional investors.

Snap Company Profile

(Get Free Report)

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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