Insider Selling: Snap Inc. (NYSE:SNAP) CTO Sells $12,500,000.00 in Stock

Snap Inc. (NYSE:SNAP) CTO Robert C. Murphy sold 1,000,000 shares of Snap stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $12.50, for a total value of $12,500,000.00. Following the completion of the sale, the chief technology officer now directly owns 57,210,989 shares in the company, valued at $715,137,362.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Snap Price Performance

Shares of NYSE SNAP opened at $11.81 on Thursday. The business has a 50-day moving average of $10.34 and a 200-day moving average of $12.73. The company has a market capitalization of $19.60 billion, a price-to-earnings ratio of -20.36 and a beta of 0.99. The company has a debt-to-equity ratio of 1.63, a current ratio of 4.04 and a quick ratio of 4.04. Snap Inc. has a 1-year low of $8.29 and a 1-year high of $17.90.

Snap (NYSE:SNAP) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.03. Snap had a negative net margin of 18.49% and a negative return on equity of 35.60%. The company had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.36 billion. During the same quarter last year, the company earned ($0.21) earnings per share. Snap’s revenue for the quarter was up 15.4% on a year-over-year basis. On average, equities analysts anticipate that Snap Inc. will post -0.41 EPS for the current fiscal year.

Institutional Investors Weigh In On Snap

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SNAP. Marshall Wace LLP boosted its position in Snap by 587.3% in the 2nd quarter. Marshall Wace LLP now owns 14,667,597 shares of the company’s stock valued at $243,629,000 after buying an additional 12,533,653 shares during the last quarter. TB Alternative Assets Ltd. lifted its stake in shares of Snap by 105.6% in the third quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock worth $85,406,000 after acquiring an additional 4,098,847 shares in the last quarter. Discovery Capital Management LLC CT acquired a new position in shares of Snap in the second quarter worth about $22,591,000. Assenagon Asset Management S.A. boosted its holdings in Snap by 74.0% in the second quarter. Assenagon Asset Management S.A. now owns 2,824,354 shares of the company’s stock valued at $46,913,000 after purchasing an additional 1,201,565 shares during the last quarter. Finally, Curated Wealth Partners LLC grew its stake in Snap by 200.0% during the 2nd quarter. Curated Wealth Partners LLC now owns 536,541 shares of the company’s stock valued at $8,912,000 after purchasing an additional 1,073,082 shares in the last quarter. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on SNAP. Cantor Fitzgerald upped their price objective on Snap from $8.00 to $9.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Stifel Nicolaus cut their price target on shares of Snap from $13.00 to $11.00 and set a “hold” rating for the company in a report on Monday, October 14th. Evercore ISI boosted their price objective on shares of Snap from $12.00 to $15.00 and gave the stock an “in-line” rating in a report on Wednesday, October 30th. Bank of America upped their target price on shares of Snap from $13.00 to $14.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Finally, JMP Securities reduced their price target on shares of Snap from $17.00 to $16.00 and set a “market outperform” rating for the company in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Snap presently has an average rating of “Hold” and a consensus target price of $14.31.

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.