Insider Selling: Snap Inc. (NYSE:SNAP) General Counsel Sells 56,961 Shares of Stock

Snap Inc. (NYSE:SNAP) General Counsel Michael J. O’sullivan sold 56,961 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $11.44, for a total value of $651,633.84. Following the sale, the general counsel now directly owns 1,127,655 shares in the company, valued at $12,900,373.20. This trade represents a 4.81 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Snap Price Performance

Shares of Snap stock opened at $11.30 on Friday. 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 one year low of $8.29 and a one year high of $17.75. The business’s 50 day simple moving average is $11.40 and its two-hundred day simple moving average is $11.98. The stock has a market capitalization of $18.95 billion, a P/E ratio of -19.48 and a beta of 0.97.

Snap (NYSE:SNAP) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.03. The company had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.36 billion. Snap had a negative net margin of 18.49% and a negative return on equity of 35.60%. The firm’s revenue was up 15.4% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.21) EPS. Analysts forecast that Snap Inc. will post -0.4 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on SNAP shares. Royal Bank of Canada reissued a “sector perform” rating and issued a $16.00 price target on shares of Snap in a report on Wednesday, October 30th. Canaccord Genuity Group increased their target price on shares of Snap from $12.00 to $13.00 and gave the stock a “hold” rating in a research note on Wednesday, October 30th. Piper Sandler restated a “neutral” rating and set a $13.00 price target (up from $12.00) on shares of Snap in a research report on Wednesday, October 30th. JMP Securities lowered their price objective on Snap from $17.00 to $16.00 and set a “market outperform” rating on the stock in a research report on Wednesday, October 30th. Finally, Evercore ISI lifted their price objective on Snap from $12.00 to $15.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. One analyst has rated the stock with a sell rating, twenty-two have given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $37.10.

Institutional Trading of Snap

Large investors have recently modified their holdings of the business. Blue Trust Inc. lifted its holdings in Snap by 354.1% in the 2nd quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock worth $36,000 after buying an additional 1,682 shares during the period. Kiley Juergens Wealth Management LLC purchased a new position in Snap during the 2nd quarter valued at $213,000. Destiny Wealth Partners LLC bought a new position in Snap in the 2nd quarter worth $3,506,000. Bank of New York Mellon Corp lifted its position in shares of Snap by 1.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,558,268 shares of the company’s stock worth $25,883,000 after purchasing an additional 27,673 shares during the period. Finally, Cambridge Investment Research Advisors Inc. lifted its position in shares of Snap by 368.9% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 155,723 shares of the company’s stock worth $2,587,000 after purchasing an additional 122,511 shares during the period. 47.52% of the stock is owned by institutional investors.

Snap Company Profile

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.