Insider Selling: Snap Inc. (NYSE:SNAP) CTO Sells 1,000,000 Shares of Stock

Snap Inc. (NYSE:SNAP) CTO Robert C. Murphy sold 1,000,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $8.69, for a total value of $8,690,000.00. Following the transaction, the chief technology officer now directly owns 58,553,813 shares of the company’s stock, valued at approximately $508,832,634.97. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Snap Price Performance

NYSE SNAP traded up $0.65 during trading hours on Thursday, reaching $8.94. 30,762,815 shares of the company’s stock were exchanged, compared to its average volume of 28,374,824. The stock has a market cap of $14.67 billion, a PE ratio of -11.04 and a beta of 1.03. Snap Inc. has a one year low of $8.28 and a one year high of $17.90. The firm has a fifty day moving average of $14.69 and a 200-day moving average of $13.65. The company has a current ratio of 3.76, a quick ratio of 3.76 and a debt-to-equity ratio of 1.55.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on SNAP shares. Evercore ISI boosted their price objective on Snap from $13.00 to $14.00 and gave the stock an “in-line” rating in a research report on Friday, April 26th. Raymond James reaffirmed an “outperform” rating and issued a $16.00 price target (up previously from $15.00) on shares of Snap in a report on Friday, April 26th. Wolfe Research initiated coverage on Snap in a report on Tuesday, July 16th. They issued a “peer perform” rating for the company. TD Cowen upped their price target on Snap from $11.00 to $14.00 and gave the company a “hold” rating in a report on Friday, April 26th. Finally, Stifel Nicolaus upped their price target on Snap from $12.00 to $13.00 and gave the company a “hold” rating in a report on Friday, April 26th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $14.23.

Institutional Investors Weigh In On Snap

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in Snap by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 96,148,590 shares of the company’s stock valued at $1,103,786,000 after buying an additional 830,889 shares during the last quarter. SRS Investment Management LLC boosted its position in Snap by 23.6% in the 4th quarter. SRS Investment Management LLC now owns 65,114,732 shares of the company’s stock valued at $1,102,392,000 after buying an additional 12,452,415 shares during the last quarter. Capital World Investors boosted its position in Snap by 0.8% in the 1st quarter. Capital World Investors now owns 46,272,273 shares of the company’s stock valued at $531,206,000 after buying an additional 385,191 shares during the last quarter. Ossiam boosted its position in Snap by 7.1% in the 1st quarter. Ossiam now owns 11,334,804 shares of the company’s stock valued at $130,124,000 after buying an additional 751,846 shares during the last quarter. Finally, Carmignac Gestion bought a new position in Snap in the 4th quarter valued at $110,103,000. 47.52% of the stock is currently owned by institutional investors.

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.