Insider Selling: Snap Inc. (NYSE:SNAP) General Counsel Sells 18,000 Shares of Stock

Snap Inc. (NYSE:SNAP) General Counsel Michael J. O’sullivan sold 18,000 shares of the business’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $11.89, for a total value of $214,020.00. Following the transaction, the general counsel now owns 464,009 shares in the company, valued at approximately $5,517,067.01. This represents a 3.73 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Snap Stock Up 6.3 %

SNAP opened at $12.87 on Wednesday. The company has a market capitalization of $21.59 billion, a PE ratio of -22.19 and a beta of 0.97. The firm has a 50-day simple moving average of $11.12 and a two-hundred day simple moving average of $12.24. The company has a quick ratio of 4.04, a current ratio of 4.04 and a debt-to-equity ratio of 1.63. Snap Inc. has a 52 week low of $8.29 and a 52 week high of $17.90.

Snap (NYSE:SNAP) last announced 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. Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. The company had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.36 billion. During the same period in the prior year, the company earned ($0.21) earnings per share. The firm’s revenue was up 15.4% on a year-over-year basis. Analysts forecast that Snap Inc. will post -0.4 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Marshall Wace LLP lifted its position in Snap by 587.3% during the second quarter. Marshall Wace LLP now owns 14,667,597 shares of the company’s stock valued at $243,629,000 after purchasing an additional 12,533,653 shares during the last quarter. TB Alternative Assets Ltd. lifted its holdings in shares of Snap by 105.6% in the 3rd quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock valued at $85,406,000 after acquiring an additional 4,098,847 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Snap by 62.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,211,360 shares of the company’s stock worth $66,462,000 after acquiring an additional 2,386,519 shares in the last quarter. Discovery Capital Management LLC CT bought a new stake in Snap during the second quarter worth approximately $22,591,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in Snap by 49.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,910,459 shares of the company’s stock valued at $41,842,000 after purchasing an additional 1,297,348 shares during the period. 47.52% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SNAP has been the subject of several research analyst reports. Evercore ISI raised 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. Argus upgraded shares of Snap to a “hold” rating in a report on Thursday, August 8th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $14.00 target price on shares of Snap in a report on Wednesday, September 18th. Piper Sandler reiterated a “neutral” rating and set a $13.00 price objective (up previously from $12.00) on shares of Snap in a research note on Wednesday, October 30th. Finally, Wells Fargo & Company cut their target price on Snap from $15.00 to $14.00 and set an “overweight” rating on the stock in a research note on Friday, October 4th. One equities research analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Snap currently has a consensus rating of “Hold” and an average price target of $13.91.

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.