Snap (NYSE:SNAP) CAO Rebecca Morrow Sells 3,570 Shares of Stock

Snap Inc. (NYSE:SNAP) CAO Rebecca Morrow sold 3,570 shares of the stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $5.74, for a total transaction of $20,491.80. Following the completion of the sale, the chief accounting officer owned 509,241 shares of the company’s stock, valued at approximately $2,923,043.34. This represents a 0.70% decrease in their position. The sale was disclosed in a legal 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.

Rebecca Morrow also recently made the following trade(s):

• On Monday, May 18th, Rebecca Morrow sold 16,729 shares of Snap stock. The shares were sold at an average price of $5.60, for a total transaction of $93,682.40.
• On Thursday, February 19th, Rebecca Morrow sold 3,175 shares of Snap stock. The shares were sold at an average price of $4.84, for a total transaction of $15,367.00.

Snap Stock Performance

Shares of SNAP stock opened at $5.62 on Thursday. The firm has a 50-day moving average of $5.21 and a 200-day moving average of $6.44. The company has a market cap of $9.49 billion, a P/E ratio of -23.40 and a beta of 1.05. The company has a debt-to-equity ratio of 1.67, a current ratio of 3.53 and a quick ratio of 3.53. Snap Inc. has a one year low of $3.81 and a one year high of $10.41.

Snap (NYSE:SNAP) last announced its earnings results on Wednesday, May 6th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.09 by ($0.14). The firm had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Snap had a negative net margin of 6.72% and a negative return on equity of 18.92%. The business’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.08) EPS. Equities research analysts forecast that Snap Inc. will post -0.07 EPS for the current fiscal year.

Institutional Trading of Snap

Hedge funds have recently modified their holdings of the business. Allworth Financial LP boosted its stake in Snap by 92.3% in the 3rd quarter. Allworth Financial LP now owns 3,293 shares of the company’s stock worth $25,000 after purchasing an additional 1,581 shares in the last quarter. Oak Harvest Investment Services bought a new position in Snap during the 4th quarter valued at about $26,000. Arax Advisory Partners lifted its stake in Snap by 220.0% during the 4th quarter. Arax Advisory Partners now owns 3,309 shares of the company’s stock valued at $27,000 after acquiring an additional 2,275 shares during the period. V Square Quantitative Management LLC purchased a new stake in shares of Snap during the 4th quarter valued at about $29,000. Finally, EverSource Wealth Advisors LLC increased its holdings in Snap by 561.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 3,618 shares of the company’s stock valued at $29,000 after buying an additional 3,071 shares during the last quarter. Institutional investors own 47.52% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on SNAP. Rothschild & Co Redburn upgraded shares of Snap from a “neutral” rating to a “buy” rating and set a $10.00 target price for the company in a research report on Monday, April 27th. Wall Street Zen lowered shares of Snap from a “buy” rating to a “hold” rating in a research report on Sunday. Wells Fargo & Company lifted their target price on shares of Snap from $6.00 to $7.00 and gave the company an “equal weight” rating in a research report on Thursday, May 7th. Bank of America raised shares of Snap from a “neutral” rating to a “buy” rating and set a $10.00 price target on the stock in a research note on Thursday, February 5th. Finally, BMO Capital Markets lifted their price target on shares of Snap from $13.00 to $15.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 15th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twenty-two have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $7.91.

Snap News Roundup

Here are the key news stories impacting Snap this week:

• Positive Sentiment: Snap appointed Luke Wood, former President of Beats by Dr. Dre and a former Apple executive, to its board of directors. Investors may view the move as a credibility boost for Snap’s leadership and product strategy, especially given Wood’s experience at the intersection of technology and consumer brands. Luke Wood Joins Snap Inc. Board of Directors
• Neutral Sentiment: Several executive and director-level share sales were reported, but each filing said the transactions were made to cover tax withholding obligations tied to vesting equity awards. That makes the sales more routine than a clear signal of reduced confidence, though the volume may still weigh on investor sentiment. SEC filing for CFO Douglas Hott
• Neutral Sentiment: CFO Douglas Hott sold shares at about $5.60-$5.67, General Counsel Zachary M. Briers sold shares in two transactions, and CAO Rebecca Morrow also sold shares. Because these were insider transactions clustered around the same period, traders may interpret them cautiously even though the stated reason was tax-related. SEC filing for Zachary M. Briers
• Negative Sentiment: The size and timing of the insider sales could create near-term pressure on Snap Inc. (NYSE: SNAP) shares, even if they were routine. Investors often see multiple executive sales close together as a cautionary signal, especially ahead of any fresh operating updates. SEC filing for Rebecca Morrow

About Snap

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.