Snap (NYSE:SNAP) General Counsel Zachary Briers Sells 11,958 Shares

Snap Inc. (NYSE:SNAP) General Counsel Zachary Briers sold 11,958 shares of the company’s stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $6.00, for a total value of $71,748.00. Following the transaction, the general counsel directly owned 2,560,835 shares in the company, valued at approximately $15,365,010. The trade was a 0.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Snap Trading Down 5.1%

Shares of NYSE:SNAP opened at $5.76 on Friday. The company has a market cap of $9.72 billion, a P/E ratio of -23.99 and a beta of 1.03. 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 1 year low of $3.81 and a 1 year high of $10.41. The stock’s fifty day moving average price is $5.50 and its 200-day moving average price is $6.25.

Snap (NYSE:SNAP) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.14). The business had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.53 billion. Snap had a negative net margin of 6.72% and a negative return on equity of 18.92%. The company’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.08) earnings per share. Sell-side analysts expect that Snap Inc. will post -0.06 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Loop Capital set a $8.00 price target on Snap in a report on Monday, February 23rd. BMO Capital Markets upped their price target on Snap from $13.00 to $15.00 and gave the company an “outperform” rating in a report on Wednesday, April 15th. Royal Bank Of Canada lowered their price target on Snap from $10.00 to $8.00 and set a “sector perform” rating on the stock in a report on Thursday, May 7th. Freedom Capital downgraded Snap from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 12th. Finally, Wells Fargo & Company increased their target price on Snap from $6.00 to $7.00 and gave the company an “equal weight” rating in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty-two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $7.91.

Institutional Trading of Snap

A number of hedge funds and other institutional investors have recently bought and sold shares of SNAP. Empowered Funds LLC increased its position in Snap by 13.3% in the first quarter. Empowered Funds LLC now owns 40,393 shares of the company’s stock worth $352,000 after buying an additional 4,754 shares in the last quarter. Prudential Financial Inc. purchased a new stake in Snap in the second quarter worth about $136,000. Investment Management Corp of Ontario increased its position in Snap by 104.0% in the second quarter. Investment Management Corp of Ontario now owns 61,513 shares of the company’s stock worth $535,000 after buying an additional 31,357 shares in the last quarter. Nebula Research & Development LLC purchased a new stake in Snap in the second quarter worth about $1,675,000. Finally, The Manufacturers Life Insurance Company increased its position in Snap by 52.0% in the second quarter. The Manufacturers Life Insurance Company now owns 89,337 shares of the company’s stock worth $776,000 after buying an additional 30,561 shares in the last quarter. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Snap Company Profile

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.