Snap (NYSE:SNAP) CAO Rebecca Morrow Sells 17,336 Shares of Stock

Snap Inc. (NYSE:SNAP) CAO Rebecca Morrow sold 17,336 shares of the company’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $5.20, for a total transaction of $90,147.20. Following the completion of the transaction, the chief accounting officer owned 598,105 shares of the company’s stock, valued at $3,110,146. This trade represents a 2.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Snap Stock Up 2.5%

Shares of Snap stock opened at $5.24 on Thursday. Snap Inc. has a 1-year low of $3.81 and a 1-year high of $9.28. The company has a market capitalization of $8.86 billion, a PE ratio of -29.11 and a beta of 1.03. The company has a debt-to-equity ratio of 1.75, a current ratio of 2.94 and a quick ratio of 2.94. The business has a 50-day moving average of $4.85 and a 200-day moving average of $5.15.

Snap (NYSE:SNAP) last posted its quarterly earnings results on Monday, August 3rd. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.02. The firm had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.54 billion. Snap had a negative net margin of 4.90% and a negative return on equity of 14.61%. The firm’s quarterly revenue was up 18.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.16) earnings per share. As a group, equities analysts forecast that Snap Inc. will post -0.05 EPS for the current fiscal year.

Institutional Trading of Snap

Hedge funds have recently made changes to their positions in the stock. Peak Asset Management LLC purchased a new stake in shares of Snap during the second quarter worth $178,000. W1M Asset Management Ltd purchased a new position in Snap in the second quarter valued at about $48,000. Paragon Financial Partners Inc. purchased a new position in Snap in the second quarter valued at about $53,000. Plato Investment Management Ltd acquired a new position in Snap in the 2nd quarter worth about $257,000. Finally, Handelsbanken Fonder AB increased its position in Snap by 21.2% in the 2nd quarter. Handelsbanken Fonder AB now owns 352,900 shares of the company’s stock worth $1,567,000 after purchasing an additional 61,700 shares during the last quarter. 47.52% of the stock is owned by hedge funds and other institutional investors.

Key Headlines Impacting Snap

Here are the key news stories impacting Snap this week:

• Neutral Sentiment: CFO Douglas Hott sold 131,884 shares for approximately $685,797 at an average price of $5.20, reducing his ownership by about 5.37%. The filing states that the shares were sold to cover tax-withholding obligations related to vested equity awards. He still owns more than 2.3 million shares. Snap CFO share sale article
• Neutral Sentiment: General Counsel Zachary Briers sold 136,504 shares for about $709,821 at $5.20 and an additional 67,540 shares for roughly $343,103 at $5.08. Both transactions were described as tax-related sales; Briers continued to own more than 2.3 million shares directly after the reported transactions. SEC insider ownership filing
• Neutral Sentiment: Chief Accounting Officer Rebecca Morrow sold 17,336 shares valued at approximately $90,147, while insider Ajit Mohan sold 54,608 shares worth about $283,962. Both sales were also made to satisfy tax withholding requirements, and each executive retained a substantial position in Snap. SEC insider ownership filings

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SNAP. UBS Group set a $6.00 price objective on shares of Snap in a report on Tuesday, August 4th. DA Davidson raised their target price on shares of Snap from $5.00 to $5.25 and gave the company a “neutral” rating in a research note on Tuesday, August 4th. Weiss Ratings restated a “sell (e+)” rating on shares of Snap in a research report on Friday, July 17th. Zacks Research lowered shares of Snap from a “hold” rating to a “strong sell” rating in a research note on Monday, August 3rd. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Snap from $7.00 to $6.00 and set an “underweight” rating for the company in a report on Thursday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-three have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $7.65.

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.