Insider Selling: Snap Inc. (NYSE:SNAP) General Counsel Sells 56,961 Shares of Stock

Snap Inc. (NYSE:SNAP) General Counsel Michael J. O’sullivan sold 56,961 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $11.44, for a total value of $651,633.84. Following the completion of the transaction, the general counsel now directly owns 1,127,655 shares of the company’s stock, valued at approximately $12,900,373.20. This trade represents a 4.81 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Snap Stock Up 0.4 %

Shares of NYSE:SNAP opened at $11.22 on Thursday. The firm has a market cap of $18.82 billion, a P/E ratio of -19.34 and a beta of 0.97. Snap Inc. has a 12-month low of $8.29 and a 12-month high of $17.75. The business has a fifty day simple moving average of $11.39 and a 200 day simple moving average of $11.99. 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 (NYSE:SNAP) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $1.36 billion. During the same period last year, the company earned ($0.21) earnings per share. The firm’s revenue was up 15.4% compared to the same quarter last year. Analysts predict that Snap Inc. will post -0.4 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SNAP. V Square Quantitative Management LLC bought a new position in Snap during the third quarter worth $29,000. Paladin Wealth LLC acquired a new stake in Snap during the 3rd quarter worth about $30,000. Advisors Asset Management Inc. raised its position in shares of Snap by 141.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 2,782 shares of the company’s stock worth $30,000 after acquiring an additional 1,632 shares in the last quarter. Hollencrest Capital Management bought a new position in shares of Snap in the 2nd quarter worth about $33,000. Finally, Blue Trust Inc. lifted its stake in shares of Snap by 354.1% in the 2nd quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock valued at $36,000 after purchasing an additional 1,682 shares during the period. Institutional investors and hedge funds own 47.52% of the company’s stock.

Analysts Set New Price Targets

SNAP has been the subject of several analyst reports. JMP Securities dropped their target price on shares of Snap from $17.00 to $16.00 and set a “market outperform” rating for the company in a research report on Wednesday, October 30th. Stifel Nicolaus lowered their price objective on shares of Snap from $13.00 to $11.00 and set a “hold” rating for the company in a research report on Monday, October 14th. Canaccord Genuity Group upped their target price on Snap from $12.00 to $13.00 and gave the stock a “hold” rating in a research note on Wednesday, October 30th. Guggenheim reiterated a “buy” rating and issued a $12.11 price target on shares of Snap in a research note on Tuesday, December 3rd. Finally, Wells Fargo & Company dropped their price objective on Snap from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Friday, October 4th. One investment analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $37.10.

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.