Snap Inc. (SNAP) CEO Evan Spiegel Sells 1,652,966 Shares
Snap Inc. (NYSE:SNAP) CEO Evan Spiegel sold 1,652,966 shares of the business’s stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $12.42, for a total value of $20,529,837.72. Following the transaction, the chief executive officer now directly owns 86,657,812 shares of the company’s stock, valued at approximately $1,076,290,025.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Snap Inc. (NYSE:SNAP) traded up $0.17 during midday trading on Wednesday, reaching $12.57. The company had a trading volume of 13,959,801 shares, compared to its average volume of 25,691,822. Snap Inc. has a twelve month low of $11.28 and a twelve month high of $29.44.
Snap (NYSE:SNAP) last released its quarterly earnings results on Tuesday, November 7th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.17. The company had revenue of $207.90 million during the quarter, compared to analysts’ expectations of $236.71 million. Snap’s quarterly revenue was up 62.2% on a year-over-year basis. equities analysts anticipate that Snap Inc. will post -3.04 earnings per share for the current fiscal year.
Several research analysts have recently issued reports on the company. JMP Securities downgraded Snap from an “outperform” rating to a “market perform” rating and upped their price objective for the company from $12.40 to $28.00 in a research note on Wednesday. Cowen and Company reaffirmed a “hold” rating and issued a $12.00 price objective on shares of Snap in a research note on Friday, November 10th. Canaccord Genuity downgraded Snap from a “hold” rating to a “sell” rating in a research note on Thursday, November 9th. Morgan Stanley downgraded Snap from an “equal weight” rating to an “underweight” rating in a research note on Thursday, November 9th. Finally, Bank of America Corporation lowered their price objective on Snap from $17.00 to $16.00 and set a “neutral” rating for the company in a research note on Wednesday, November 8th. Fifteen research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $17.12.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SNAP. Seven Bridges Advisors LLC purchased a new stake in Snap in the 2nd quarter valued at $101,000. First Manhattan Co. raised its position in Snap by 384.5% in the 3rd quarter. First Manhattan Co. now owns 7,631 shares of the company’s stock valued at $110,000 after buying an additional 6,056 shares during the last quarter. WFG Advisors LP raised its position in Snap by 52.4% in the 2nd quarter. WFG Advisors LP now owns 7,377 shares of the company’s stock valued at $131,000 after buying an additional 2,537 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its position in Snap by 654.0% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company’s stock valued at $134,000 after buying an additional 6,540 shares during the last quarter. Finally, Dubuque Bank & Trust Co. purchased a new stake in Snap in the 2nd quarter valued at $137,000. 17.33% of the stock is owned by institutional investors and hedge funds.
Snap Company Profile
Snap Inc, formerly Snapchat, Inc, is a camera company. The Company’s flagship product, Snapchat, is a camera application that helps people to communicate through short videos and images known as a Snap. The Company offers three ways for people to make Snaps: the Snapchat application, Publishers Tools that help its partners to create Publisher Stories, and Spectacles, its sunglasses that make Snaps.
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