Snap (NYSE:SNAP) CAO Sells $22,309.80 in Stock

Snap Inc. (NYSE:SNAP) CAO Rebecca Morrow sold 3,090 shares of the stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $7.22, for a total value of $22,309.80. Following the transaction, the chief accounting officer directly owned 486,964 shares of the company’s stock, valued at $3,515,880.08. This trade represents a 0.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

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

• On Wednesday, December 17th, Rebecca Morrow sold 3,783 shares of Snap stock. The stock was sold at an average price of $7.34, for a total value of $27,767.22.
• On Monday, December 15th, Rebecca Morrow sold 7,000 shares of Snap stock. The stock was sold at an average price of $7.33, for a total value of $51,310.00.
• On Monday, November 17th, Rebecca Morrow sold 12,699 shares of Snap stock. The shares were sold at an average price of $8.34, for a total transaction of $105,909.66.

Snap Stock Down 0.8%

Snap stock opened at $7.57 on Friday. The company has a debt-to-equity ratio of 1.57, a current ratio of 3.67 and a quick ratio of 3.67. The company’s 50-day moving average is $7.85 and its 200-day moving average is $8.14. The firm has a market capitalization of $13.02 billion, a PE ratio of -26.10 and a beta of 0.85. Snap Inc. has a fifty-two week low of $6.90 and a fifty-two week high of $13.28.

Snap (NYSE:SNAP) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.12). The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.49 billion. Snap had a negative return on equity of 21.61% and a negative net margin of 8.60%.The company’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.09) EPS. Sell-side analysts anticipate that Snap Inc. will post -0.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on SNAP shares. Arete Research upgraded Snap from a “sell” rating to a “neutral” rating in a research note on Tuesday, November 18th. Wells Fargo & Company upped their price objective on shares of Snap from $8.00 to $10.00 and gave the company an “equal weight” rating in a report on Thursday, November 6th. Piper Sandler raised their target price on shares of Snap from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Thursday, November 6th. Mizuho began coverage on shares of Snap in a report on Monday, September 29th. They set a “neutral” rating and a $9.00 target price for the company. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Snap in a research note on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating, twenty-four have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, Snap has an average rating of “Hold” and an average price target of $9.88.

Hedge Funds Weigh In On Snap

Several institutional investors and hedge funds have recently modified their holdings of SNAP. Allworth Financial LP increased its position in Snap by 92.3% during the third quarter. Allworth Financial LP now owns 3,293 shares of the company’s stock worth $25,000 after acquiring an additional 1,581 shares during the period. Signaturefd LLC grew its position in shares of Snap by 169.9% during the 2nd quarter. Signaturefd LLC now owns 2,942 shares of the company’s stock worth $26,000 after purchasing an additional 1,852 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Snap during the third quarter worth approximately $33,000. Quarry LP acquired a new stake in shares of Snap in the first quarter valued at approximately $34,000. Finally, Itau Unibanco Holding S.A. acquired a new stake in shares of Snap in the first quarter valued at approximately $35,000. 47.52% of the stock is currently owned by institutional investors and hedge funds.

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.