Snap (NYSE:SNAP) General Counsel Zachary Briers Sells 68,620 Shares

Snap Inc. (NYSE:SNAP) General Counsel Zachary Briers sold 68,620 shares of the company’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $4.73, for a total value of $324,572.60. Following the completion of the transaction, the general counsel owned 2,785,468 shares of the company’s stock, valued at approximately $13,175,263.64. This represents a 2.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Snap Stock Up 2.3%

Shares of SNAP traded up $0.11 during mid-day trading on Thursday, reaching $4.99. 45,997,016 shares of the stock traded hands, compared to its average volume of 58,450,742. The stock has a fifty day simple moving average of $7.13 and a 200 day simple moving average of $7.56. Snap Inc. has a 12-month low of $4.65 and a 12-month high of $10.83. The company has a quick ratio of 3.56, a current ratio of 3.56 and a debt-to-equity ratio of 1.53. The firm has a market cap of $8.43 billion, a price-to-earnings ratio of -18.48 and a beta of 0.83.

Snap (NYSE:SNAP) last released its quarterly earnings results on Wednesday, February 4th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.12). Snap had a negative net margin of 7.76% and a negative return on equity of 20.72%. The firm had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same period in the previous year, the business posted $0.01 earnings per share. Snap’s revenue for the quarter was up 10.2% on a year-over-year basis. Sell-side analysts expect that Snap Inc. will post -0.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Snap

Institutional investors have recently made changes to their positions in the stock. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Snap by 31.7% in the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,208,697 shares of the company’s stock worth $36,574,000 after purchasing an additional 1,013,757 shares during the last quarter. Nikko Asset Management Americas Inc. boosted its holdings in Snap by 94.1% during the second quarter. Nikko Asset Management Americas Inc. now owns 2,107,288 shares of the company’s stock worth $18,312,000 after buying an additional 1,021,677 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in Snap during the second quarter worth approximately $2,723,000. Arkadios Wealth Advisors acquired a new position in Snap in the second quarter worth approximately $1,256,000. Finally, CWM LLC increased its holdings in shares of Snap by 50.5% in the third quarter. CWM LLC now owns 387,935 shares of the company’s stock valued at $2,991,000 after buying an additional 130,172 shares in the last quarter. 47.52% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently commented on SNAP shares. BNP Paribas Exane started coverage on Snap in a report on Wednesday, January 14th. They issued a “strong sell” rating for the company. Arete Research set a $7.30 target price on Snap and gave the company a “buy” rating in a research note on Tuesday, February 10th. B. Riley Financial raised shares of Snap from a “neutral” rating to a “buy” rating and set a $10.00 price target for the company in a research report on Thursday, February 5th. The Goldman Sachs Group dropped their price target on shares of Snap from $9.50 to $8.50 and set a “neutral” rating for the company in a research note on Tuesday, January 13th. Finally, BMO Capital Markets lifted their price target on Snap from $12.00 to $13.00 and gave the stock an “outperform” rating in a research note on Thursday, November 6th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, twenty-one have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, Snap currently has an average rating of “Hold” and a consensus target price of $8.43.

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.