Snap (NYSE:SNAP) Insider Ajit Mohan Sells 54,608 Shares

Snap Inc. (NYSE:SNAP) insider Ajit Mohan sold 54,608 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $5.20, for a total transaction of $283,961.60. Following the completion of the sale, the insider owned 4,972,097 shares in the company, valued at $25,854,904.40. This represents a 1.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Ajit Mohan also recently made the following trade(s):

• On Tuesday, June 16th, Ajit Mohan sold 6,923 shares of Snap stock. The shares were sold at an average price of $5.58, for a total transaction of $38,630.34.

Snap Price Performance

Shares of SNAP traded up $0.13 during mid-day trading on Wednesday, reaching $5.24. 29,931,596 shares of the stock traded hands, compared to its average volume of 41,258,152. The company has a market cap of $8.86 billion, a price-to-earnings ratio of -29.11 and a beta of 1.03. Snap Inc. has a 1 year low of $3.81 and a 1 year high of $9.28. The firm has a fifty day moving average price of $4.85 and a 200 day moving average price of $5.15. The company has a current ratio of 2.94, a quick ratio of 2.94 and a debt-to-equity ratio of 1.75.

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

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on SNAP shares. Wells Fargo & Company lifted their price target on Snap from $5.00 to $6.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 4th. Rosenblatt Securities decreased their price objective on shares of Snap from $6.40 to $6.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 4th. Piper Sandler reaffirmed a “neutral” rating on shares of Snap in a research note on Tuesday, August 4th. Zacks Research lowered shares of Snap from a “hold” rating to a “strong sell” rating in a research report on Monday, August 3rd. Finally, KeyCorp raised shares of Snap from a “sector weight” rating to an “overweight” rating in a research note on Monday, April 27th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-three have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $7.65.

Institutional Trading of Snap

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Allworth Financial LP grew its position in Snap by 92.3% during the third quarter. Allworth Financial LP now owns 3,293 shares of the company’s stock valued at $25,000 after acquiring an additional 1,581 shares during the last quarter. Arax Advisory Partners boosted its stake in shares of Snap by 220.0% in the 4th quarter. Arax Advisory Partners now owns 3,309 shares of the company’s stock valued at $27,000 after purchasing an additional 2,275 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Snap by 561.4% in the 4th quarter. EverSource Wealth Advisors LLC now owns 3,618 shares of the company’s stock valued at $29,000 after purchasing an additional 3,071 shares in the last quarter. Banque Cantonale Vaudoise bought a new position in shares of Snap during the 3rd quarter valued at $39,000. Finally, Los Angeles Capital Management LLC bought a new position in shares of Snap during the 4th quarter valued at $41,000. Hedge funds and other institutional investors own 47.52% of the company’s stock.

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.