Zachary Briers Sells 11,257 Shares of Snap (NYSE:SNAP) Stock

Snap Inc. (NYSE:SNAP) General Counsel Zachary Briers sold 11,257 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $6.00, for a total value of $67,542.00. Following the completion of the transaction, the general counsel owned 2,345,534 shares of the company’s stock, valued at approximately $14,073,204. This represents a 0.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Snap Trading Down 2.3%

Shares of SNAP opened at $5.30 on Thursday. The business’s 50-day moving average price is $5.06 and its 200-day moving average price is $5.17. Snap Inc. has a twelve month low of $3.81 and a twelve month high of $9.28. The stock has a market cap of $8.97 billion, a PE ratio of -29.47 and a beta of 1.05. The company has a quick ratio of 2.94, a current ratio of 2.94 and a debt-to-equity ratio of 1.75.

Snap (NYSE:SNAP) last released its quarterly earnings data on Monday, August 3rd. The company reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.02. The company had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.54 billion. Snap had a negative net margin of 4.90% and a negative return on equity of 14.61%. Snap’s revenue was up 18.9% compared to the same quarter last year. During the same period last year, the business earned ($0.16) earnings per share. On average, equities analysts forecast that Snap Inc. will post -0.02 EPS for the current fiscal year.

Institutional Trading of Snap

A number of hedge funds have recently made changes to their positions in the stock. Alyeska Investment Group L.P. bought a new position in shares of Snap during the 3rd quarter valued at about $176,697,000. AQR Capital Management LLC raised its holdings in shares of Snap by 874.3% during the 4th quarter. AQR Capital Management LLC now owns 10,066,852 shares of the company’s stock valued at $81,239,000 after buying an additional 9,033,644 shares in the last quarter. Empyrean Capital Partners LP bought a new stake in Snap in the 1st quarter worth approximately $25,300,000. California State Teachers Retirement System boosted its stake in Snap by 268.8% in the second quarter. California State Teachers Retirement System now owns 5,623,318 shares of the company’s stock worth $24,968,000 after buying an additional 4,098,404 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in Snap by 1,191.8% in the second quarter. Assenagon Asset Management S.A. now owns 3,903,141 shares of the company’s stock worth $17,330,000 after buying an additional 3,601,002 shares in the last quarter. 47.52% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on SNAP. Wall Street Zen raised shares of Snap from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $5.00 price objective on shares of Snap in a research report on Tuesday, July 21st. Citigroup lifted their price objective on Snap from $6.50 to $6.75 and gave the company a “neutral” rating in a research note on Tuesday, August 4th. Evercore set a $8.00 target price on Snap in a research report on Tuesday, August 4th. Finally, Guggenheim restated a “neutral” rating on shares of Snap in a research note on Wednesday, September 2nd. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-four have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Snap presently has a consensus rating of “Hold” and a consensus price target of $7.65.

About Snap

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.