Snap Inc. (NYSE:SNAP) General Counsel Sells $167,400.00 in Stock

Snap Inc. (NYSE:SNAP) General Counsel Michael J. O’sullivan sold 18,000 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $9.30, for a total transaction of $167,400.00. Following the completion of the transaction, the general counsel now directly owns 456,662 shares of the company’s stock, valued at approximately $4,246,956.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Snap Stock Down 2.8 %

SNAP stock opened at $8.62 on Friday. The company has a market cap of $14.15 billion, a price-to-earnings ratio of -10.64 and a beta of 1.00. The company has a fifty day moving average price of $11.96 and a 200 day moving average price of $12.91. The company has a debt-to-equity ratio of 1.74, a current ratio of 3.98 and a quick ratio of 3.98. Snap Inc. has a 12 month low of $8.28 and a 12 month high of $17.90.

Snap (NYSE:SNAP) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.02. Snap had a negative net margin of 23.49% and a negative return on equity of 42.84%. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.25 billion. Sell-side analysts expect that Snap Inc. will post -0.48 earnings per share for the current year.

Analyst Ratings Changes

SNAP has been the subject of a number of recent research reports. Morgan Stanley upgraded Snap from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $12.00 to $16.00 in a report on Tuesday, July 23rd. Truist Financial decreased their price objective on Snap from $16.00 to $13.00 and set a “hold” rating for the company in a research note on Friday, August 2nd. Hsbc Global Res lowered shares of Snap from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 2nd. HSBC cut shares of Snap from a “buy” rating to a “hold” rating in a report on Friday, August 2nd. Finally, Benchmark restated a “hold” rating on shares of Snap in a report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Snap has a consensus rating of “Hold” and a consensus target price of $13.87.

Institutional Trading of Snap

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC acquired a new position in shares of Snap in the second quarter valued at approximately $994,000. Brown Financial Advisors purchased a new position in Snap in the 2nd quarter valued at $370,000. Cetera Investment Advisers increased its stake in Snap by 23.7% in the 2nd quarter. Cetera Investment Advisers now owns 104,470 shares of the company’s stock valued at $1,735,000 after buying an additional 20,038 shares during the period. EP Wealth Advisors LLC increased its stake in Snap by 8.5% in the 2nd quarter. EP Wealth Advisors LLC now owns 42,300 shares of the company’s stock valued at $703,000 after buying an additional 3,327 shares during the period. Finally, Smith Thornton Advisors LLC purchased a new position in Snap during the 2nd quarter worth $328,000. 47.52% of the stock is owned by hedge funds and other institutional investors.

About Snap

Snap Inc operates as a technology company in North America, Europe, and internationally. The company offers Snapchat, a visual messaging application with various tabs, such as camera, visual messaging, snap map, stories, and spotlight that enable people to communicate visually through short videos and images.