Snap (NYSE:SNAP) CAO Sells $20,491.80 in Stock

Snap Inc. (NYSE:SNAP) CAO Rebecca Morrow sold 3,570 shares of Snap stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $5.74, for a total value of $20,491.80. Following the completion of the transaction, the chief accounting officer directly owned 509,241 shares in the company, valued at $2,923,043.34. This represents a 0.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

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

• On Monday, May 18th, Rebecca Morrow sold 16,729 shares of Snap stock. The shares were sold at an average price of $5.60, for a total value of $93,682.40.
• On Thursday, February 19th, Rebecca Morrow sold 3,175 shares of Snap stock. The shares were sold at an average price of $4.84, for a total value of $15,367.00.

Snap Trading Up 1.2%

Shares of NYSE SNAP traded up $0.07 during midday trading on Wednesday, hitting $5.62. The stock had a trading volume of 25,514,032 shares, compared to its average volume of 44,708,984. The company has a market capitalization of $9.49 billion, a price-to-earnings ratio of -23.40 and a beta of 1.05. Snap Inc. has a 1-year low of $3.81 and a 1-year high of $10.41. The company has a quick ratio of 3.53, a current ratio of 3.53 and a debt-to-equity ratio of 1.67. The company has a fifty day moving average price of $5.21 and a 200 day moving average price of $6.44.

Snap (NYSE:SNAP) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.14). The firm had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.53 billion. Snap had a negative net margin of 6.72% and a negative return on equity of 18.92%. The business’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.08) earnings per share. On average, analysts predict that Snap Inc. will post -0.07 earnings per share for the current year.

Key Headlines Impacting Snap

Here are the key news stories impacting Snap this week:

• Positive Sentiment: Snap appointed Luke Wood, the former President of Beats by Dr. Dre and former Apple executive, to its board of directors. Investors may view the hire as a positive signal for product, brand, and consumer-tech strategy. Luke Wood Joins Snap Inc. Board of Directors
• Neutral Sentiment: Snap’s latest earnings call was described as a “cautious comeback,” suggesting management may have sounded more measured on the recovery path rather than issuing a clearly bullish surprise. Snap Inc. Earnings Call Signals Cautious Comeback
• Negative Sentiment: Multiple insiders, including CFO Douglas Hott, General Counsel Zachary M. Briers, CAO Rebecca Morrow, and insider Ajit Mohan, sold shares in recent days. The company said the transactions were tied to tax withholding on equity vesting, which makes them less alarming, but the breadth of selling can still pressure sentiment. SEC filing for CFO sale

Institutional Investors Weigh In On Snap

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Mackenzie Financial Corp increased its holdings in Snap by 5.1% during the 3rd quarter. Mackenzie Financial Corp now owns 27,638 shares of the company’s stock worth $213,000 after purchasing an additional 1,349 shares during the last quarter. WealthCollab LLC increased its holdings in Snap by 1.2% during the 4th quarter. WealthCollab LLC now owns 115,390 shares of the company’s stock worth $931,000 after purchasing an additional 1,369 shares during the last quarter. Alliancebernstein L.P. increased its holdings in Snap by 0.3% during the 3rd quarter. Alliancebernstein L.P. now owns 414,416 shares of the company’s stock worth $3,195,000 after purchasing an additional 1,396 shares during the last quarter. Orion Porfolio Solutions LLC increased its holdings in Snap by 8.3% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 18,913 shares of the company’s stock worth $164,000 after purchasing an additional 1,451 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. increased its holdings in Snap by 37.5% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 5,500 shares of the company’s stock worth $44,000 after purchasing an additional 1,500 shares during the last quarter. 47.52% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on SNAP shares. B. Riley Financial raised Snap from a “neutral” rating to a “buy” rating and set a $10.00 price target on the stock in a research report on Thursday, February 5th. Guggenheim reissued a “neutral” rating and set a $6.50 price target on shares of Snap in a research report on Thursday, April 16th. TD Cowen started coverage on Snap in a research report on Monday, April 27th. They set a “buy” rating on the stock. Freedom Capital lowered Snap from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 12th. Finally, Morgan Stanley reduced their price target on Snap from $9.50 to $6.50 and set an “equal weight” rating on the stock in a research report on Sunday, February 22nd. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty-two have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $7.91.

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.