Insider Selling: Snap (NYSE:SNAP) CFO Sells $685,796.80 in Stock

Snap Inc. (NYSE:SNAP) CFO Douglas Hott sold 131,884 shares of the company’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $5.20, for a total transaction of $685,796.80. Following the sale, the chief financial officer directly owned 2,324,563 shares in the company, valued at $12,087,727.60. This trade represents a 5.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Snap Stock Performance

SNAP stock opened at $5.24 on Friday. The stock has a 50-day moving average price of $4.85 and a 200-day moving average price of $5.14. Snap Inc. has a 1-year low of $3.81 and a 1-year high of $9.28. The company has a current ratio of 2.94, a quick ratio of 2.94 and a debt-to-equity ratio of 1.75. The firm has a market cap of $8.86 billion, a PE ratio of -29.11 and a beta of 1.03.

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Allworth Financial LP lifted its stake in shares of Snap by 92.3% in the third quarter. Allworth Financial LP now owns 3,293 shares of the company’s stock valued at $25,000 after buying an additional 1,581 shares in the last quarter. Arax Advisory Partners increased its position in shares of Snap by 220.0% during the fourth quarter. Arax Advisory Partners now owns 3,309 shares of the company’s stock worth $27,000 after acquiring an additional 2,275 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Snap by 561.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 3,618 shares of the company’s stock worth $29,000 after acquiring an additional 3,071 shares in the last quarter. Fifth Third Bancorp raised its holdings in shares of Snap by 6,678.0% in the 1st quarter. Fifth Third Bancorp now owns 6,778 shares of the company’s stock worth $31,000 after acquiring an additional 6,678 shares during the last quarter. Finally, NFSG Corp raised its holdings in shares of Snap by 52.7% in the 1st quarter. NFSG Corp now owns 8,400 shares of the company’s stock worth $39,000 after acquiring an additional 2,900 shares during the last quarter. Institutional investors and hedge funds own 47.52% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on SNAP shares. DA Davidson boosted their price target on Snap from $5.00 to $5.25 and gave the company a “neutral” rating in a research note on Tuesday, August 4th. Cantor Fitzgerald lifted their price objective on shares of Snap from $5.00 to $6.00 and gave the company a “neutral” rating in a research note on Tuesday, August 4th. Evercore set a $8.00 price objective on shares of Snap in a research note on Tuesday, August 4th. Guggenheim increased their target price on shares of Snap from $5.00 to $5.50 and gave the stock a “neutral” rating in a research note on Tuesday, August 4th. Finally, Zacks Research cut shares of Snap from a “hold” rating to a “strong sell” rating in a report on Monday, August 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-three have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, Snap currently has an average rating of “Hold” and an average target price of $7.65.

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.