Rebecca Morrow Sells 17,336 Shares of Snap (NYSE:SNAP) Stock

Snap Inc. (NYSE:SNAP) CAO Rebecca Morrow sold 17,336 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $5.20, for a total value of $90,147.20. Following the completion of the sale, the chief accounting officer directly owned 598,105 shares in the company, valued at $3,110,146. The trade was a 2.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Snap Trading Up 2.5%

SNAP traded up $0.13 during midday trading on Wednesday, reaching $5.24. 29,931,596 shares of the company’s stock traded hands, compared to its average volume of 41,258,152. The firm has a fifty day moving average of $4.85 and a two-hundred day moving average of $5.15. The stock has a market capitalization of $8.86 billion, a price-to-earnings ratio of -29.11 and a beta of 1.03. The company has a debt-to-equity ratio of 1.75, a current ratio of 2.94 and a quick ratio of 2.94. Snap Inc. has a 52 week low of $3.81 and a 52 week high of $9.28.

Snap (NYSE:SNAP) last issued its quarterly earnings data on Monday, August 3rd. The company reported ($0.10) earnings per share for the quarter, topping 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 firm had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period last year, the company earned ($0.16) EPS. The business’s quarterly revenue was up 18.9% compared to the same quarter last year. On average, equities analysts anticipate that Snap Inc. will post -0.05 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Wells Fargo & Company boosted their price objective on shares of Snap from $5.00 to $6.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 4th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Snap in a research note on Tuesday, August 4th. Citizens Jmp reiterated a “market perform” rating on shares of Snap in a research report on Tuesday, August 4th. Barclays increased their price target on shares of Snap from $15.00 to $16.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 4th. Finally, DA Davidson raised their price objective on shares of Snap from $5.00 to $5.25 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. Two investment 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 assigned a Sell rating to the company. Based on data from MarketBeat.com, Snap presently has an average rating of “Hold” and an average price target of $7.65.

Hedge Funds Weigh In On Snap

Institutional investors and hedge funds have recently made changes to their positions in the business. Saba Capital Management L.P. lifted its stake in shares of Snap by 232.5% in the first quarter. Saba Capital Management L.P. now owns 4,727,808 shares of the company’s stock worth $21,748,000 after buying an additional 3,306,024 shares in the last quarter. Empyrean Capital Partners LP bought a new stake in shares of Snap during the first quarter valued at approximately $25,300,000. Assenagon Asset Management S.A. increased its position in shares of Snap by 1,191.8% during the second quarter. Assenagon Asset Management S.A. now owns 3,903,141 shares of the company’s stock valued at $17,330,000 after acquiring an additional 3,601,002 shares in the last quarter. Leonteq Securities AG purchased a new position in Snap in the 4th quarter worth approximately $1,620,000. Finally, Eurizon Capital SGR S.p.A. purchased a new position in Snap in the 4th quarter worth approximately $1,629,000. Institutional investors own 47.52% of the company’s stock.

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.