Snap Inc (NYSE:SNAP) General Counsel Michael J. O’sullivan sold 18,500 shares of Snap stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $10.89, for a total transaction of $201,465.00. Following the completion of the sale, the general counsel now directly owns 1,015,078 shares in the company, valued at approximately $11,054,199.42. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.
NYSE:SNAP traded up $0.31 during midday trading on Wednesday, hitting $10.94. The company had a trading volume of 19,038,111 shares, compared to its average volume of 28,847,240. Snap Inc has a 52-week low of $4.82 and a 52-week high of $16.86. The firm has a market capitalization of $14.04 billion, a PE ratio of -11.28 and a beta of 1.14.
Snap (NYSE:SNAP) last announced its earnings results on Tuesday, February 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.15. Snap had a negative net margin of 106.39% and a negative return on equity of 46.90%. The company had revenue of $389.82 million during the quarter, compared to analyst estimates of $378.90 million. During the same period in the previous year, the business earned ($0.13) earnings per share. The firm’s quarterly revenue was up 36.4% compared to the same quarter last year. Equities analysts predict that Snap Inc will post -0.69 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Commonwealth Equity Services LLC raised its position in Snap by 24.7% during the 3rd quarter. Commonwealth Equity Services LLC now owns 152,869 shares of the company’s stock worth $1,296,000 after purchasing an additional 30,269 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Snap in the 3rd quarter worth about $1,587,000. Bank of New York Mellon Corp raised its position in shares of Snap by 97.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 479,423 shares of the company’s stock worth $4,066,000 after acquiring an additional 236,816 shares in the last quarter. Aviance Capital Partners LLC bought a new position in shares of Snap in the 3rd quarter worth about $110,000. Finally, Penn Mutual Asset Management LLC bought a new position in shares of Snap in the 3rd quarter worth about $551,000. Institutional investors and hedge funds own 23.31% of the company’s stock.
A number of equities research analysts recently commented on the stock. BTIG Research raised shares of Snap from a “neutral” rating to a “buy” rating and set a $15.00 price target on the stock in a report on Thursday, March 14th. Consumer Edge assumed coverage on shares of Snap in a report on Tuesday, March 12th. They issued an “outperform” rating on the stock. Zacks Investment Research raised shares of Snap from a “hold” rating to a “buy” rating and set a $10.00 price target on the stock in a report on Monday, February 18th. Wedbush reaffirmed an “outperform” rating and issued a $12.25 price target on shares of Snap in a report on Wednesday, February 6th. Finally, Nomura lifted their price target on shares of Snap from $6.00 to $9.00 and gave the stock a “neutral” rating in a report on Wednesday, February 6th. Four investment analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and six have assigned a buy rating to the company. Snap presently has a consensus rating of “Hold” and a consensus price target of $8.85.
Snap Company Profile
Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page that allows creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps surfacing the stories and shows from publishers, creators, and the community, based on a user's subscriptions and interests.
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