Snap (NYSE:SNAP) General Counsel Michael O’sullivan Sells 24,000 Shares of Stock

Snap Inc. (NYSE:SNAP) General Counsel Michael O’sullivan sold 24,000 shares of the company’s stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $7.73, for a total transaction of $185,520.00. Following the completion of the sale, the general counsel directly owned 490,454 shares of the company’s stock, valued at $3,791,209.42. The trade was a 4.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Snap Trading Down 4.6%

Shares of SNAP stock opened at $7.46 on Wednesday. Snap Inc. has a 52-week low of $6.90 and a 52-week high of $13.28. The company has a debt-to-equity ratio of 1.73, a quick ratio of 3.88 and a current ratio of 3.88. The company has a 50-day simple moving average of $7.79 and a two-hundred day simple moving average of $8.26. The company has a market capitalization of $12.61 billion, a price-to-earnings ratio of -23.32 and a beta of 0.89.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($0.16) EPS for the quarter, hitting the consensus estimate of ($0.16). The business had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.34 billion. Snap had a negative net margin of 9.69% and a negative return on equity of 23.32%. The company’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.15) earnings per share. Research analysts anticipate that Snap Inc. will post -0.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of Snap in a research report on Wednesday, August 6th. Truist Financial lowered their price objective on shares of Snap from $11.00 to $10.00 and set a “hold” rating on the stock in a research report on Wednesday, August 6th. Sanford C. Bernstein lifted their price objective on shares of Snap from $9.00 to $10.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 22nd. Zacks Research lowered shares of Snap from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 20th. Finally, Evercore ISI lifted their price objective on shares of Snap from $11.00 to $12.00 and gave the stock an “in-line” rating in a research report on Wednesday, August 6th. Four research analysts have rated the stock with a Buy rating, twenty-two have issued a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Snap currently has an average rating of “Hold” and an average price target of $34.57.

Institutional Trading of Snap

A number of institutional investors have recently modified their holdings of the business. DMC Group LLC lifted its stake in shares of Snap by 7.2% during the 1st quarter. DMC Group LLC now owns 19,547 shares of the company’s stock valued at $170,000 after buying an additional 1,313 shares in the last quarter. Apollon Wealth Management LLC lifted its stake in shares of Snap by 9.2% during the 2nd quarter. Apollon Wealth Management LLC now owns 15,934 shares of the company’s stock valued at $138,000 after buying an additional 1,340 shares in the last quarter. Zullo Investment Group Inc. lifted its stake in shares of Snap by 12.8% during the 2nd quarter. Zullo Investment Group Inc. now owns 12,040 shares of the company’s stock valued at $105,000 after buying an additional 1,365 shares in the last quarter. Orion Porfolio Solutions LLC grew its stake in Snap by 8.3% during the second quarter. Orion Porfolio Solutions LLC now owns 18,913 shares of the company’s stock valued at $164,000 after acquiring an additional 1,451 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC grew its stake in Snap by 2.5% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 70,608 shares of the company’s stock valued at $614,000 after acquiring an additional 1,743 shares in the last quarter. 47.52% of the stock is currently 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.