Zachary Briers Sells 67,540 Shares of Snap (NYSE:SNAP) Stock

Snap Inc. (NYSE:SNAP) General Counsel Zachary Briers sold 67,540 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $5.08, for a total value of $343,103.20. Following the completion of the transaction, the general counsel directly owned 2,356,791 shares in the company, valued at approximately $11,972,498.28. The trade was a 2.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Snap Price Performance

Shares of NYSE SNAP opened at $5.23 on Friday. The company has a debt-to-equity ratio of 1.75, a current ratio of 2.94 and a quick ratio of 2.94. The stock has a fifty 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 market cap of $8.84 billion, a PE ratio of -29.05 and a beta of 1.03.

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

Institutional Investors Weigh In On Snap

A number of hedge funds and other institutional investors have recently modified their holdings of SNAP. Allworth Financial LP increased its stake in Snap by 92.3% in the 3rd quarter. Allworth Financial LP now owns 3,293 shares of the company’s stock valued at $25,000 after purchasing an additional 1,581 shares in the last quarter. Arax Advisory Partners boosted its position in 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 purchasing an additional 2,275 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in 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 purchasing an additional 3,071 shares in the last quarter. Fifth Third Bancorp grew its holdings in Snap by 6,678.0% in the first quarter. Fifth Third Bancorp now owns 6,778 shares of the company’s stock valued at $31,000 after purchasing an additional 6,678 shares during the last quarter. Finally, NFSG Corp grew its holdings in Snap by 52.7% in the first quarter. NFSG Corp now owns 8,400 shares of the company’s stock valued at $39,000 after purchasing an additional 2,900 shares during the last quarter. 47.52% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on SNAP. HSBC downgraded shares of Snap from a “hold” rating to a “hold” rating in a research report on Monday, April 27th. Citizens Jmp reissued a “market perform” rating on shares of Snap in a report on Tuesday, August 4th. Tigress Financial assumed coverage on Snap in a research note on Monday, April 27th. They issued a “buy” rating on the stock. Freedom Capital raised Snap from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 4th. Finally, Wall Street Zen upgraded Snap from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Two 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 given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $7.65.

Key Headlines Impacting Snap

Here are the key news stories impacting Snap this week:

• Neutral Sentiment: CFO Douglas Hott sold 131,884 shares for approximately $685,797 at an average price of $5.20, reducing his direct stake by about 5.37%. He retained more than 2.3 million shares. Snap CFO share sale article
• Neutral Sentiment: General Counsel Zachary Briers sold 204,044 shares in two reported transactions valued at roughly $1.05 million. The sales reduced his holdings, but he continued to own more than 2.3 million shares. SEC insider ownership filing
• Neutral Sentiment: Chief Accounting Officer Rebecca Morrow sold 17,336 shares worth approximately $90,147, while insider Ajit Mohan sold 54,608 shares valued at about $283,962. Both retained substantial positions after their tax-related sales. Snap insider selling report

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.