Key Points
- Snap CTO Robert Murphy sold 2,000,000 shares on May 13 at an average price of $5.44, totaling about $10.88 million. After the sale, he still owned more than 47 million shares.
- Snap reported quarterly EPS of -$0.05, missing analyst expectations, while revenue of $1.53 billion matched forecasts and rose 12.2% year over year. The company remains unprofitable, with negative net margin and return on equity.
- Wall Street sentiment on Snap is mixed, with an overall Hold rating and a consensus price target of $7.91. Institutional investors continue to hold a sizable stake, owning about 47.52% of the company.
Snap Inc. (NYSE:SNAP - Get Free Report) CTO Robert Murphy sold 2,000,000 shares of the firm's stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $5.44, for a total value of $10,880,000.00. Following the transaction, the chief technology officer owned 47,012,324 shares in the company, valued at approximately $255,747,042.56. This represents a 4.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.
Snap Stock Performance
Shares of Snap stock opened at $5.53 on Friday. The firm has a market cap of $9.33 billion, a P/E ratio of -23.02 and a beta of 1.05. The company has a current ratio of 3.53, a quick ratio of 3.56 and a debt-to-equity ratio of 1.67. Snap Inc. has a 12 month low of $3.81 and a 12 month high of $10.41. The stock's fifty day moving average price is $5.19 and its 200-day moving average price is $6.50.
Snap (NYSE:SNAP - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.09 by ($0.14). Snap had a negative net margin of 6.72% and a negative return on equity of 18.92%. The firm had revenue of $1.53 billion for the quarter, compared to analysts' expectations of $1.53 billion. During the same quarter in the prior year, the business posted ($0.08) EPS. The business's quarterly revenue was up 12.2% on a year-over-year basis. On average, equities research analysts expect that Snap Inc. will post -0.12 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Snap
A number of large investors have recently modified their holdings of SNAP. Empowered Funds LLC grew its stake in shares of Snap by 13.3% during the first quarter. Empowered Funds LLC now owns 40,393 shares of the company's stock worth $352,000 after acquiring an additional 4,754 shares during the last quarter. Prudential Financial Inc. purchased a new stake in shares of Snap during the second quarter worth about $136,000. Investment Management Corp of Ontario grew its stake in shares of Snap by 104.0% during the second quarter. Investment Management Corp of Ontario now owns 61,513 shares of the company's stock worth $535,000 after acquiring an additional 31,357 shares during the last quarter. Nebula Research & Development LLC purchased a new stake in shares of Snap during the second quarter worth about $1,675,000. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Snap by 52.0% during the second quarter. The Manufacturers Life Insurance Company now owns 89,337 shares of the company's stock worth $776,000 after acquiring an additional 30,561 shares during the last quarter. Hedge funds and other institutional investors own 47.52% of the company's stock.
Wall Street Analysts Forecast Growth
SNAP has been the topic of several analyst reports. Loop Capital set a $8.00 target price on Snap in a research note on Monday, February 23rd. Sanford C. Bernstein lowered Snap from a "market perform" rating to a "market perform" rating in a research note on Monday, April 27th. The Goldman Sachs Group cut their target price on Snap from $8.00 to $7.00 and set a "neutral" rating on the stock in a research note on Thursday, May 7th. Rosenblatt Securities reiterated a "neutral" rating and issued a $6.40 target price on shares of Snap in a research note on Thursday, April 16th. Finally, Guggenheim reiterated a "neutral" rating and issued a $6.50 target price on shares of Snap in a research note on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twenty-two have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $7.91.
View Our Latest Analysis on SNAP
Snap Company Profile
(
Get Free Report)
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.
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