Key Points
- Snap General Counsel Zachary Briers sold 11,958 shares on June 4 at an average price of $6.00, totaling $71,748. After the sale, he still held about 2.56 million shares.
- Snap’s latest quarterly results missed earnings estimates with EPS of -$0.05 versus the expected $0.09, though revenue of $1.53 billion matched forecasts and rose 12.2% year over year.
- Analyst sentiment remains cautious, with a consensus rating of “Hold” and an average price target of $7.91; JPMorgan recently cut its target to $6.00 and kept an underweight rating.
Snap Inc. (NYSE:SNAP - Get Free Report) General Counsel Zachary Briers sold 11,958 shares of the company's stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $6.00, for a total value of $71,748.00. Following the completion of the sale, the general counsel owned 2,560,835 shares of the company's stock, valued at approximately $15,365,010. The trade was a 0.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.
Snap Stock Performance
Shares of SNAP opened at $5.76 on Friday. The company has a quick ratio of 3.53, a current ratio of 3.53 and a debt-to-equity ratio of 1.67. Snap Inc. has a 52 week low of $3.81 and a 52 week high of $10.41. The business has a 50-day simple moving average of $5.50 and a two-hundred day simple moving average of $6.25. The stock has a market cap of $9.72 billion, a price-to-earnings ratio of -23.99 and a beta of 1.03.
Snap (NYSE:SNAP - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.14). Snap had a negative return on equity of 18.92% and a negative net margin of 6.72%.The business 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 revenue for the quarter was up 12.2% compared to the same quarter last year. On average, analysts expect that Snap Inc. will post -0.06 EPS for the current year.
Hedge Funds Weigh In On Snap
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SNAP. Alyeska Investment Group L.P. bought a new position in Snap during the third quarter valued at approximately $176,697,000. AQR Capital Management LLC boosted its stake in Snap by 874.3% during the fourth quarter. AQR Capital Management LLC now owns 10,066,852 shares of the company's stock valued at $81,239,000 after buying an additional 9,033,644 shares during the last quarter. Empyrean Capital Partners LP bought a new position in Snap during the first quarter valued at approximately $25,300,000. Junto Capital Management LP bought a new position in Snap during the third quarter valued at approximately $29,071,000. Finally, Voloridge Investment Management LLC boosted its stake in Snap by 53.3% during the third quarter. Voloridge Investment Management LLC now owns 10,300,911 shares of the company's stock valued at $79,420,000 after buying an additional 3,582,223 shares during the last quarter. 47.52% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several analysts recently issued reports on SNAP shares. JPMorgan Chase & Co. cut their target price on Snap from $7.00 to $6.00 and set an "underweight" rating for the company in a research report on Thursday, May 7th. Citigroup reiterated a "neutral" rating on shares of Snap in a research report on Monday, May 18th. Barclays upgraded Snap from an "overweight" rating to an "overweight" rating in a research report on Monday, April 27th. Wall Street Zen cut Snap from a "buy" rating to a "hold" rating in a research report on Sunday, May 17th. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of Snap in a research report on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty-two have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Snap has an average rating of "Hold" and a consensus price target of $7.91.
Check Out Our Latest Research Report 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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