Key Points
- Snap insider Ajit Mohan sold 6,923 shares on June 16 for about $38,630 at an average price of $5.58. The filing said the sale was to cover tax withholding obligations tied to vesting equity awards.
- After the transaction, Mohan still held 5,050,968 shares, and the sale reduced his position by only 0.14%. The article also notes he had made larger Snap sales in May and April.
- Snap stock recently traded near $4.65, below its 50-day and 200-day moving averages, while the company reported mixed quarterly results with revenue in line with estimates but earnings missing forecasts. Analysts currently have a Hold consensus target of $7.79.
Snap Inc. (NYSE:SNAP - Get Free Report) insider Ajit Mohan sold 6,923 shares of the company's stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $5.58, for a total value of $38,630.34. Following the completion of the sale, the insider owned 5,050,968 shares of the company's stock, valued at $28,184,401.44. This represents a 0.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Ajit Mohan also recently made the following trade(s):
- On Monday, May 18th, Ajit Mohan sold 44,785 shares of Snap stock. The shares were sold at an average price of $5.60, for a total value of $250,796.00.
- On Thursday, April 16th, Ajit Mohan sold 28,058 shares of Snap stock. The stock was sold at an average price of $6.02, for a total value of $168,909.16.
Snap Price Performance
Snap stock opened at $4.65 on Friday. The company has a current ratio of 3.53, a quick ratio of 3.53 and a debt-to-equity ratio of 1.67. The firm has a market capitalization of $7.85 billion, a P/E ratio of -19.38 and a beta of 1.03. The business has a 50-day moving average of $5.64 and a 200-day moving average of $6.08. Snap Inc. has a 1 year low of $3.81 and a 1 year high of $10.41.
Snap (NYSE:SNAP - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.05) earnings per share for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $1.53 billion. During the same quarter in the prior year, the business earned ($0.08) earnings per share. The business's revenue was up 12.2% on a year-over-year basis. On average, equities analysts anticipate that Snap Inc. will post -0.06 EPS for the current year.
Institutional Trading of Snap
Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Snap by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 101,251,557 shares of the company's stock worth $817,100,000 after purchasing an additional 641,271 shares during the last quarter. Capital World Investors lifted its position in Snap by 1.4% during the 4th quarter. Capital World Investors now owns 88,452,006 shares of the company's stock worth $713,808,000 after buying an additional 1,179,543 shares in the last quarter. Capital International Investors boosted its stake in shares of Snap by 0.3% during the 3rd quarter. Capital International Investors now owns 37,780,205 shares of the company's stock worth $291,285,000 after buying an additional 95,989 shares during the last quarter. Alyeska Investment Group L.P. bought a new position in shares of Snap in the 3rd quarter valued at about $176,697,000. Finally, Geode Capital Management LLC increased its position in shares of Snap by 3.6% in the fourth quarter. Geode Capital Management LLC now owns 13,525,119 shares of the company's stock valued at $108,711,000 after acquiring an additional 469,795 shares during the last quarter. Institutional investors own 47.52% of the company's stock.
Analysts Set New Price Targets
Several brokerages have recently issued reports on SNAP. Piper Sandler reissued a "neutral" rating on shares of Snap in a report on Wednesday. TD Cowen started coverage on Snap in a research note on Monday, April 27th. They set a "buy" rating on the stock. BMO Capital Markets lifted their target price on Snap from $13.00 to $15.00 and gave the stock an "outperform" rating in a report on Wednesday, April 15th. Sanford C. Bernstein cut Snap from a "market perform" rating to a "market perform" rating in a research note on Monday, April 27th. Finally, Wells Fargo & Company increased their price target on Snap from $6.00 to $7.00 and gave the stock an "equal weight" rating in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, twenty-three have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Snap currently has an average rating of "Hold" and a consensus target price of $7.79.
Read Our Latest Research Report on SNAP
Key Headlines Impacting Snap
Here are the key news stories impacting Snap this week:
- Positive Sentiment: Snap is continuing to expand its augmented reality ecosystem, including the launch of SPECs glasses and new developer opportunities that could support longer-term platform engagement.
- Positive Sentiment: The company also bought Illumix to strengthen its AR capabilities, reinforcing management’s commitment to AR as a growth area.
- Neutral Sentiment: Trading activity included elevated call option interest, suggesting some investors are still positioning for a rebound despite the recent selloff.
- Negative Sentiment: Insider Ajit Mohan sold 6,923 shares, though the filing said the sale was made to cover tax withholding obligations tied to equity vesting, which makes it less concerning than a discretionary sale.
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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