Key Points
- Snap CTO Robert Murphy sold 2 million shares at an average price of $5.55, generating $11.1 million and reducing his ownership by 4.57% to 41.8 million shares.
- Snap’s latest quarterly results exceeded expectations: revenue rose 18.9% year over year to $1.60 billion, while its $0.10 per-share loss was narrower than the $0.12 consensus estimate.
- Analyst sentiment remains mixed, with an average “Hold” rating and a $7.65 price target; shares were trading near $5.33, while institutional investors owned 47.52% of the company.
Snap Inc. (NYSE:SNAP - Get Free Report) CTO Robert Murphy sold 2,000,000 shares of the company's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $5.55, for a total transaction of $11,100,000.00. Following the transaction, the chief technology officer owned 41,809,791 shares in the company, valued at $232,044,340.05. The trade was a 4.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
Snap Trading Up 2.0%
Shares of Snap stock opened at $5.33 on Friday. The company has a 50-day moving average of $4.92 and a two-hundred day moving average of $5.29. Snap Inc. has a 12-month low of $3.81 and a 12-month high of $9.28. The company has a current ratio of 2.94, a quick ratio of 3.53 and a debt-to-equity ratio of 1.75. The stock has a market cap of $8.99 billion, a PE ratio of -29.58 and a beta of 1.03.
Snap (NYSE:SNAP - Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.02. The business had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.54 billion. Snap had a negative return on equity of 14.61% and a negative net margin of 4.90%.The company's quarterly revenue was up 18.9% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.16) EPS. On average, research analysts anticipate that Snap Inc. will post -0.07 EPS for the current fiscal year.
Institutional Trading of Snap
Hedge funds and other institutional investors have recently modified their holdings of the stock. Alyeska Investment Group L.P. acquired a new position in shares of Snap during the 3rd quarter worth about $176,697,000. AQR Capital Management LLC grew its holdings in Snap by 874.3% in the 4th 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 acquired a new stake in Snap in the 1st quarter valued at approximately $25,300,000. Assenagon Asset Management S.A. increased its position in Snap by 1,191.8% in the 2nd quarter. Assenagon Asset Management S.A. now owns 3,903,141 shares of the company's stock worth $17,330,000 after buying an additional 3,601,002 shares during the period. Finally, Voloridge Investment Management LLC lifted its holdings in shares of Snap by 53.3% during the third quarter. Voloridge Investment Management LLC now owns 10,300,911 shares of the company's stock worth $79,420,000 after buying an additional 3,582,223 shares during the last quarter. Institutional investors and hedge funds own 47.52% of the company's stock.
Analysts Set New Price Targets
Several analysts have weighed in on SNAP shares. Rothschild & Co Redburn raised Snap from a "neutral" rating to a "buy" rating and set a $10.00 target price on the stock in a report on Monday, April 27th. Citizens Jmp reiterated a "market perform" rating on shares of Snap in a research report on Tuesday. Canaccord Genuity Group lowered their price objective on shares of Snap from $7.00 to $6.00 and set a "hold" rating on the stock in a research note on Tuesday, April 14th. Evercore set a $8.00 target price on shares of Snap in a report on Tuesday. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of Snap in a research report on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-three have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $7.65.
Read Our Latest Research Report on SNAP
Key Snap News
Here are the key news stories impacting Snap this week:
- Positive Sentiment: Freedom Capital upgraded Snap from “hold” to “strong-buy,” adding a bullish endorsement following the company’s recent earnings performance. Zacks.com
- Positive Sentiment: Snap’s second-quarter results strengthened hopes for a turnaround. Revenue reached $1.60 billion, ahead of expectations, while the adjusted loss per share was narrower than analysts anticipated; revenue also increased 18.9% year over year. Snap: Strong Q2 Earnings Bolster Hopes Of A Turnaround
- Positive Sentiment: Coverage from Cantor Fitzgerald and Wells Fargo projected meaningful upside for Snap, reinforcing investor optimism that improving operating trends could support further appreciation. Cantor Fitzgerald Forecast Wells Fargo Forecast
- Positive Sentiment: Citigroup raised its price target to $6.75, signaling valuation upside from recent trading levels. Citigroup Price Target
- Neutral Sentiment: Citizens JMP reiterated a “market perform” rating, suggesting the firm sees balanced risk and reward rather than a decisive near-term catalyst. Citizens JMP Rating
- Negative Sentiment: An analyst downgrade led to an 8.1% decline in Snap shares, highlighting continued sensitivity to cautious Wall Street views despite the strong quarter. Snap Trading Down on Analyst Downgrade
- Negative Sentiment: Rosenblatt Securities issued a pessimistic forecast, adding to concerns that Snap’s earnings improvement may not yet represent a durable recovery. Rosenblatt Securities Forecast
About Snap
(
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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