Key Points
- Snap General Counsel Zachary Briers sold 11,257 shares at an average price of $6.00, generating $67,542. After the transaction, he retained 2,345,534 shares, a 0.48% reduction in his position.
- Snap’s latest quarterly results exceeded expectations, with an adjusted loss of $0.10 per share versus the projected $0.12 loss and revenue of $1.60 billion, up 18.9% year over year.
- Wall Street maintains a consensus “Hold” rating on Snap, with an average price target of $7.65; institutional investors own approximately 47.52% of the company’s shares.
Snap Inc. (NYSE:SNAP - Get Free Report) General Counsel Zachary Briers sold 11,257 shares of Snap stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $6.00, for a total transaction of $67,542.00. Following the sale, the general counsel directly owned 2,345,534 shares of the company's stock, valued at $14,073,204. This trade represents a 0.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.
Snap Trading Down 0.6%
Snap stock opened at $5.43 on Wednesday. Snap Inc. has a 12 month low of $3.81 and a 12 month high of $9.28. The company has a quick ratio of 2.94, a current ratio of 2.94 and a debt-to-equity ratio of 1.75. The stock has a market cap of $9.19 billion, a P/E ratio of -30.19 and a beta of 1.05. The company's fifty day simple moving average is $5.05 and its 200-day simple moving average is $5.16.
Snap (NYSE:SNAP - Get Free Report) last released its quarterly earnings data on Monday, August 3rd. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.12) by $0.02. Snap had a negative return on equity of 14.61% and a negative net margin of 4.90%.The firm had revenue of $1.60 billion during the quarter, compared to analysts' expectations of $1.54 billion. During the same quarter last year, the firm earned ($0.16) earnings per share. The business's revenue for the quarter was up 18.9% on a year-over-year basis. As a group, sell-side analysts forecast that Snap Inc. will post -0.02 EPS for the current fiscal year.
Institutional Trading of Snap
A number of hedge funds have recently bought and sold shares of SNAP. Allworth Financial LP increased its holdings in shares of Snap by 92.3% during the 3rd quarter. Allworth Financial LP now owns 3,293 shares of the company's stock worth $25,000 after purchasing an additional 1,581 shares during the period. Arax Advisory Partners lifted its stake in shares of Snap by 220.0% in the fourth quarter. Arax Advisory Partners now owns 3,309 shares of the company's stock valued at $27,000 after buying an additional 2,275 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of Snap by 561.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 3,618 shares of the company's stock valued at $29,000 after buying an additional 3,071 shares during the period. Fifth Third Bancorp grew its position in Snap by 6,678.0% during the first quarter. Fifth Third Bancorp now owns 6,778 shares of the company's stock worth $31,000 after buying an additional 6,678 shares in the last quarter. Finally, NFSG Corp increased its stake in Snap by 52.7% during the first quarter. NFSG Corp now owns 8,400 shares of the company's stock valued at $39,000 after acquiring an additional 2,900 shares during the period. 47.52% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several equities analysts recently weighed in on the stock. Stifel Nicolaus set a $7.50 price objective on shares of Snap in a research report on Tuesday, August 4th. Guggenheim restated a "neutral" rating on shares of Snap in a research note on Wednesday, September 2nd. Freedom Capital raised shares of Snap from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 4th. Piper Sandler reiterated a "neutral" rating on shares of Snap in a report on Tuesday, August 4th. Finally, Truist Financial cut their target price on Snap from $8.00 to $7.00 and set a "hold" rating on the stock in a report on Tuesday, August 4th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-four have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Snap presently has a consensus rating of "Hold" and an average target price of $7.65.
Read Our Latest Stock Analysis on Snap
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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