Key Points
- Snap CTO Robert Murphy sold 2 million shares for $9.98 million at an average price of $4.99, reducing his stake by 5.18%; he still directly owns about 36.6 million shares.
- Snap reported quarterly EPS of $0.03 and revenue of $1.72 billion, slightly below analyst revenue expectations, while revenue increased 14.3% year over year.
- Analysts’ consensus rating is Hold, with an average price target of $7.31; recent target cuts included Citigroup’s reduction to $6 and JPMorgan’s to $5.
Snap Inc. (NYSE:SNAP - Get Free Report) CTO Robert Murphy sold 2,000,000 shares of the business's stock in a transaction on Friday, November 6th. The shares were sold at an average price of $4.99, for a total transaction of $9,980,000.00. Following the sale, the chief technology officer directly owned 36,586,451 shares in the company, valued at $182,566,390.49. This trade represents a 5.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.
Snap Stock Performance
Shares of SNAP stock opened at $5.00 on Wednesday. The company has a debt-to-equity ratio of 1.52, a quick ratio of 3.36 and a current ratio of 3.36. The business has a fifty day moving average of $5.73 and a 200 day moving average of $5.37. Snap Inc. has a 1 year low of $3.81 and a 1 year high of $9.13.
Snap (NYSE:SNAP - Get Free Report) last issued its quarterly earnings results on Wednesday, November 4th. The company reported $0.03 EPS for the quarter. The company had revenue of $1.72 billion during the quarter, compared to analysts' expectations of $1.73 billion. Snap had a negative return on equity of 7.10% and a negative net margin of 2.30%. The firm's revenue was up 14.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.06) EPS. Equities research analysts anticipate that Snap Inc. will post -0.03 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Snap
Large investors have recently made changes to their positions in the company. Assenagon Asset Management S.A. boosted its holdings in Snap by 278.5% during the third quarter. Assenagon Asset Management S.A. now owns 14,771,533 shares of the company's stock worth $79,766,000 after buying an additional 10,868,392 shares in the last quarter. Empyrean Capital Partners LP acquired a new stake in Snap during the first quarter valued at $25,300,000. Saba Capital Management L.P. boosted its stake in shares of Snap by 232.5% during the 1st quarter. Saba Capital Management L.P. now owns 4,727,808 shares of the company's stock worth $21,748,000 after acquiring an additional 3,306,024 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of Snap by 9.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 4,228,614 shares of the company's stock valued at $22,765,000 after acquiring an additional 375,301 shares during the period. Finally, Swiss National Bank grew its position in shares of Snap by 7.1% during the 1st quarter. Swiss National Bank now owns 3,160,100 shares of the company's stock valued at $14,536,000 after acquiring an additional 209,900 shares during the period. 47.52% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of equities research analysts recently commented on SNAP shares. Citigroup decreased their target price on Snap from $6.75 to $6.00 and set a "neutral" rating for the company in a report on Friday, November 6th. Freedom Capital upgraded Snap from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 4th. Benchmark reiterated a "hold" rating on shares of Snap in a report on Tuesday, August 4th. Raymond James Financial reissued an "outperform" rating and set a $7.00 price target on shares of Snap in a research report on Thursday, November 5th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Snap from $6.00 to $5.00 and set an "underweight" rating for the company in a research report on Thursday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, twenty-three have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Snap presently has an average rating of "Hold" and an average target price of $7.31.
Check Out Our Latest Analysis on SNAP
Snap Company Profile
(
Get Free Report)
Snap Inc. is a technology company best known for Snapchat, a mobile application for visual communication. The company's products and services help people share photos and videos, message friends, and explore content from creators and publishers. Snapchat features include Stories, Spotlight for short-form video, Snap Map, and augmented reality tools such as interactive Lenses. Snap also provides advertising solutions to businesses and develops camera-related products and services, including its Spectacles smart glasses and Snap AR platform.
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