Snap (NYSE:SNAP) General Counsel Michael O’sullivan Sells 24,000 Shares

Snap Inc. (NYSE:SNAP) General Counsel Michael O’sullivan sold 24,000 shares of the company’s stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $7.73, for a total transaction of $185,520.00. Following the completion of the transaction, the general counsel owned 490,454 shares in the company, valued at approximately $3,791,209.42. The trade was a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Snap Trading Down 4.6%

Shares of NYSE SNAP traded down $0.36 during mid-day trading on Tuesday, reaching $7.46. The company had a trading volume of 45,003,067 shares, compared to its average volume of 52,074,965. The business’s 50-day moving average is $7.78 and its 200-day moving average is $8.26. The company has a current ratio of 3.88, a quick ratio of 3.88 and a debt-to-equity ratio of 1.73. The stock has a market cap of $12.61 billion, a price-to-earnings ratio of -23.32 and a beta of 0.89. Snap Inc. has a 52 week low of $6.90 and a 52 week high of $13.28.

Snap (NYSE:SNAP) last posted its quarterly earnings results on Tuesday, August 5th. The company reported ($0.16) EPS for the quarter, hitting analysts’ consensus estimates of ($0.16). The firm had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.34 billion. Snap had a negative net margin of 9.69% and a negative return on equity of 23.32%. The business’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same period in the prior year, the business posted ($0.15) earnings per share. Equities analysts expect that Snap Inc. will post -0.3 earnings per share for the current year.

Hedge Funds Weigh In On Snap

Hedge funds have recently made changes to their positions in the company. Sumitomo Mitsui Trust Group Inc. lifted its position in Snap by 31.7% during the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,208,697 shares of the company’s stock valued at $36,574,000 after purchasing an additional 1,013,757 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in Snap during the 2nd quarter worth about $2,723,000. Arkadios Wealth Advisors purchased a new position in shares of Snap during the 2nd quarter valued at about $1,256,000. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Snap by 12.2% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 26,841 shares of the company’s stock valued at $234,000 after buying an additional 2,918 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in shares of Snap by 6.7% in the 1st quarter. Vanguard Group Inc. now owns 109,483,491 shares of the company’s stock valued at $953,601,000 after buying an additional 6,921,841 shares during the period. 47.52% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Zacks Research cut shares of Snap from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 20th. Wells Fargo & Company increased their target price on shares of Snap from $7.00 to $8.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 7th. BMO Capital Markets dropped their target price on shares of Snap from $13.00 to $12.00 and set an “outperform” rating on the stock in a report on Wednesday, August 6th. Citigroup cut shares of Snap from an “outperform” rating to a “negative” rating in a report on Tuesday, July 15th. Finally, Citizens Jmp reiterated a “market perform” rating on shares of Snap in a report on Wednesday, August 6th. Four analysts have rated the stock with a Buy rating, twenty-two have assigned a Hold rating and four have given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $34.57.

About Snap

Snap Inc operates as a technology company in North America, Europe, and internationally. The company offers Snapchat, a visual messaging application with various tabs, such as camera, visual messaging, snap map, stories, and spotlight that enable people to communicate visually through short videos and images.