Insider Selling: Snap (NYSE:SNAP) CFO Sells $695,570.40 in Stock

Snap Inc. (NYSE:SNAP) CFO Douglas Hott sold 124,209 shares of Snap stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.60, for a total transaction of $695,570.40. Following the completion of the transaction, the chief financial officer directly owned 2,571,149 shares in the company, valued at approximately $14,398,434.40. The trade was a 4.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Douglas Hott also recently made the following trade(s):

• On Tuesday, May 19th, Douglas Hott sold 114,702 shares of Snap stock. The stock was sold at an average price of $5.67, for a total transaction of $650,360.34.

Snap Stock Up 0.4%

Shares of NYSE SNAP opened at $5.72 on Friday. The company has a quick ratio of 3.53, a current ratio of 3.53 and a debt-to-equity ratio of 1.67. Snap Inc. has a 52 week low of $3.81 and a 52 week high of $10.41. The firm’s fifty day moving average is $5.25 and its 200 day moving average is $6.42. The company has a market cap of $9.65 billion, a price-to-earnings ratio of -23.81 and a beta of 1.05.

Snap (NYSE:SNAP) last issued its earnings results on Wednesday, May 6th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.09 by ($0.14). Snap had a negative return on equity of 18.92% and a negative net margin of 6.72%.The firm had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same period in the previous year, the firm earned ($0.08) earnings per share. The firm’s quarterly revenue was up 12.2% compared to the same quarter last year. On average, equities research analysts expect that Snap Inc. will post -0.07 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts recently commented on SNAP shares. TD Cowen assumed coverage on shares of Snap in a research note on Monday, April 27th. They issued a “buy” rating on the stock. Arete Research set a $7.30 price objective on shares of Snap and gave the company a “buy” rating in a research report on Tuesday, February 10th. Piper Sandler reissued a “neutral” rating on shares of Snap in a research report on Thursday, February 5th. Roth Mkm set a $7.00 price objective on shares of Snap in a research report on Thursday, February 5th. Finally, Tigress Financial assumed coverage on shares of Snap in a research report on Monday, April 27th. They set a “buy” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty-two have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $7.91.

Hedge Funds Weigh In On Snap

A number of hedge funds have recently bought and sold shares of the company. Western Wealth Management LLC bought a new position in Snap in the 1st quarter worth about $48,000. Centaurus Financial Inc. boosted its stake in Snap by 9.0% in the 1st quarter. Centaurus Financial Inc. now owns 227,072 shares of the company’s stock worth $1,045,000 after purchasing an additional 18,700 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in Snap by 135.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 8,525 shares of the company’s stock worth $39,000 after purchasing an additional 4,907 shares in the last quarter. Riposte Capital LLC bought a new position in Snap in the 1st quarter worth about $5,520,000. Finally, Empowered Funds LLC boosted its stake in Snap by 39.8% in the 1st quarter. Empowered Funds LLC now owns 338,774 shares of the company’s stock worth $1,558,000 after purchasing an additional 96,495 shares in the last quarter. Institutional investors own 47.52% of the company’s stock.

About Snap

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.