Snap (NYSE:SNAP) CTO Robert Murphy Sells 2,000,000 Shares of Stock

Snap Inc. (NYSE:SNAP) CTO Robert Murphy sold 2,000,000 shares of the business’s stock in a transaction that occurred on Friday, November 6th. The shares were sold at an average price of $4.99, for a total value of $9,980,000.00. Following the completion of the sale, the chief technology officer owned 36,586,451 shares of the company’s stock, valued at $182,566,390.49. The trade was a 5.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Snap Trading Down 1.1%

Shares of NYSE:SNAP opened at $5.00 on Wednesday. The business’s 50 day moving average is $5.73 and its 200 day moving average is $5.37. Snap Inc. has a 52-week low of $3.81 and a 52-week high of $9.13. The company has a debt-to-equity ratio of 1.52, a current ratio of 3.36 and a quick ratio of 3.36.

Snap (NYSE:SNAP) last issued its earnings results on Wednesday, November 4th. The company reported $0.03 earnings per share for the quarter. The business had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.73 billion. Snap had a negative return on equity of 7.10% and a negative net margin of 2.30%. Snap’s revenue was up 14.3% on a year-over-year basis. During the same period in the previous year, the company posted ($0.06) EPS. Sell-side analysts predict that Snap Inc. will post -0.03 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

SNAP has been the topic of several research reports. Raymond James Financial restated an “outperform” rating and set a $7.00 price target on shares of Snap in a research note on Thursday, November 5th. Freedom Capital raised shares of Snap from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 4th. Wells Fargo & Company upped their price objective on shares of Snap from $5.00 to $6.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 4th. Mizuho increased their target price on shares of Snap from $5.00 to $6.00 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. Finally, Rosenblatt Securities cut their target price on shares of Snap from $6.40 to $6.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 4th. One investment 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 assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $7.31.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SNAP. Assenagon Asset Management S.A. boosted its holdings in Snap by 278.5% in the third quarter. Assenagon Asset Management S.A. now owns 14,771,533 shares of the company’s stock worth $79,766,000 after acquiring an additional 10,868,392 shares in the last quarter. Empyrean Capital Partners LP acquired a new position in shares of Snap during the first quarter valued at about $25,300,000. Russell Investments Group Ltd. raised its position in shares of Snap by 9.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,228,614 shares of the company’s stock valued at $22,765,000 after purchasing an additional 375,301 shares during the last quarter. Saba Capital Management L.P. raised its position in shares of Snap by 232.5% in the 1st quarter. Saba Capital Management L.P. now owns 4,727,808 shares of the company’s stock valued at $21,748,000 after purchasing an additional 3,306,024 shares during the last quarter. Finally, Swiss National Bank boosted its stake in Snap by 7.1% in the 1st quarter. Swiss National Bank now owns 3,160,100 shares of the company’s stock worth $14,536,000 after purchasing an additional 209,900 shares in the last quarter. 47.52% of the stock is owned by institutional investors and hedge funds.

About Snap

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.