Snap Inc. (NYSE:SNAP) CTO Sells $9,040,000.00 in Stock

by · The Markets Daily

Snap Inc. (NYSE:SNAP – Get Free Report) CTO Robert C. Murphy sold 1,000,000 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $9.04, for a total value of $9,040,000.00. Following the transaction, the chief technology officer now directly owns 55,818,548 shares in the company, valued at approximately $504,599,673.92. This represents a 1.76 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Snap Trading Down 5.9 %

Shares of SNAP traded down $0.53 during trading hours on Thursday, hitting $8.37. The stock had a trading volume of 30,117,673 shares, compared to its average volume of 29,031,740. The company has a debt-to-equity ratio of 1.47, a quick ratio of 3.95 and a current ratio of 3.95. The firm has a market cap of $14.19 billion, a P/E ratio of -19.92 and a beta of 0.92. The company’s fifty day simple moving average is $10.83 and its 200 day simple moving average is $10.80. Snap Inc. has a 12-month low of $8.29 and a 12-month high of $17.33.

Snap (NYSE:SNAP – Get Free Report) last issued its earnings results on Tuesday, February 4th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.13). Snap had a negative return on equity of 25.67% and a negative net margin of 13.02%. Equities research analysts forecast that Snap Inc. will post -0.3 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in SNAP. Capital International Investors purchased a new position in shares of Snap in the 4th quarter worth $422,049,000. Capital World Investors increased its holdings in Snap by 38.9% in the 4th quarter. Capital World Investors now owns 84,137,317 shares of the company’s stock valued at $906,161,000 after purchasing an additional 23,569,522 shares in the last quarter. Norges Bank acquired a new stake in Snap in the 4th quarter valued at $30,162,000. Renaissance Technologies LLC acquired a new stake in Snap in the 4th quarter valued at $27,713,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in Snap by 62.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,211,360 shares of the company’s stock valued at $66,462,000 after purchasing an additional 2,386,519 shares in the last quarter. 47.52% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SNAP. JPMorgan Chase & Co. lowered their price objective on Snap from $11.00 to $10.00 and set an “underweight” rating on the stock in a report on Wednesday, February 5th. Wells Fargo & Company lowered Snap from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $15.00 to $11.00 in a research note on Wednesday, February 5th. BMO Capital Markets reissued an “outperform” rating and set a $16.00 price target (down previously from $18.00) on shares of Snap in a research note on Wednesday, January 15th. Citizens Jmp lowered Snap from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, February 5th. Finally, Bank of America boosted their price target on Snap from $14.00 to $14.50 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, twenty-five have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $36.87.

Get Our Latest Analysis on SNAP

Snap Company Profile

(Get Free Report)

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.

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