Snap Inc (SNAP) CEO Sells $9,614,136.00 in Stock

Snap Inc (NYSE:SNAP) CEO Evan Spiegel sold 1,495,200 shares of the stock in a transaction that occurred on Monday, December 3rd. The shares were sold at an average price of $6.43, for a total value of $9,614,136.00. Following the sale, the chief executive officer now directly owns 80,452,061 shares of the company’s stock, valued at approximately $517,306,752.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Shares of Snap stock opened at $5.97 on Friday. The firm has a market cap of $8.02 billion, a price-to-earnings ratio of -2.87 and a beta of -0.46. Snap Inc has a 12 month low of $5.77 and a 12 month high of $21.22.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Thursday, October 25th. The company reported ($0.22) EPS for the quarter, beating the consensus estimate of ($0.27) by $0.05. Snap had a negative return on equity of 49.42% and a negative net margin of 131.39%. The business had revenue of $297.70 million during the quarter, compared to analyst estimates of $283.54 million. As a group, equities research analysts forecast that Snap Inc will post -1.01 EPS for the current fiscal year.

Several large investors have recently modified their holdings of SNAP. Alps Advisors Inc. bought a new position in shares of Snap during the second quarter valued at $207,000. Aperio Group LLC bought a new position in shares of Snap during the second quarter valued at $142,000. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Snap by 23.1% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 67,949 shares of the company’s stock valued at $889,000 after acquiring an additional 12,765 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings in shares of Snap by 44.3% during the second quarter. Commonwealth Equity Services LLC now owns 122,600 shares of the company’s stock valued at $1,605,000 after acquiring an additional 37,617 shares in the last quarter. Finally, First Trust Advisors LP bought a new position in shares of Snap during the second quarter valued at $132,330,000. Hedge funds and other institutional investors own 23.93% of the company’s stock.

A number of research firms have recently weighed in on SNAP. Guggenheim assumed coverage on Snap in a research note on Thursday. They set a “neutral” rating and a $6.00 price objective for the company. Bank of America lowered Snap from a “buy” rating to a “neutral” rating in a research note on Friday, October 26th. Jefferies Financial Group dropped their price target on Snap from $11.00 to $8.00 and set a “hold” rating for the company in a research note on Friday, October 26th. Royal Bank of Canada dropped their price target on Snap to $8.00 and set an “outperform” rating for the company in a research note on Friday, October 26th. Finally, Canaccord Genuity dropped their price target on Snap from $12.00 to $8.00 and set a “hold” rating for the company in a research note on Friday, October 26th. Nine analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $11.64.

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Snap Company Profile

Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page that allows to creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps to surface the most interesting stories from publishers, creators, and the community, based on a user's subscriptions and interests.

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Insider Buying and Selling by Quarter for Snap (NYSE:SNAP)

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