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.
WARNING: “Snap Inc (SNAP) CEO Sells $9,614,136.00 in Stock” was originally published by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are reading this story on another domain, it was copied illegally and republished in violation of US & international trademark & copyright laws. The legal version of this story can be read at https://www.dispatchtribunal.com/2018/12/07/snap-inc-snap-ceo-sells-9614136-00-in-stock.html.
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.
Featured Story: How to interpret a stock’s beta number
Receive News & Ratings for Snap Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Snap and related companies with MarketBeat.com's FREE daily email newsletter.