Derek Andersen Sells 23,715 Shares of Snap (NYSE:SNAP) Stock

Snap Inc. (NYSE:SNAP) CFO Derek Andersen sold 23,715 shares of Snap stock in a transaction dated Wednesday, January 14th. The stock was sold at an average price of $7.83, for a total transaction of $185,688.45. Following the transaction, the chief financial officer directly owned 2,972,051 shares of the company’s stock, valued at approximately $23,271,159.33. This represents a 0.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Derek Andersen also recently made the following trade(s):

• On Tuesday, December 16th, Derek Andersen sold 34,535 shares of Snap stock. The stock was sold at an average price of $7.21, for a total value of $248,997.35.
• On Monday, November 17th, Derek Andersen sold 62,868 shares of Snap stock. The shares were sold at an average price of $8.34, for a total value of $524,319.12.
• On Friday, November 14th, Derek Andersen sold 16,412 shares of Snap stock. The stock was sold at an average price of $8.40, for a total transaction of $137,860.80.

Snap Trading Down 3.0%

Shares of SNAP opened at $7.53 on Friday. The firm has a market capitalization of $12.95 billion, a price-to-earnings ratio of -25.96 and a beta of 0.81. The company has a debt-to-equity ratio of 1.57, a current ratio of 3.67 and a quick ratio of 3.67. Snap Inc. has a 1-year low of $6.90 and a 1-year high of $11.77. The company has a 50-day moving average of $7.95 and a 200 day moving average of $8.09.

Snap (NYSE:SNAP) last issued its earnings results on Thursday, November 6th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.12). The company had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.49 billion. Snap had a negative return on equity of 21.61% and a negative net margin of 8.60%.The business’s revenue was up 9.8% compared to the same quarter last year. During the same period last year, the business posted ($0.09) earnings per share. On average, research analysts expect that Snap Inc. will post -0.3 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have commented on SNAP. Morgan Stanley raised their target price on shares of Snap from $8.50 to $9.50 and gave the company an “equal weight” rating in a research report on Tuesday. New Street Research lowered Snap from a “buy” rating to a “neutral” rating in a report on Tuesday, October 28th. Citigroup increased their target price on Snap from $8.50 to $10.00 and gave the company a “neutral” rating in a research report on Wednesday, November 12th. Rosenblatt Securities lifted their price objective on shares of Snap from $8.70 to $9.50 and gave the stock a “neutral” rating in a research report on Thursday, November 6th. Finally, BNP Paribas assumed coverage on shares of Snap in a research note on Wednesday. They set a “strong sell” rating for the company. Three research analysts have rated the stock with a Buy rating, twenty-four have assigned a Hold rating and five have given a Sell rating to the stock. According to MarketBeat, Snap currently has a consensus rating of “Reduce” and a consensus target price of $9.86.

Institutional Trading of Snap

Several large investors have recently bought and sold shares of the stock. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Snap by 31.7% in the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,208,697 shares of the company’s stock worth $36,574,000 after acquiring an additional 1,013,757 shares during the period. Nikko Asset Management Americas Inc. grew its position in Snap by 94.1% during the 2nd quarter. Nikko Asset Management Americas Inc. now owns 2,107,288 shares of the company’s stock worth $18,312,000 after purchasing an additional 1,021,677 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in Snap during the 2nd quarter worth about $2,723,000. Arkadios Wealth Advisors purchased a new position in shares of Snap during the 2nd quarter valued at about $1,256,000. Finally, CWM LLC raised its stake in shares of Snap by 50.5% during the 3rd quarter. CWM LLC now owns 387,935 shares of the company’s stock valued at $2,991,000 after buying an additional 130,172 shares during the last quarter. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Snap Company Profile

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.