Robert Murphy Sells 1,000,000 Shares of Snap (NYSE:SNAP) Stock

Snap Inc. (NYSE:SNAP) CTO Robert Murphy sold 1,000,000 shares of the company’s stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $5.36, for a total value of $5,360,000.00. Following the completion of the transaction, the chief technology officer directly owned 49,313,775 shares in the company, valued at approximately $264,321,834. This trade represents a 1.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Snap Stock Down 4.5%

Shares of SNAP opened at $5.00 on Thursday. The company’s 50-day moving average price is $7.43 and its 200 day moving average price is $7.72. Snap Inc. has a 12-month low of $4.98 and a 12-month high of $11.26. The company has a current ratio of 3.56, a quick ratio of 3.56 and a debt-to-equity ratio of 1.53. The firm has a market cap of $8.59 billion, a P/E ratio of -18.50 and a beta of 0.83.

Snap (NYSE:SNAP) last announced its earnings results on Wednesday, February 4th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.12). The company had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.70 billion. Snap had a negative return on equity of 20.72% and a negative net margin of 7.76%.The company’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period last year, the business earned $0.01 EPS. On average, sell-side analysts forecast that Snap Inc. will post -0.3 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Allworth Financial LP lifted its stake in Snap by 92.3% during the third quarter. Allworth Financial LP now owns 3,293 shares of the company’s stock worth $25,000 after purchasing an additional 1,581 shares during the last quarter. Oak Harvest Investment Services acquired a new stake in Snap during the fourth quarter worth approximately $26,000. V Square Quantitative Management LLC purchased a new stake in shares of Snap during the 4th quarter worth approximately $29,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Snap by 561.4% in the 4th quarter. EverSource Wealth Advisors LLC now owns 3,618 shares of the company’s stock valued at $29,000 after buying an additional 3,071 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Snap in the 3rd quarter valued at $33,000. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Wall Street Analysts Forecast Growth

SNAP has been the subject of several research analyst reports. B. Riley Securities upgraded Snap from a “neutral” rating to a “buy” rating and set a $10.00 price target for the company in a research report on Thursday, February 5th. Evercore reissued a “mixed” rating on shares of Snap in a research note on Thursday, February 5th. Bank of America upgraded Snap from a “neutral” rating to a “buy” rating and set a $10.00 target price for the company in a report on Thursday, February 5th. Arete Research set a $7.30 price target on shares of Snap and gave the stock a “buy” rating in a research note on Tuesday. Finally, New Street Research cut shares of Snap from a “buy” rating to a “neutral” rating in a research report on Tuesday, October 28th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-two have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Snap presently has an average rating of “Hold” and a consensus target price of $8.63.

About Snap

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.