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 stock in a transaction on Friday, February 6th. The stock was sold at an average price of $5.27, for a total transaction of $5,270,000.00. Following the completion of the sale, the chief technology officer directly owned 50,613,777 shares of the company’s stock, valued at $266,734,604.79. The trade was a 1.94% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Snap Stock Performance

NYSE:SNAP opened at $5.00 on Thursday. The firm’s fifty day simple moving average is $7.43 and its 200 day simple moving average is $7.72. The company has a current ratio of 3.56, a quick ratio of 3.56 and a debt-to-equity ratio of 1.53. Snap Inc. has a twelve month low of $4.98 and a twelve month high of $11.26. The firm has a market capitalization of $8.59 billion, a price-to-earnings ratio of -18.50 and a beta of 0.83.

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

Institutional Trading of Snap

Several institutional investors have recently added to or reduced their stakes in SNAP. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Snap by 31.7% in the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,208,697 shares of the company’s stock worth $36,574,000 after purchasing an additional 1,013,757 shares during the last quarter. Nikko Asset Management Americas Inc. lifted its stake in Snap by 94.1% during the second quarter. Nikko Asset Management Americas Inc. now owns 2,107,288 shares of the company’s stock valued at $18,312,000 after purchasing an additional 1,021,677 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in Snap during the second quarter worth approximately $2,723,000. Arkadios Wealth Advisors acquired a new position in Snap in the second quarter worth approximately $1,256,000. Finally, CWM LLC increased its holdings in shares of Snap by 50.5% in the third 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 in the last quarter. Institutional investors own 47.52% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Canaccord Genuity Group set a $7.00 price target on Snap in a report on Thursday, February 5th. B. Riley Financial raised shares of Snap from a “neutral” rating to a “buy” rating and set a $10.00 target price on the stock in a research report on Thursday, February 5th. Susquehanna lowered their price target on shares of Snap from $9.00 to $6.50 and set a “neutral” rating for the company in a report on Thursday, February 5th. Evercore reaffirmed a “mixed” rating on shares of Snap in a research note on Thursday, February 5th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Snap from $8.00 to $7.00 and set an “underweight” rating for the company in a research report on Thursday, February 5th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-two have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, Snap presently has an average rating of “Hold” and an average 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.