Snap Inc. (NYSE:SNAP) CTO Robert C. Murphy Sells 1,000,000 Shares

Snap Inc. (NYSE:SNAP) CTO Robert C. Murphy sold 1,000,000 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $9.04, for a total value of $9,040,000.00. Following the sale, the chief technology officer now owns 55,818,548 shares of the company’s stock, valued at $504,599,673.92. This represents a 1.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Snap Price Performance

NYSE:SNAP traded down $0.53 during midday trading on Thursday, hitting $8.37. 30,117,673 shares of the stock were exchanged, compared to its average volume of 29,031,740. Snap Inc. has a one year low of $8.29 and a one year high of $17.33. The company has a market capitalization of $14.19 billion, a price-to-earnings ratio of -19.92 and a beta of 0.92. The business has a 50-day moving average price of $10.83 and a two-hundred day moving average price of $10.80. The company has a current ratio of 3.95, a quick ratio of 3.95 and a debt-to-equity ratio of 1.47.

Snap (NYSE:SNAP) last announced its earnings results on Tuesday, February 4th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.13). Snap had a negative return on equity of 25.67% and a negative net margin of 13.02%. Sell-side analysts predict that Snap Inc. will post -0.3 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SNAP. Wells Fargo & Company downgraded Snap from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $15.00 to $11.00 in a research note on Wednesday, February 5th. Bank of America lifted their price target on Snap from $14.00 to $14.50 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. Susquehanna lifted their price target on Snap from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. Citigroup lifted their price target on Snap from $13.00 to $13.50 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. Finally, Barclays reiterated an “overweight” rating on shares of Snap in a research note on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, twenty-five have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $36.87.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SNAP. Mountain Hill Investment Partners Corp. acquired a new position in Snap in the fourth quarter worth approximately $27,000. Advisors Asset Management Inc. grew its position in Snap by 141.9% in the third quarter. Advisors Asset Management Inc. now owns 2,782 shares of the company’s stock worth $30,000 after buying an additional 1,632 shares during the last quarter. Raiffeisen Bank International AG acquired a new position in Snap in the fourth quarter worth approximately $30,000. Comprehensive Financial Planning Inc. PA acquired a new position in Snap in the fourth quarter worth approximately $32,000. Finally, Brooklyn Investment Group acquired a new position in Snap in the third quarter worth approximately $41,000. Institutional investors and hedge funds own 47.52% of the company’s stock.

About Snap

Snap Inc operates as a technology company in North America, Europe, and internationally. The company offers Snapchat, a visual messaging application with various tabs, such as camera, visual messaging, snap map, stories, and spotlight that enable people to communicate visually through short videos and images.