Snap Inc. (SNAP) VP Sells $660,136.96 in Stock
Snap Inc. (NYSE:SNAP) VP Steven Michael Horowitz sold 50,624 shares of the firm’s stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $13.04, for a total value of $660,136.96. Following the completion of the transaction, the vice president now owns 2,440,055 shares in the company, valued at approximately $31,818,317.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.
Shares of Snap Inc. (SNAP) traded up 4.94% during midday trading on Friday, hitting $14.01. The stock had a trading volume of 46,204,708 shares. The stock’s market cap is $9.56 billion. The stock has a 50-day moving average price of $14.47 and a 200-day moving average price of $18.88. Snap Inc. has a 12-month low of $11.28 and a 12-month high of $29.44.
Snap (NYSE:SNAP) last issued its earnings results on Thursday, August 10th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.29) by $0.07. The company had revenue of $181.70 million during the quarter, compared to analyst estimates of $186.49 million. The business’s revenue for the quarter was up 153.1% compared to the same quarter last year. Equities analysts forecast that Snap Inc. will post ($0.63) earnings per share for the current year.
Several research firms have recently weighed in on SNAP. UBS AG upgraded Snap from a “market perform” rating to an “outperform” rating and decreased their target price for the company from $24.00 to $19.00 in a research report on Thursday, May 11th. Susquehanna Bancshares Inc restated a “neutral” rating and issued a $15.00 target price (down previously from $22.00) on shares of Snap in a research report on Friday, May 12th. Piper Jaffray Companies restated a “neutral” rating and issued a $16.50 target price (down previously from $20.00) on shares of Snap in a research report on Thursday, July 13th. SunTrust Banks, Inc. began coverage on Snap in a research report on Tuesday. They issued a “sell” rating and a $10.00 target price on the stock. Finally, Zacks Investment Research upgraded Snap from a “sell” rating to a “hold” rating in a research report on Wednesday. Nine research analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating and thirteen have given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $18.58.
Several hedge funds and other institutional investors have recently modified their holdings of the company. US Bancorp DE purchased a new position in shares of Snap during the first quarter valued at $101,000. Seven Bridges Advisors LLC purchased a new position in shares of Snap during the second quarter valued at $101,000. WFG Advisors LP purchased a new position in shares of Snap during the first quarter valued at $109,000. Harel Insurance Investments & Financial Services Ltd. raised its position in shares of Snap by 654.0% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company’s stock valued at $134,000 after buying an additional 6,540 shares during the period. Finally, Dubuque Bank & Trust Co. purchased a new position in shares of Snap during the second quarter valued at $137,000. 29.24% of the stock is currently owned by institutional investors and hedge funds.
Snap Company Profile
Snap Inc, formerly Snapchat, Inc, is a camera company. The Company’s flagship product, Snapchat, is a camera application that helps people to communicate through short videos and images known as a Snap. The Company offers three ways for people to make Snaps: the Snapchat application, Publishers Tools that help its partners to create Publisher Stories, and Spectacles, its sunglasses that make Snaps.
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