Robert Murphy Sells 343,945 Shares of Snap (NYSE:SNAP) Stock

Snap Inc. (NYSE:SNAP) CTO Robert Murphy sold 343,945 shares of Snap stock in a transaction on Friday, May 29th. The shares were sold at an average price of $5.88, for a total transaction of $2,022,396.60. Following the completion of the sale, the chief technology officer owned 4,963,581 shares in the company, valued at $29,185,856.28. The trade was a 6.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Snap Stock Down 0.3%

Shares of SNAP stock opened at $5.75 on Thursday. The company has a current ratio of 3.53, a quick ratio of 3.53 and a debt-to-equity ratio of 1.67. Snap Inc. has a 1 year low of $3.81 and a 1 year high of $10.41. The firm’s fifty day moving average price is $5.44 and its two-hundred day moving average price is $6.27. The firm has a market capitalization of $9.70 billion, a P/E ratio of -23.94 and a beta of 1.03.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.14). Snap had a negative net margin of 6.72% and a negative return on equity of 18.92%. The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same period last year, the business earned ($0.08) EPS. The business’s revenue was up 12.2% on a year-over-year basis. On average, equities analysts predict that Snap Inc. will post -0.06 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. HSBC downgraded shares of Snap from a “hold” rating to a “hold” rating in a research report on Monday, April 27th. Mizuho decreased their price objective on shares of Snap from $9.00 to $7.00 and set a “neutral” rating for the company in a research report on Thursday, February 5th. Cantor Fitzgerald decreased their price objective on shares of Snap from $9.00 to $7.00 and set a “neutral” rating for the company in a research report on Thursday, February 5th. Weiss Ratings reissued a “sell (e+)” rating on shares of Snap in a research report on Monday, April 20th. Finally, KeyCorp raised shares of Snap from a “sector weight” rating to an “overweight” rating in a research report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty-two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $7.91.

More Snap News

Here are the key news stories impacting Snap this week:

• Positive Sentiment: S&P Global Ratings upgraded Snap Inc. (NYSE: SNAP) to BB- with a positive outlook, citing improving operating performance, lower leverage, and better free cash flow trends. Article: Snap Inc. Receives Credit Rating Upgrade from S&P Global Ratings
• Positive Sentiment: Zacks Research lifted several longer-dated EPS forecasts for Snap, signaling slightly better earnings expectations over time. Source report
• Neutral Sentiment: Analysts still expect Snap to post losses across multiple upcoming periods, so the overall earnings outlook remains cautious. Source report
• Negative Sentiment: Snap CTO Robert Murphy sold 343,945 shares, which may pressure sentiment even though insider sales can be routine. Article: Snap CTO Robert Murphy Sells 343,945 Shares
• Negative Sentiment: Zacks also trimmed some near- and medium-term EPS estimates, underscoring that Snap’s profitability path remains uneven. Source report

Institutional Trading of Snap

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Parallel Advisors LLC boosted its holdings in shares of Snap by 40.0% during the 1st quarter. Parallel Advisors LLC now owns 48,798 shares of the company’s stock worth $224,000 after buying an additional 13,951 shares during the period. NewEdge Advisors LLC boosted its holdings in shares of Snap by 44.8% during the 1st quarter. NewEdge Advisors LLC now owns 48,303 shares of the company’s stock worth $222,000 after buying an additional 14,938 shares during the period. Western Wealth Management LLC bought a new stake in shares of Snap during the 1st quarter worth about $48,000. Centaurus Financial Inc. boosted its holdings in shares of Snap by 9.0% during the 1st quarter. Centaurus Financial Inc. now owns 227,072 shares of the company’s stock worth $1,045,000 after buying an additional 18,700 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Snap by 135.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 8,525 shares of the company’s stock worth $39,000 after buying an additional 4,907 shares during the period. 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.