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Snap Inc (NYSE:SNAP) Chief Financial Officer Derek Andersen recently executed stock sales totaling $491,862, according to a filing with the Securities and Exchange Commission. The transactions involved the sale of Class A Common Stock on two separate occasions. The sales come as Snap’s stock trades near its 52-week low of $8.29, with shares down about 19% year-to-date, according to InvestingPro data.
On March 14, Andersen sold 22,720 shares at an average price of $8.5849 per share. This sale was conducted under a pre-established Rule 10b5-1 trading plan, which he adopted on August 15, 2024. Following this transaction, Andersen owned 3,541,515 shares directly.
A subsequent sale took place on March 17, when Andersen sold an additional 33,618 shares at a weighted average price of $8.829 per share. This transaction was primarily aimed at covering tax withholding obligations related to the settlement of restricted stock units (RSUs). The shares were sold in multiple transactions, with prices ranging from $8.655 to $9.06 per share. After this sale, Andersen’s direct ownership stood at 3,507,897 shares.
These transactions provide a glimpse into the financial activities of Snap’s executive team as they manage their equity positions within the company. For deeper insights into Snap’s insider trading patterns and comprehensive financial analysis, access the detailed Pro Research Report available on InvestingPro.
In other recent news, SharkNinja reported impressive fourth-quarter earnings, surpassing analyst expectations with an earnings per share (EPS) of $1.40, which exceeded the estimated $0.97. The company also reported robust revenue for the quarter at $1.79 billion, significantly higher than the consensus estimate of $1.39 billion. This performance represents a 29.7% increase in net sales compared to the same quarter last year. Snap Inc. has also been active, issuing $1.5 billion in senior notes and amending its credit facility, which now includes a term extension for part of its revolving credit. The company has been assigned a ’BB’ Long-Term Issuer Default Rating by Fitch, indicating a stable outlook, while S&P Global Ratings assigned it a ’B+’ issuer credit rating. These ratings reflect Snap’s competitive environment and its strong liquidity position, with about $3.4 billion in cash and marketable securities. Additionally, Snap announced a partnership with Later to enhance influencer tools on Snapchat, aimed at improving content creator and marketer collaboration. This collaboration is expected to streamline influencer marketing, offering new capabilities for content scheduling and profile discovery.
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