Snap general counsel sells $125,216 in shares

Michael J. O’Sullivan, General Counsel at Snap Inc . (NYSE:SNAP), recently executed a series of transactions involving the company’s Class A common stock. On March 17, O’Sullivan sold 14,183 shares, generating a total of $125,216. The shares were sold at a weighted average price of $8.8286 per share, with individual sale prices ranging from $8.665 to $9.055. The transaction occurs as SNAP trades near its 52-week low of $8.29, with the stock down 21% over the past year. According to InvestingPro analysis, SNAP currently appears undervalued based on its Fair Value estimate.

Additionally, O’Sullivan made two stock transfers, each involving 13,306 shares, but these transactions did not involve any monetary exchange. These transfers were made to entities where O’Sullivan retains investment power over the shares. After these transactions, O’Sullivan directly owns 2,242,795 shares and indirectly holds 531,660 shares, which include shares held by certain family members and entities under his investment control. With SNAP’s market capitalization at $14.79 billion and a strong current ratio of 3.95, InvestingPro data shows the company maintains solid liquidity despite recent market challenges. Discover more insights with InvestingPro’s comprehensive analysis of SNAP, including 10+ additional ProTips.

In other recent news, SharkNinja reported impressive fourth-quarter results, with earnings per share (EPS) of $1.40, surpassing analyst estimates of $0.97. The company also achieved revenue of $1.79 billion, exceeding the consensus estimate of $1.39 billion, marking a 29.7% increase in net sales from the previous year. In other developments, Snap Inc. has issued $1.5 billion in senior notes, with the proceeds mainly used to repurchase existing convertible notes and for general corporate purposes. Fitch Ratings assigned Snap Inc. a ’BB’ Long-Term Issuer Default Rating, indicating a stable outlook, while S&P Global Ratings assigned a ’B+’ issuer credit rating for Snap’s proposed $700 million note issuance.

Additionally, Snap Inc. amended its Revolving Credit Facility, extending part of the facility to 2030 and maintaining a minimum liquidity requirement of $800 million. The company continues to focus on monetizing its growing daily active users, with plans to enhance its advertising revenue through new formats and artificial intelligence. Meanwhile, Snap Inc. has partnered with Later to improve influencer tools on Snapchat, aiming to streamline campaign collaborations and content planning for marketers and creators. These recent developments highlight significant financial activities and strategic partnerships for both SharkNinja and Snap Inc.

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