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Rebecca Morrow, Chief Accounting Officer of Snap Inc (NYSE:SNAP), recently sold a portion of her holdings in the company. According to a Form 4 filing with the Securities and Exchange Commission, Morrow sold 2,560 shares of Snap’s Class A common stock on March 17. The shares were sold at a weighted average price of $8.8252, resulting in a total transaction value of approximately $22,592. The transaction comes as Snap’s stock trades near its 52-week low of $8.29, with shares down about 19% year-to-date. InvestingPro data shows the company maintains strong liquidity, with current assets well exceeding short-term obligations.
This sale was conducted to cover tax withholding obligations related to the settlement of restricted stock units (RSUs) awarded to Morrow. Following the transaction, she retains direct ownership of 427,332 shares of Snap’s Class A common stock. The shares were sold in multiple transactions, with prices ranging from $8.68 to $9.06 per share. For deeper insights into Snap’s valuation and financial health metrics, including 10+ additional exclusive ProTips, check out the comprehensive research available on InvestingPro.
In other recent news, SharkNinja announced impressive fourth-quarter results, surpassing analyst expectations with earnings per share of $1.40, significantly higher than the projected $0.97. The company also reported a robust revenue of $1.79 billion, exceeding the consensus estimate of $1.39 billion. SharkNinja’s strong financial performance for the year included a 30% increase in net sales and a substantial rise in operating and net income. Meanwhile, Snap Inc. has issued $1.5 billion in senior notes and amended its revolving credit facility, reflecting strategic financial maneuvers to manage debt and liquidity. The company estimates net proceeds of approximately $1.473 billion from the notes sale, with plans to use the funds for repurchasing convertible notes and general corporate purposes.
Additionally, Snap Inc. has received a ’BB’ rating from Fitch Ratings, indicating a stable outlook, and a ’B+’ rating from S&P Global for its proposed $700 million note issuance. These ratings reflect Snap’s competitive position in the media and communications industry and its efforts to monetize its growing user base. Snap has also partnered with Later, enhancing influencer tools on Snapchat to improve content scheduling and creator collaborations. This partnership aims to streamline influencer marketing and strengthen brand-creator relationships, particularly among Snapchat’s Gen Z and Millennial audiences.
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