Snap Inc general counsel Michael O’Sullivan sells $243,828 in stock

Snap Inc (NYSE:SNAP), the $16.6 billion social media company, saw its General Counsel Michael J. O’Sullivan recently sell a substantial portion of his holdings. According to a filing with the Securities and Exchange Commission, O’Sullivan disposed of 24,000 shares of Snap’s Class A common stock on February 28, 2025. The shares were sold at a weighted average price of $10.1595 per share, generating a total of approximately $243,828. The transaction occurred as InvestingPro analysis suggests the stock is currently undervalued.

The sale was executed under a Rule 10b5-1 trading plan, which O’Sullivan adopted on November 21, 2024. This plan allows insiders of publicly traded corporations to set up a predetermined schedule for selling stocks, helping to avoid any potential accusations of insider trading. Despite recent insider selling, Snap maintains strong liquidity with a current ratio of 3.95, and has achieved impressive revenue growth of 16.4% over the last twelve months.

Following the transaction, O’Sullivan holds 518,354 shares indirectly through a trust, and an additional 2,270,284 shares directly. The transaction was part of a series of sales conducted at prices ranging from $9.965 to $10.255 per share. O’Sullivan has stated his willingness to provide further details on the number of shares sold at each distinct price upon request.

This transaction reflects a strategic financial move by a key executive at Snap Inc, a company known for its popular multimedia messaging app Snapchat.

In other recent news, Snap Inc. has issued $1.5 billion in senior notes, with the proceeds primarily used to repurchase outstanding convertible notes and for general corporate purposes. The company also amended its revolving credit facility, extending part of it to 2030, which reflects its strategic financial planning. Additionally, Snap Inc. has received a ’BB’ rating from Fitch, indicating a stable outlook, and a ’B+’ rating from S&P Global, highlighting its competitive position in the media and communications industry.

Snap’s financial maneuvers come amidst plans to issue $700 million in senior unsecured notes to further manage its debt. The company continues to focus on monetizing its growing daily active user base, which reached 453 million in 2024. Despite facing stiff competition, Snap aims to enhance its advertising revenue through new formats and increased user engagement. Meanwhile, SharkNinja reported strong fourth-quarter results, with earnings per share and revenue surpassing analyst expectations, reflecting a 29.7% increase in net sales.

Furthermore, Snap Inc. has partnered with Later to enhance influencer tools on Snapchat, aiming to streamline influencer marketing processes. These developments underscore Snap Inc.’s ongoing efforts to improve its financial health and market position.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.