Snap Inc .'s (NYSE:SNAP) Chief Accounting Officer, Rebecca Morrow, has recently sold shares in the company, according to a Form 4 filing with the Securities and Exchange Commission. The social media company, currently valued at $18.87 billion, has shown mixed financial signals according to InvestingPro data. On December 16, Morrow sold 2,812 shares of Snap's Class A common stock at a weighted average price of $11.4444 per share. The transactions, which ranged in price from $11.32 to $11.55 per share, totaled approximately $32,181. Following these sales, Morrow retains direct ownership of 430,252 shares in the company. The sale was conducted to cover tax withholding obligations related to the settlement and release of restricted stock units and the lapse of forfeiture restrictions on restricted stock awards issued by Snap. According to InvestingPro analysis, while the company maintains strong liquidity with current assets exceeding short-term obligations, it remains unprofitable over the last twelve months. Investors seeking deeper insights can access comprehensive analysis and additional ProTips through the detailed Pro Research Report, available exclusively on InvestingPro.
In other recent news, Snap Inc. has been maintaining a positive outlook with Guggenheim Securities sustaining its Buy rating. This follows the company's robust revenue growth of 13.66% over the last twelve months, with the fourth quarter daily active users set at 451 million. Meanwhile, Citi analyst Ronald Josey has raised the price target for Snap Inc. to $13.00 from the previous $11.00, maintaining a Neutral rating on the stock.
On the legal front, the U.S. Supreme Court's decision to hear a bid by TikTok and its parent company ByteDance has stirred uncertainty in the social media sector, impacting companies such as Snap and Meta Platforms Inc (NASDAQ:META). This decision adds a layer of complexity to the social media industry, with investors monitoring the situation closely.
In addition, the European Commission has initiated a formal investigation into TikTok over potential risks that could affect democratic processes. This follows an earlier directive from the Commission for TikTok to halt the processing of data related to the Romanian election.
Finally, Splash Beverage Group is actively pursuing mergers and acquisitions opportunities, including the acquisition of Western Son Vodka and a potential energy drink company. Despite these positive moves, Citi has revised its revenue forecasts downward for 2024 and 2025, leading to a new price target of $0.50. However, Citi maintains a Buy rating on Splash Beverage, citing a favorable risk-reward scenario.
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