Michael J. O'Sullivan, the General Counsel of Snap Inc (NYSE:SNAP), has recently sold a significant portion of his holdings in the company. According to a Form 4 filing, O'Sullivan sold 56,961 shares of Snap's Class A Common Stock on December 16, 2024. The shares were sold at a weighted average price of $11.4432, resulting in a total transaction value of approximately $651,816. The sale comes as Snap, currently valued at $18.87 billion, trades below its InvestingPro Fair Value, suggesting potential upside according to quantitative models.
This sale was part of a series of transactions, including the transfer of 52,489 shares to an entity where O'Sullivan retains investment power. The shares were sold in multiple transactions at prices ranging from $11.305 to $11.55 per share. Following these transactions, O'Sullivan holds 1,127,655 shares directly and maintains indirect ownership of additional shares through a trust. InvestingPro analysis reveals that while Snap has shown strong returns in recent months, analysts are optimistic about its future profitability. Subscribers can access 5 additional ProTips and comprehensive valuation metrics in the Pro Research Report.
In other recent news, Snap Inc. has been maintaining a strong outlook with a Buy rating from Guggenheim Securities, while Splash Beverage Group is actively pursuing M&A opportunities. Snap Inc. reported a 15% year-over-year increase in Q3 revenue, totaling $1.37 billion, and a rise in daily active users to 443 million. This growth was attributed to the company's direct response advertising business and the Snapchat+ subscription service.
Meta Platforms (NASDAQ:META), the parent company of Facebook, experienced a surge in stock value following a U.S. appeals court ruling mandating China-based ByteDance to sell TikTok or face prohibition in the United States. Meanwhile, the European Commission initiated a formal investigation into TikTok for potential election meddling.
These recent developments highlight the dynamic and competitive landscape of the social media industry. As the situation continues to unfold, investors and stakeholders of companies like Snap Inc. and Meta Platforms are closely monitoring these events and their potential impact on the industry.
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