Snap CTO Murphy sells 1M shares, reduces stake to 58.55M; Snap-on Q2 EPS exceeds expectations, board authorizes $500M share buyback.

Snap Inc's CTO, Robert C. Murphy, sold 1 million shares of Snap stock for $8.69 per share, reducing his shareholdings to 58.55M. The firm's market cap stands at $14.85bn and its stock has a consensus rating of "Hold" and a target price of $14.23. Meanwhile, several institutional investors have increased their stakes in Snap-on Incorporated, with Manning & Napier Advisors LLC acquiring a new $4.57M position. Snap-on reported Q2 EPS of $5.07, exceeding analyst expectations, and has a market cap of $14.40bn and a dividend yield of 2.72%. The board of directors has authorized a $500M share buyback program, indicating they believe the stock is undervalued.

August 10, 2024
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