Snap Inc. (NASDAQ: SNAP) Chief Technology Officer Robert C. Murphy, who also serves as a director and is a 10% owner of the company, recently sold approximately $20 million worth of Class A common stock, according to regulatory filings. The transactions were executed over two days in November 2026 under a Rule 10b5-1 trading plan.
On November 6, 2026, Murphy disposed of 2,000,000 shares at a weighted average price of $4.9915 per share, with individual sales ranging from $4.905 to $5.09. Three days later, on November 9, he sold an additional 2,000,000 shares at a weighted average price of $5.0244, with transaction prices between $4.925 and $5.125. The total value of the sales amounted to $20,031,800.
The Rule 10b5-1 plan was initially adopted on November 11, 2025, and later amended on February 11, 2026. Such plans allow company insiders to set up predetermined trading schedules to avoid accusations of trading on material nonpublic information.
The sales occurred against a backdrop of significant weakness in Snap's stock, which has declined 15.5% over the past week and 38% year-to-date. Despite the recent pullback, some analyses suggest the shares may be undervalued relative to their fair value, positioning Snap as one of the more undervalued opportunities in the social media sector.
In a separate transaction on November 9, 2026, Murphy made a charitable gift of 1,195,937 shares of Class A common stock.
Following these transactions, Murphy directly holds 33,390,514 shares of Class A common stock. He also beneficially owns an additional 9,963,581 shares indirectly through various trusts. An irrevocable trust, for which Murphy acts as trustee and has voting power but no financial interest, holds 4,963,581 shares. Other entities in which he retains investment power hold the remaining 4,999,990 shares.
Snap remains unprofitable over the last twelve months, but net income is expected to grow this year, with analysts predicting profitability ahead, according to analyst estimates.
In other recent news, Snap reported mixed third-quarter results, with revenue of $1.72 billion, a 14% year-over-year increase, though slightly below consensus estimates. The company's adjusted EBITDA of $383 million exceeded expectations, demonstrating strong operating leverage. However, advertising revenue grew only 4% as upper-funnel brand advertising declined due to pressures in the U.S. and Middle East.
Several analysts adjusted their views following the results. Raymond James lowered its price target to $7.00, citing regional challenges. DA Davidson raised its price target to $5.75, acknowledging overall revenue growth. Canaccord Genuity reiterated a Hold rating with a $6.00 price target, noting that daily active users and revenue were slightly below estimates but gross margin expansion was better than expected. Cantor Fitzgerald adjusted its price target to $5.00, maintaining a Neutral rating, as results were largely in line with revenue expectations but showed a 13% beat on EBITDA. Mizuho maintained a Neutral rating and a $6.00 price target, highlighting the company's ability to exceed EBITDA forecasts amid ad growth concerns.