Insider Share Sale by Robert C. Murphy

Robert C. Murphy, Chief Technology Officer, Director and 10% owner of Snap Inc. (NASDAQ: SNAP), executed sales of 4,000,000 Class A common shares under a Rule 10b5‑1 trading plan adopted on 11 Nov 2025 and amended on 11 Feb 2026. The transactions were carried out on 5 August 2026 (2,000,000 shares) and 6 August 2026 (2,000,000 shares) for total proceeds of $21,612,400. On 5 August the weighted‑average price was $5.555 per share, with individual transaction prices ranging from $5.495 to $5.70. On 6 August the weighted‑average price was $5.2512 per share, with prices between $5.19 and $5.21. The overall price range for the two days was $5.2512‑$5.555.

In addition, on 6 August 2026 Murphy made a charitable donation of 1,223,340 Class A shares.

Earlier, on 25 June 2026, internal transfers related to trust structures were reported: shares were moved from entities where Murphy retains investment power to himself as annuity payments, and shares were transferred to fund a grantor‑retained annuity trust, over which he also retains investment power.

After these transactions, Murphy directly holds 38,586,451 Snap Inc. Class A shares and indirectly holds 4,963,581 shares through an irrevocable trust for which he is trustee, has voting power, but no financial interest; the trust beneficiaries are not immediate family members.

Snap Inc. Second‑Quarter Results

Snap reported Q2 revenue of $1.60 billion, a 19 % year‑over‑year increase. Adjusted EBITDA was $250 million, 30 % above expectations, and free cash flow amounted to $121 million, also exceeding forecasts. The company attributed the performance to audience stabilization, stronger monetization in North America, and renewed spending by large advertisers.

Analyst reactions varied: Freedom Broker upgraded the stock to “Buy” and raised its price target to $7.50; Benchmark maintained a “Hold” rating; Truist Securities lowered its price target to $7.00 citing user‑growth concerns; and D.A. Davidson increased its target to $5.25, noting improved North American trends and a modest rise in 2026 user estimates.

Market Context

Snap’s shares were trading at $5.41, down 33 % year‑to‑date, and appeared on InvestingPro’s “Most Undervalued” stocks list.