What happened
Snap Inc. (NYSE: SNAP) Chief Technology Officer Robert C. Murphy sold a combined 2,000,000 shares of Class A common stock in two tranches on February 6 and February 10, 2026, for approximately $10.6 million in proceeds, according to a Form 4 filing with the Securities and Exchange Commission.
Transaction details
The filing breaks the sales into two equal lots. On February 6, Murphy disposed of 1,000,000 shares in multiple transactions at prices between $5.195 and $5.355, generating $5,270,000 in proceeds. On February 10, he sold another 1,000,000 shares at prices ranging from $5.275 to $5.43, producing $5,355,800. The sales were implemented under a pre-arranged Rule 10b5-1 trading plan.
Charitable gifts reported
Alongside the sales, the Form 4 discloses charitable transfers of company stock. Murphy made gifts of 300,002 shares on February 6 and 301,451 shares on February 10, as recorded in the filing.
Market context
Snap’s shares are trading close to the 52-week low of $5.09, with a reported price of $5.23 at the time the article notes, after a decline of more than 51% over the past year. The company experienced recent stock weakness of -11.51% in the last week referenced. InvestingPro analysis cited in the filing indicates the stock appears undervalued relative to its Fair Value.
Balance-sheet note
Despite the share-price pressure, Snap is reported to maintain a healthy short-term liquidity profile, with a current ratio of 3.56 and liquid assets that exceed short-term obligations, according to the information provided.
Earnings and analyst responses
Snap’s most recent fourth-quarter results showed revenue growth of 10% year-over-year, narrowly topping consensus by 1%. EBITDA came in at $358 million versus an expectation of $302 million. Those results produced a mixed reaction among analysts.
Piper Sandler and Cantor Fitzgerald lowered their price targets to $8 and $7 respectively, each keeping a Neutral rating and citing softer daily active user trends and higher anticipated expenses. Truist Securities cut its price target to $8 and retained a Hold rating, noting effective cost management despite muted advertising growth. TD Cowen also set its target at $8 and highlighted a 62% increase in "Other revenue" attributed to the Snap+ subscription service. In contrast, Raymond James reiterated an Outperform rating and kept a $10 price target, pointing to the company’s emphasis on profitable growth.
What this means
The Form 4 filing documents an insider sale carried out under an established trading plan and simultaneous charitable gifts. The transactions take place against a backdrop of recent quarterly outperformance on revenue and EBITDA versus expectations, coupled with investor and analyst focus on user metrics and expense trajectories. For investors seeking deeper inspection of insider activity and a broader analytical view, the filing references Snap’s Pro Research Report available via InvestingPro.