Investors in Snap, Inc. (NYSE: SNAP) can't be thrilled with its stock price performance so far. At around $12 per share, Snap trades well below its $17 IPO price and at less than half of its yearly high of $29.44. Still, the floundering stock is not really a function of bad execution, but rather some initial overexuberance and sky-high IPO valuation.Listening to its third-quarter conference call, the company is making many changes to prepare the business for the long term, but making so many changes so early is giving investors heartburn.