Snap expected to report (0.68) earnings per share

insider trading

Snap Inc. (NYSE:SNAP) – Analysts at Wedbush boosted their FY2020 earnings estimates for Snap in a report issued on Wednesday, October 21st. Wedbush analyst M. Pachter now expects that the company will earn ($0.68) per share for the year, up from their prior forecast of ($0.78).

Wedbush has a “Neutral” rating and a $34.50 price target on the stock. Wedbush also issued estimates for Snap’s Q4 2020 earnings at ($0.11) EPS, Q1 2021 earnings at ($0.14) EPS, Q2 2021 earnings at ($0.11) EPS, Q3 2021 earnings at ($0.08) EPS, Q4 2021 earnings at ($0.03) EPS, FY2021 earnings at ($0.36) EPS, Q1 2022 earnings at ($0.09) EPS, Q2 2022 earnings at ($0.07) EPS, Q3 2022 earnings at ($0.03) EPS and FY2022 earnings at ($0.15) EPS.

Snap (NYSE:SNAP) last released its quarterly earnings data on Tuesday, October 20th. The company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.18) by $0.19. Snap had a negative net margin of 57.18% and a negative return on equity of 49.08%. The business had revenue of $678.67 million during the quarter, compared to the consensus estimate of $551.36 million. During the same quarter in the prior year, the firm earned ($0.04) EPS. The business’s revenue was up 52.1% on a year-over-year basis.

Other research analysts also recently issued research reports about the stock. Goldman Sachs Group increased their price target on shares of Snap from $28.00 to $47.00 and gave the company a “buy” rating in a report on Wednesday, October 21st. Credit Suisse Group increased their price target on shares of Snap from $32.00 to $39.00 and gave the company an “outperform” rating in a report on Friday, October 16th. Morgan Stanley increased their price target on shares of Snap from $25.00 to $36.00 and gave the company an “equal weight” rating in a report on Wednesday, October 21st. JMP Securities increased their price target on shares of Snap from $28.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday, October 21st. Finally, Bank of America reaffirmed a “buy” rating and issued a $28.50 price target on shares of Snap in a report on Wednesday, July 15th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and twenty-six have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $32.43.
SNAP opened at $43.17 on Monday. The firm has a 50-day simple moving average of $25.93 and a two-hundred day simple moving average of $21.44. Snap has a 52 week low of $7.89 and a 52 week high of $43.19. The company has a market capitalization of $63.43 billion, a PE ratio of -57.56 and a beta of 1.52. The company has a quick ratio of 5.99, a current ratio of 5.99 and a debt-to-equity ratio of 0.74.

In other Snap news, Director Joanna Coles sold 5,027 shares of Snap stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $22.00, for a total value of $110,594.00. Following the transaction, the director now directly owns 59,978 shares of the company’s stock, valued at $1,319,516. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Rebecca Morrow sold 8,778 shares of Snap stock in a transaction on Friday, October 16th. The stock was sold at an average price of $28.24, for a total transaction of $247,890.72. Following the completion of the transaction, the chief accounting officer now directly owns 258,955 shares in the company, valued at $7,312,889.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,032,705 shares of company stock worth $115,599,148.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Blue Zone Wealth Advisors LLC lifted its stake in shares of Snap by 2.9% during the third quarter. Blue Zone Wealth Advisors LLC now owns 33,479 shares of the company’s stock worth $874,000 after buying an additional 948 shares during the period. Kiley Juergens Wealth Management LLC lifted its stake in shares of Snap by 37.7% during the third quarter. Kiley Juergens Wealth Management LLC now owns 19,972 shares of the company’s stock worth $521,000 after buying an additional 5,470 shares during the period. Forsta AP Fonden lifted its stake in shares of Snap by 19.5% during the third quarter. Forsta AP Fonden now owns 131,400 shares of the company’s stock worth $3,431,000 after buying an additional 21,400 shares during the period. Wedbush Securities Inc. lifted its stake in shares of Snap by 29.6% during the third quarter. Wedbush Securities Inc. now owns 12,078 shares of the company’s stock worth $315,000 after buying an additional 2,761 shares during the period. Finally, Nissay Asset Management Corp Japan ADV lifted its stake in shares of Snap by 3.9% during the third quarter. Nissay Asset Management Corp Japan ADV now owns 88,597 shares of the company’s stock worth $2,313,000 after buying an additional 3,290 shares during the period. 47.00% of the stock is currently owned by institutional investors and hedge funds.

About Snap

Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images called Snaps. It also provides Camera, a tool to personalize and add context to Snaps; Chat that allows creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps surfacing the stories and shows from publishers, creators, and the community based on a user’s subscriptions and interests.

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