Snap Inc (NYSE:SNAP) – Equities research analysts at SunTrust Banks issued their FY2023 earnings per share (EPS) estimates for Snap in a report released on Monday, February 4th. SunTrust Banks analyst Y. Squali forecasts that the company will earn $0.20 per share for the year. SunTrust Banks has a “Hold” rating and a $8.00 price target on the stock.
Snap (NYSE:SNAP) last released its earnings results on Tuesday, February 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.15. Snap had a negative return on equity of 49.42% and a negative net margin of 131.39%. The company had revenue of $389.82 million during the quarter, compared to analyst estimates of $378.90 million. During the same period in the prior year, the company posted ($0.13) earnings per share. Snap’s quarterly revenue was up 36.4% on a year-over-year basis.
Several other equities analysts also recently commented on SNAP. Moffett Nathanson dropped their price objective on Snap from $8.00 to $6.50 and set a “neutral” rating on the stock in a research note on Tuesday, October 9th. Goldman Sachs Group dropped their price objective on Snap from $17.00 to $11.00 and set a “buy” rating on the stock in a research note on Thursday, October 11th. Pivotal Research upgraded Snap from a “hold” rating to a “buy” rating and dropped their price objective for the company from $9.00 to $8.00 in a research note on Friday, October 12th. Loop Capital started coverage on Snap in a research note on Monday, October 15th. They issued a “hold” rating on the stock. Finally, Credit Suisse Group dropped their price objective on Snap from $15.00 to $12.00 and set an “outperform” rating on the stock in a research note on Monday, October 22nd. Five research analysts have rated the stock with a sell rating, twenty-eight have assigned a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $10.33.
Snap stock traded up $1.71 during trading on Wednesday, hitting $8.75. The stock had a trading volume of 1,989,203 shares, compared to its average volume of 21,129,748. Snap has a 1 year low of $4.82 and a 1 year high of $21.22. The company has a market cap of $8.95 billion, a price-to-earnings ratio of -4.11 and a beta of 0.77.
Several hedge funds have recently modified their holdings of the stock. Oregon Public Employees Retirement Fund purchased a new stake in shares of Snap in the fourth quarter worth $102,000. Sigma Planning Corp purchased a new stake in shares of Snap in the fourth quarter worth $56,000. Exane Derivatives raised its position in shares of Snap by 9.8% in the fourth quarter. Exane Derivatives now owns 134,539 shares of the company’s stock worth $741,000 after buying an additional 12,000 shares in the last quarter. Wedbush Securities Inc. purchased a new stake in shares of Snap in the fourth quarter worth $55,000. Finally, KBC Group NV raised its position in shares of Snap by 371.2% in the fourth quarter. KBC Group NV now owns 108,083 shares of the company’s stock worth $595,000 after buying an additional 85,143 shares in the last quarter. Institutional investors own 24.14% of the company’s stock.
In other Snap news, CEO Evan Spiegel sold 1,495,200 shares of the stock in a transaction on Monday, December 3rd. The stock was sold at an average price of $6.43, for a total transaction of $9,614,136.00. Following the sale, the chief executive officer now owns 80,452,061 shares in the company, valued at $517,306,752.23. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jared Grusd sold 25,244 shares of the stock in a transaction on Wednesday, January 16th. The stock was sold at an average price of $5.77, for a total value of $145,657.88. Following the sale, the insider now owns 2,928,421 shares in the company, valued at approximately $16,896,989.17. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,879,877 shares of company stock worth $11,955,617.
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. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page that allows to 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 to surface the most interesting stories from publishers, creators, and the community, based on a user's subscriptions and interests.
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