Snap Inc. (NYSE:SNAP - Get Free Report)'s share price gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $9.09, but opened at $7.77. Snap shares last traded at $7.51, with a volume of 19,848,059 shares traded.
The company reported ($0.08) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.12). Snap had a negative net margin of 13.02% and a negative return on equity of 25.67%. The business had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. During the same quarter in the previous year, the firm earned $0.03 earnings per share. Snap's revenue was up 14.1% on a year-over-year basis.
Analyst Upgrades and Downgrades
A number of brokerages have issued reports on SNAP. The Goldman Sachs Group cut their price objective on shares of Snap from $13.50 to $9.50 and set a "neutral" rating for the company in a report on Monday, April 14th. Canaccord Genuity Group cut their target price on shares of Snap from $13.00 to $10.00 and set a "hold" rating for the company in a research note on Thursday, April 17th. Susquehanna lifted their price target on shares of Snap from $12.00 to $13.00 and gave the company a "neutral" rating in a report on Wednesday, February 5th. Citizens Jmp raised shares of Snap from a "hold" rating to a "strong-buy" rating in a report on Friday, March 28th. Finally, UBS Group reduced their target price on Snap from $14.00 to $9.00 and set a "neutral" rating on the stock in a report on Friday, April 11th. One analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $36.76.
Check Out Our Latest Research Report on SNAP
Insider Transactions at Snap
In other Snap news, General Counsel Michael J. O'sullivan sold 24,000 shares of the company's stock in a transaction on Monday, March 31st. The stock was sold at an average price of $8.60, for a total transaction of $206,400.00. Following the completion of the sale, the general counsel now owns 507,660 shares in the company, valued at $4,365,876. This represents a 4.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Robert C. Murphy sold 1,000,000 shares of Snap stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $9.04, for a total value of $9,040,000.00. Following the completion of the transaction, the chief technology officer now owns 55,818,548 shares in the company, valued at $504,599,673.92. This represents a 1.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,356,523 shares of company stock valued at $12,710,077. 22.68% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Snap
Several institutional investors have recently bought and sold shares of SNAP. Mountain Hill Investment Partners Corp. acquired a new stake in Snap in the 4th quarter worth approximately $27,000. Raiffeisen Bank International AG acquired a new stake in shares of Snap during the fourth quarter worth $30,000. Comprehensive Financial Planning Inc. PA purchased a new stake in shares of Snap during the fourth quarter valued at $32,000. NBC Securities Inc. raised its stake in Snap by 154,650.0% in the 1st quarter. NBC Securities Inc. now owns 3,095 shares of the company's stock worth $26,000 after acquiring an additional 3,093 shares during the last quarter. Finally, Rakuten Securities Inc. lifted its position in Snap by 155.4% during the 1st quarter. Rakuten Securities Inc. now owns 3,489 shares of the company's stock worth $30,000 after acquiring an additional 2,123 shares during the period. 47.52% of the stock is currently owned by institutional investors and hedge funds.
Snap Price Performance
The stock has a fifty day moving average of $8.83 and a 200 day moving average of $10.45. The company has a debt-to-equity ratio of 1.47, a current ratio of 3.95 and a quick ratio of 3.95. The stock has a market cap of $12.99 billion, a price-to-earnings ratio of -18.23 and a beta of 0.92.
Snap Company Profile
(
Get Free Report)
Snap Inc operates as a technology company in North America, Europe, and internationally. The company offers Snapchat, a visual messaging application with various tabs, such as camera, visual messaging, snap map, stories, and spotlight that enable people to communicate visually through short videos and images.
Further Reading
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