SunTrust Banks Comments on Snap Inc’s FY2022 Earnings (SNAP)

Snap Inc (NYSE:SNAP) – SunTrust Banks issued their FY2022 earnings per share estimates for Snap in a research note issued on Monday. SunTrust Banks analyst Y. Squali expects that the company will post earnings of $0.16 per share for the year. SunTrust Banks currently has a “Hold” rating and a $10.00 price target on the stock.

A number of other research firms also recently issued reports on SNAP. BidaskClub downgraded Snap from a “hold” rating to a “sell” rating in a research note on Thursday, October 26th. Vetr upgraded Snap from a “hold” rating to a “strong-buy” rating and set a $18.29 target price on the stock in a research note on Thursday, October 19th. Zacks Investment Research upgraded Snap from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a research note on Wednesday, January 17th. Pivotal Research reiterated a “sell” rating and issued a $10.00 target price on shares of Snap in a research note on Wednesday, January 10th. Finally, Oppenheimer lifted their target price on Snap from $14.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday. Fourteen analysts have rated the stock with a sell rating, nineteen have given a hold rating and fifteen have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $18.25.

Snap (SNAP) traded down $1.36 during trading hours on Tuesday, reaching $19.39. The company had a trading volume of 119,603,959 shares, compared to its average volume of 23,830,000. The stock has a market cap of $23,350.00 and a P/E ratio of -5.86. Snap has a 12-month low of $11.28 and a 12-month high of $29.44.

Snap (NYSE:SNAP) last released its quarterly earnings results on Tuesday, November 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.17. The firm had revenue of $207.90 million for the quarter, compared to the consensus estimate of $236.71 million. Snap had a negative return on equity of 97.08% and a negative net margin of 417.61%. The company’s quarterly revenue was up 62.2% compared to the same quarter last year.

A number of hedge funds have recently modified their holdings of SNAP. First Trust Advisors LP raised its holdings in Snap by 873.8% during the third quarter. First Trust Advisors LP now owns 5,884,101 shares of the company’s stock worth $85,555,000 after purchasing an additional 5,279,883 shares during the last quarter. Valiant Capital Management L.P. raised its holdings in Snap by 379.1% during the third quarter. Valiant Capital Management L.P. now owns 3,215,300 shares of the company’s stock worth $46,750,000 after purchasing an additional 2,544,200 shares during the last quarter. Allianz Asset Management GmbH raised its holdings in Snap by 73.4% during the third quarter. Allianz Asset Management GmbH now owns 4,529,005 shares of the company’s stock worth $65,852,000 after purchasing an additional 1,916,830 shares during the last quarter. Vanguard Group Inc. raised its holdings in Snap by 23.7% during the second quarter. Vanguard Group Inc. now owns 8,353,729 shares of the company’s stock worth $148,446,000 after purchasing an additional 1,601,170 shares during the last quarter. Finally, State Treasurer State of Michigan acquired a new position in Snap during the third quarter worth $15,714,000. 18.97% of the stock is owned by hedge funds and other institutional investors.

In related news, VP Steven Michael Horowitz sold 286,332 shares of Snap stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $12.54, for a total transaction of $3,590,603.28. Following the completion of the transaction, the vice president now directly owns 2,532,598 shares of the company’s stock, valued at $31,758,778.92. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Mitchell Lasky sold 25,000 shares of Snap stock in a transaction on Tuesday, November 14th. The stock was sold at an average price of $12.53, for a total value of $313,250.00. The disclosure for this sale can be found here. Insiders sold a total of 1,885,626 shares of company stock valued at $25,814,031 over the last three months.

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About Snap

Snap Inc, formerly Snapchat, Inc, is a camera company. The Company’s flagship product, Snapchat, is a camera application that helps people to communicate through short videos and images known as a Snap. The Company offers three ways for people to make Snaps: the Snapchat application, Publishers Tools that help its partners to create Publisher Stories, and Spectacles, its sunglasses that make Snaps.

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