Snap Inc (NYSE:SNAP) – Equities researchers at Oppenheimer lowered their Q3 2018 EPS estimates for Snap in a report issued on Wednesday, August 8th. Oppenheimer analyst J. Helfstein now forecasts that the company will earn ($0.27) per share for the quarter, down from their prior estimate of ($0.24). Oppenheimer has a “Market Perform” rating on the stock. Oppenheimer also issued estimates for Snap’s FY2018 earnings at ($1.09) EPS, FY2019 earnings at ($0.97) EPS, FY2020 earnings at ($0.70) EPS, FY2021 earnings at ($0.27) EPS and FY2022 earnings at $0.25 EPS.
SNAP has been the topic of a number of other research reports. Royal Bank of Canada restated an “outperform” rating and issued a $16.00 price target on shares of Snap in a research note on Wednesday, May 2nd. Evercore ISI cut Snap from an “in-line” rating to an “underperform” rating and set a $7.00 price target on the stock. in a research note on Wednesday, May 2nd. Aegis cut Snap from a “buy” rating to a “hold” rating in a research note on Tuesday, May 22nd. Cowen dropped their price target on Snap from $14.00 to $12.00 and set an “underperform” rating on the stock in a research note on Friday, April 27th. Finally, Zacks Investment Research upgraded Snap from a “sell” rating to a “hold” rating and set a $14.00 price target on the stock in a research note on Friday. Eleven research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eight have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $14.79.
Snap (NYSE:SNAP) last announced its quarterly earnings data on Tuesday, August 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.18. Snap had a negative return on equity of 49.79% and a negative net margin of 155.31%. The company had revenue of $262.26 million for the quarter, compared to analysts’ expectations of $247.24 million.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quantbot Technologies LP acquired a new stake in shares of Snap during the 1st quarter worth $134,000. Steward Partners Investment Advisory LLC grew its holdings in shares of Snap by 188.1% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 10,041 shares of the company’s stock worth $131,000 after purchasing an additional 6,556 shares in the last quarter. North Star Investment Management Corp. grew its holdings in shares of Snap by 283.0% during the 2nd quarter. North Star Investment Management Corp. now owns 10,150 shares of the company’s stock worth $133,000 after purchasing an additional 7,500 shares in the last quarter. NEXT Financial Group Inc acquired a new stake in shares of Snap during the 1st quarter worth $163,000. Finally, Dimensional Fund Advisors LP acquired a new stake in shares of Snap during the 1st quarter worth $165,000. 21.41% of the stock is currently owned by institutional investors.
In other Snap news, CEO Evan Spiegel sold 1,465,171 shares of the company’s stock in a transaction on Friday, June 1st. The stock was sold at an average price of $11.46, for a total value of $16,790,859.66. Following the transaction, the chief executive officer now directly owns 83,794,342 shares of the company’s stock, valued at approximately $960,283,159.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Mitchell Lasky sold 25,000 shares of the company’s stock in a transaction on Tuesday, June 12th. The shares were sold at an average price of $13.64, for a total value of $341,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,108,881 shares of company stock worth $35,862,478.
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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