Brokerages Expect Snap Inc (SNAP) Will Post Quarterly Sales of $282.74 Million

Brokerages forecast that Snap Inc (NYSE:SNAP) will post sales of $282.74 million for the current fiscal quarter, according to Zacks Investment Research. Eleven analysts have issued estimates for Snap’s earnings, with the lowest sales estimate coming in at $274.76 million and the highest estimate coming in at $289.90 million. Snap posted sales of $207.94 million in the same quarter last year, which suggests a positive year over year growth rate of 36%. The business is expected to report its next quarterly earnings report on Tuesday, November 6th.

According to Zacks, analysts expect that Snap will report full year sales of $1.15 billion for the current financial year, with estimates ranging from $1.13 billion to $1.18 billion. For the next year, analysts expect that the business will post sales of $1.58 billion per share, with estimates ranging from $1.27 billion to $1.79 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that follow Snap.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Tuesday, August 7th. The company reported ($0.14) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.32) by $0.18. The company had revenue of $262.26 million during the quarter, compared to analyst estimates of $247.24 million. Snap had a negative net margin of 155.31% and a negative return on equity of 49.79%.

Several brokerages have weighed in on SNAP. Zacks Investment Research raised shares of Snap from a “sell” rating to a “hold” rating in a report on Tuesday, July 24th. Cowen decreased their price objective on shares of Snap from $9.00 to $8.00 and set an “underperform” rating for the company in a report on Friday, July 13th. Nomura began coverage on shares of Snap in a report on Wednesday, July 11th. They set a “neutral” rating and a $13.00 price objective for the company. BTIG Research reissued a “neutral” rating on shares of Snap in a report on Tuesday, August 7th. Finally, Wells Fargo & Co reissued a “hold” rating and set a $12.00 price objective on shares of Snap in a report on Wednesday, August 8th. Eleven investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and nine have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $14.60.

In related news, CEO Evan Spiegel sold 1,520,640 shares of Snap stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $10.57, for a total value of $16,073,164.80. Following the sale, the chief executive officer now directly owns 81,400,642 shares in the company, valued at approximately $860,404,785.94. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Timothy R. Stone sold 8,919 shares of Snap stock in a transaction dated Monday, July 16th. The shares were sold at an average price of $13.18, for a total transaction of $117,552.42. Following the completion of the sale, the chief financial officer now owns 1,250,417 shares in the company, valued at $16,480,496.06. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,375,218 shares of company stock worth $38,429,235.

A number of large investors have recently modified their holdings of SNAP. Steward Partners Investment Advisory LLC lifted its position in Snap by 188.1% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 10,041 shares of the company’s stock valued at $131,000 after purchasing an additional 6,556 shares during the last quarter. North Star Investment Management Corp. lifted its position in Snap by 283.0% in the 2nd quarter. North Star Investment Management Corp. now owns 10,150 shares of the company’s stock valued at $133,000 after purchasing an additional 7,500 shares during the last quarter. Quantbot Technologies LP bought a new stake in Snap in the 1st quarter valued at about $134,000. Greenwood Capital Associates LLC bought a new stake in shares of Snap during the 2nd quarter worth about $138,000. Finally, Sunbelt Securities Inc. bought a new stake in shares of Snap during the 2nd quarter worth about $138,000. Hedge funds and other institutional investors own 22.29% of the company’s stock.

SNAP stock traded down $0.06 during mid-day trading on Wednesday, hitting $9.29. 30,529,887 shares of the company were exchanged, compared to its average volume of 20,630,368. The firm has a market cap of $11.75 billion, a P/E ratio of -4.47 and a beta of -2.84. Snap has a twelve month low of $8.90 and a twelve month high of $21.22.

Snap Company Profile

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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