Snap (NYSE:SNAP) Announces Earnings Results

Snap (NYSE:SNAP) announced its quarterly earnings data on Thursday. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.10, reports. The business had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Snap had a negative net margin of 26.99% and a negative return on equity of 45.02%. Snap updated its Q2 2024 guidance to EPS.

Snap Price Performance

Shares of NYSE SNAP opened at $14.53 on Friday. Snap has a 1-year low of $7.86 and a 1-year high of $17.90. The stock’s 50-day moving average is $11.26 and its two-hundred day moving average is $12.84. The company has a debt-to-equity ratio of 1.55, a current ratio of 4.39 and a quick ratio of 4.39. The company has a market cap of $23.98 billion, a price-to-earnings ratio of -17.94 and a beta of 1.13.

Insider Activity

In related news, CAO Rebecca Morrow sold 2,442 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $11.00, for a total value of $26,862.00. Following the transaction, the chief accounting officer now owns 493,084 shares of the company’s stock, valued at $5,423,924. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Snap news, CEO Evan Spiegel sold 150,000 shares of the firm’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $11.11, for a total transaction of $1,666,500.00. Following the transaction, the chief executive officer now owns 3,627,844 shares of the company’s stock, valued at $40,305,346.84. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Rebecca Morrow sold 2,442 shares of the business’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $11.00, for a total value of $26,862.00. Following the completion of the sale, the chief accounting officer now directly owns 493,084 shares of the company’s stock, valued at $5,423,924. The disclosure for this sale can be found here. In the last three months, insiders have sold 470,482 shares of company stock worth $5,284,091. 22.68% of the stock is currently owned by corporate insiders.

Institutional Trading of Snap

A number of large investors have recently bought and sold shares of the business. NBC Securities Inc. increased its position in Snap by 2,580.4% in the 4th quarter. NBC Securities Inc. now owns 1,501 shares of the company’s stock valued at $25,000 after acquiring an additional 1,445 shares during the period. Allworth Financial LP grew its stake in shares of Snap by 161.6% in the 4th quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock valued at $47,000 after purchasing an additional 1,708 shares during the last quarter. ICA Group Wealth Management LLC acquired a new position in shares of Snap in the fourth quarter valued at approximately $51,000. Newbridge Financial Services Group Inc. lifted its holdings in shares of Snap by 75.0% during the third quarter. Newbridge Financial Services Group Inc. now owns 3,500 shares of the company’s stock worth $31,000 after purchasing an additional 1,500 shares during the period. Finally, Rakuten Securities Inc. purchased a new position in Snap in the 4th quarter valued at $73,000. Institutional investors and hedge funds own 47.52% of the company’s stock.

Wall Street Analyst Weigh In

SNAP has been the subject of several analyst reports. UBS Group decreased their target price on shares of Snap from $14.00 to $13.00 and set a “neutral” rating for the company in a research note on Tuesday, April 16th. Susquehanna increased their target price on shares of Snap from $9.50 to $12.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 7th. Raymond James restated an “outperform” rating and set a $16.00 target price (up from $15.00) on shares of Snap in a research report on Friday. Morgan Stanley upped their price target on Snap from $11.00 to $12.00 and gave the stock an “underweight” rating in a report on Friday. Finally, Rosenblatt Securities raised their price objective on Snap from $12.00 to $14.00 and gave the company a “neutral” rating in a report on Friday. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $14.67.

About Snap

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.