Snap (NYSE:SNAP) Posts Quarterly Earnings Results, Beats Estimates By $0.10 EPS

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

Snap Stock Performance

NYSE:SNAP opened at $14.53 on Friday. The company has a market capitalization of $23.98 billion, a PE ratio of -17.94 and a beta of 1.13. Snap has a fifty-two week low of $7.86 and a fifty-two week high of $17.90. The company has a debt-to-equity ratio of 1.55, a quick ratio of 4.39 and a current ratio of 4.39. The company has a 50 day simple moving average of $11.26 and a two-hundred day simple moving average of $12.84.

Insider Transactions at Snap

In other news, General Counsel Michael J. O’sullivan sold 13,000 shares of the stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $16.16, for a total transaction of $210,080.00. Following the completion of the sale, the general counsel now directly owns 461,005 shares in the company, valued at $7,449,840.80. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, General Counsel Michael J. O’sullivan sold 13,000 shares of the company’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $16.16, for a total transaction of $210,080.00. Following the sale, the general counsel now owns 461,005 shares in the company, valued at approximately $7,449,840.80. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Rebecca Morrow sold 9,386 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $11.14, for a total value of $104,560.04. Following the sale, the chief accounting officer now directly owns 495,526 shares of the company’s stock, valued at approximately $5,520,159.64. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 470,482 shares of company stock worth $5,284,091. Company insiders own 22.68% of the company’s stock.

Institutional Trading of Snap

Several hedge funds and other institutional investors have recently bought and sold shares of SNAP. NBC Securities Inc. boosted its holdings in Snap by 2,580.4% in the fourth 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 in the last quarter. Newbridge Financial Services Group Inc. raised its holdings in Snap by 75.0% in the third quarter. Newbridge Financial Services Group Inc. now owns 3,500 shares of the company’s stock worth $31,000 after buying an additional 1,500 shares during the last quarter. Allworth Financial LP raised its holdings in Snap by 161.6% in the 4th quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock worth $47,000 after acquiring an additional 1,708 shares during the last quarter. ICA Group Wealth Management LLC bought a new position in Snap in the 4th quarter valued at approximately $51,000. Finally, Rakuten Securities Inc. purchased a new stake in Snap during the 4th quarter valued at $73,000. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Wall Street Analysts Forecast Growth

SNAP has been the topic of several recent analyst reports. Stifel Nicolaus lifted their price objective on Snap from $12.00 to $13.00 and gave the company a “hold” rating in a report on Friday. Piper Sandler upped their price target on shares of Snap from $12.00 to $17.00 and gave the company a “neutral” rating in a report on Wednesday, January 17th. Susquehanna lifted their price target on Snap from $9.50 to $12.00 and gave the company a “neutral” rating in a research note on Wednesday, February 7th. BMO Capital Markets cut their price target on Snap from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Wednesday, February 7th. Finally, UBS Group decreased their price objective on Snap from $14.00 to $13.00 and set a “neutral” rating for the company in a report on Tuesday, April 16th. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company 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.