Snap (NYSE:SNAP) Sees Large Volume Increase After Better-Than-Expected Earnings

Snap Inc. (NYSE:SNAP) shares saw unusually-high trading volume on Friday after the company announced better than expected quarterly earnings. Approximately 40,670,093 shares were traded during trading, an increase of 34% from the previous session’s volume of 30,265,061 shares.The stock last traded at $14.00 and had previously closed at $11.40.

The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.10. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.12 billion. Snap had a negative return on equity of 47.47% and a negative net margin of 28.71%.

Analyst Ratings Changes

A number of research analysts have commented on SNAP shares. Roth Mkm reiterated a “neutral” rating and issued a $14.00 price objective on shares of Snap in a research report on Tuesday. Susquehanna increased their price objective on Snap from $9.50 to $12.00 and gave the company a “neutral” rating in a research report on Wednesday, February 7th. The Goldman Sachs Group decreased their price objective on Snap from $15.00 to $13.50 and set a “neutral” rating on the stock in a research report on Thursday, February 8th. HSBC raised Snap from a “reduce” rating to a “buy” rating in a research note on Friday. Finally, Stifel Nicolaus cut their price target on Snap from $14.00 to $12.00 and set a “hold” rating on the stock in a research note on Tuesday, April 16th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $14.09.

Insider Buying and Selling

In related news, General Counsel Michael J. O’sullivan sold 18,000 shares of Snap stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $11.53, for a total transaction of $207,540.00. Following the completion of the transaction, the general counsel now owns 474,812 shares in the company, valued at $5,474,582.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, General Counsel Michael J. O’sullivan sold 18,000 shares of Snap stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $11.53, for a total transaction of $207,540.00. Following the completion of the sale, the general counsel now directly owns 474,812 shares of the company’s stock, valued at approximately $5,474,582.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, General Counsel Michael J. O’sullivan sold 13,000 shares of the company’s stock in a transaction dated 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 transaction, the general counsel now owns 461,005 shares in the company, valued at $7,449,840.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 470,482 shares of company stock worth $5,284,091. Company insiders own 22.68% of the company’s stock.

Institutional Investors Weigh In On Snap

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Snap by 3.8% in the 4th quarter. Vanguard Group Inc. now owns 95,317,701 shares of the company’s stock valued at $1,613,729,000 after purchasing an additional 3,503,230 shares in the last quarter. SRS Investment Management LLC boosted its stake in shares of Snap by 23.6% in the 4th quarter. SRS Investment Management LLC now owns 65,114,732 shares of the company’s stock valued at $1,102,392,000 after purchasing an additional 12,452,415 shares in the last quarter. Capital World Investors boosted its stake in shares of Snap by 0.6% in the 4th quarter. Capital World Investors now owns 45,887,082 shares of the company’s stock valued at $776,868,000 after purchasing an additional 274,176 shares in the last quarter. Artisan Partners Limited Partnership raised its holdings in Snap by 4.1% in the 3rd quarter. Artisan Partners Limited Partnership now owns 8,267,765 shares of the company’s stock valued at $73,666,000 after buying an additional 327,038 shares during the last quarter. Finally, Carmignac Gestion bought a new position in Snap in the 4th quarter valued at approximately $110,103,000. 47.52% of the stock is currently owned by institutional investors and hedge funds.

Snap Trading Up 22.2 %

The business’s fifty day moving average is $11.19 and its 200-day moving average is $12.79. The firm has a market cap of $22.99 billion, a P/E ratio of -16.78 and a beta of 1.13. The company has a debt-to-equity ratio of 1.55, a quick ratio of 4.39 and a current ratio of 4.39.

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.