Snap (NYSE:SNAP) Issues Quarterly Earnings Results

Snap (NYSE:SNAP) released its earnings results on Wednesday. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.12), FiscalAI reports. Snap had a negative return on equity of 21.61% and a negative net margin of 8.60%.The company had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.70 billion.

Snap Stock Performance

Shares of NYSE SNAP traded down $0.18 during midday trading on Wednesday, hitting $5.92. 99,022,655 shares of the stock traded hands, compared to its average volume of 48,684,129. The firm has a market capitalization of $10.18 billion, a P/E ratio of -20.41 and a beta of 0.83. Snap has a one year low of $5.86 and a one year high of $11.57. The company has a debt-to-equity ratio of 1.57, a quick ratio of 3.67 and a current ratio of 3.67. The firm has a 50-day moving average of $7.71 and a two-hundred day moving average of $7.90.

Insider Transactions at Snap

In other Snap news, General Counsel Michael J. O’sullivan sold 70,882 shares of the stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $8.34, for a total value of $591,155.88. Following the transaction, the general counsel owned 1,854,982 shares of the company’s stock, valued at approximately $15,470,549.88. This represents a 3.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Derek Andersen sold 23,715 shares of the business’s stock in a transaction dated Wednesday, January 14th. The shares were sold at an average price of $7.83, for a total value of $185,688.45. Following the sale, the chief financial officer owned 2,972,051 shares of the company’s stock, valued at approximately $23,271,159.33. This represents a 0.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,393,341 shares of company stock worth $11,169,210 in the last three months.

Institutional Investors Weigh In On Snap

A number of hedge funds have recently modified their holdings of SNAP. Allworth Financial LP lifted its position in Snap by 92.3% during the third quarter. Allworth Financial LP now owns 3,293 shares of the company’s stock valued at $25,000 after purchasing an additional 1,581 shares in the last quarter. CIBC Bancorp USA Inc. bought a new position in shares of Snap in the third quarter worth about $296,000. Danske Bank A S bought a new position in shares of Snap in the third quarter worth about $3,193,000. Jacobs Levy Equity Management Inc. lifted its position in shares of Snap by 1.4% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 4,022,443 shares of the company’s stock valued at $31,013,000 after buying an additional 53,611 shares in the last quarter. Finally, Armistice Capital LLC bought a new position in shares of Snap during the 3rd quarter valued at approximately $99,000. Institutional investors own 47.52% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Citigroup upped their price target on shares of Snap from $8.50 to $10.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 12th. New Street Research cut shares of Snap from a “buy” rating to a “neutral” rating in a report on Tuesday, October 28th. Rosenblatt Securities raised their price target on shares of Snap from $8.70 to $9.50 and gave the company a “neutral” rating in a research report on Thursday, November 6th. Truist Financial upped their price objective on Snap from $10.00 to $11.00 and gave the company a “hold” rating in a research report on Friday, November 7th. Finally, Cantor Fitzgerald lifted their target price on Snap from $7.00 to $9.00 and gave the stock a “neutral” rating in a report on Thursday, November 6th. Three equities research analysts have rated the stock with a Buy rating, twenty-five have given a Hold rating and five have assigned a Sell rating to the stock. According to data from MarketBeat.com, Snap currently has an average rating of “Reduce” and an average price target of $9.83.

About Snap

Snap Inc is a camera and social media company best known for developing and operating Snapchat, a multimedia messaging application that allows users to send photos, videos and messages that disappear after being viewed. In addition to its core messaging service, Snap offers a suite of augmented reality (AR) tools, including custom Lenses and Filters, that enable users and third-party developers to create interactive and immersive experiences. The company also provides advertising solutions that allow brands to engage audiences through Snap Ads, Sponsored Lenses and Discover content on the platform.

Founded in 2011 by Evan Spiegel and Bobby Murphy, Snap has continually focused on innovation in camera technology and AR.