Snap Inc. (SNAP) Issues Quarterly Earnings Results, Beats Estimates By $0.17 EPS
Snap Inc. (NYSE:SNAP) released its quarterly earnings results on Tuesday. The company reported ($0.14) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.31) by $0.17, Bloomberg Earnings reports. The company had revenue of $207.90 million during the quarter, compared to analysts’ expectations of $236.71 million. The company’s quarterly revenue was up 62.2% compared to the same quarter last year.
Shares of Snap (SNAP) traded up $0.29 during mid-day trading on Tuesday, hitting $15.12. The stock had a trading volume of 37,455,908 shares, compared to its average volume of 19,660,000. Snap has a 1-year low of $11.28 and a 1-year high of $29.44.
In other news, VP Timothy Sehn sold 400,000 shares of the company’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $12.50, for a total transaction of $5,000,000.00. Following the transaction, the vice president now directly owns 2,204,168 shares of the company’s stock, valued at $27,552,100. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Andrew Vollero sold 195,100 shares of the company’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $12.50, for a total value of $2,438,750.00. Following the transaction, the chief financial officer now directly owns 1,882,280 shares in the company, valued at $23,528,500. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,533,598 shares of company stock worth $35,540,362.
SNAP has been the subject of several recent research reports. Needham & Company LLC reiterated an “underperform” rating on shares of Snap in a research report on Thursday, October 5th. Royal Bank Of Canada restated a “buy” rating and set a $20.00 target price on shares of Snap in a research report on Sunday, October 8th. BidaskClub lowered Snap from a “hold” rating to a “sell” rating in a research report on Thursday, October 26th. Vetr lowered Snap from a “buy” rating to a “hold” rating and set a $13.95 target price for the company. in a research report on Monday, July 31st. Finally, Morgan Stanley dropped their target price on Snap from $16.00 to $14.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 23rd. Eleven analysts have rated the stock with a sell rating, twenty-two have issued a hold rating and fourteen have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $18.14.
Snap Company Profile
Snap Inc, formerly Snapchat, Inc, is a camera company. The Company’s flagship product, Snapchat, is a camera application that helps people to communicate through short videos and images known as a Snap. The Company offers three ways for people to make Snaps: the Snapchat application, Publishers Tools that help its partners to create Publisher Stories, and Spectacles, its sunglasses that make Snaps.
Receive News & Stock Ratings for Snap Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Snap Inc. and related stocks with our FREE daily email newsletter.