Snap Inc (SNAP) Expected to Announce Quarterly Sales of $282.68 Million

Brokerages expect Snap Inc (NYSE:SNAP) to post $282.68 million in sales for the current quarter, Zacks reports. Nine analysts have issued estimates for Snap’s earnings, with the lowest sales estimate coming in at $274.76 million and the highest estimate coming in at $289.90 million. Snap posted sales of $207.94 million in the same quarter last year, which suggests a positive year over year growth rate of 35.9%. The business is scheduled to issue its next quarterly earnings report on Tuesday, November 6th.

According to Zacks, analysts expect that Snap will report full year sales of $1.15 billion for the current year, with estimates ranging from $1.13 billion to $1.18 billion. For the next fiscal year, analysts forecast that the company will post sales of $1.61 billion per share, with estimates ranging from $1.27 billion to $1.79 billion. Zacks’ sales averages are an average based on a survey of analysts that cover Snap.

Snap (NYSE:SNAP) last posted its earnings results on Tuesday, August 7th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.32) by $0.18. The company had revenue of $262.26 million for the quarter, compared to analyst estimates of $247.24 million. Snap had a negative net margin of 155.31% and a negative return on equity of 49.79%.

SNAP has been the topic of several recent analyst reports. Zacks Investment Research upgraded shares of Snap from a “sell” rating to a “hold” rating in a report on Tuesday, July 24th. Cowen decreased their target price on shares of Snap from $9.00 to $8.00 and set an “underperform” rating on the stock in a report on Friday, July 13th. Aegis reiterated a “buy” rating and issued a $12.00 target price (down from $18.00) on shares of Snap in a report on Tuesday, May 8th. Pivotal Research reiterated a “sell” rating and issued a $9.00 target price on shares of Snap in a report on Wednesday. Finally, Wells Fargo & Co reiterated a “hold” rating and issued a $12.00 target price on shares of Snap in a report on Wednesday. Eleven analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eight have given a buy rating to the company. Snap has a consensus rating of “Hold” and an average target price of $14.85.

Snap remained flat at $$12.31 on Thursday, Marketbeat.com reports. 15,882,100 shares of the company’s stock traded hands, compared to its average volume of 19,982,464. Snap has a 12 month low of $10.50 and a 12 month high of $21.22.

In other news, CEO Evan Spiegel sold 1,465,171 shares of the business’s stock in a transaction on Friday, June 1st. The shares were sold at an average price of $11.46, for a total transaction of $16,790,859.66. Following the completion of the transaction, the chief executive officer now owns 83,794,342 shares of the company’s stock, valued at $960,283,159.32. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Mitchell Lasky sold 25,000 shares of the business’s stock in a transaction on Tuesday, May 15th. The shares were sold at an average price of $10.62, for a total transaction of $265,500.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,133,881 shares of company stock valued at $36,127,978.

Institutional investors and hedge funds have recently made changes to their positions in the company. Steward Partners Investment Advisory LLC boosted its holdings in shares of Snap by 188.1% during the second quarter. Steward Partners Investment Advisory LLC now owns 10,041 shares of the company’s stock valued at $131,000 after acquiring an additional 6,556 shares during the period. North Star Investment Management Corp. boosted its holdings in shares of Snap by 283.0% during the second quarter. North Star Investment Management Corp. now owns 10,150 shares of the company’s stock valued at $133,000 after acquiring an additional 7,500 shares during the period. Quantbot Technologies LP acquired a new position in shares of Snap during the first quarter valued at $134,000. Greenwood Capital Associates LLC acquired a new position in shares of Snap during the second quarter valued at $138,000. Finally, Sunbelt Securities Inc. acquired a new position in shares of Snap during the second quarter valued at $138,000. 20.56% of the stock is owned by institutional investors.

About Snap

Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page that allows to creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps to surface the most interesting stories from publishers, creators, and the community, based on a user's subscriptions and interests.

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