Jefferies Financial Group Research Analysts Lower Earnings Estimates for Snap Inc. (NYSE:SNAP)

Snap Inc. (NYSE:SNAPGet Rating) – Research analysts at Jefferies Financial Group dropped their Q2 2022 earnings per share estimates for shares of Snap in a research note issued to investors on Tuesday, May 24th. Jefferies Financial Group analyst B. Thill now forecasts that the company will post earnings of ($0.18) per share for the quarter, down from their prior estimate of ($0.16). Jefferies Financial Group also issued estimates for Snap’s Q3 2022 earnings at ($0.15) EPS, Q4 2022 earnings at ($0.08) EPS, FY2022 earnings at ($0.62) EPS and FY2023 earnings at ($0.24) EPS.

A number of other research firms also recently weighed in on SNAP. JMP Securities cut their target price on Snap from $50.00 to $45.00 and set a “market outperform” rating for the company in a research report on Tuesday. Susquehanna Bancshares cut their target price on Snap from $34.00 to $14.00 and set a “neutral” rating for the company in a research report on Wednesday. Oppenheimer cut their target price on Snap from $40.00 to $30.00 and set an “outperform” rating for the company in a research report on Tuesday. Wells Fargo & Company cut their target price on Snap from $60.00 to $48.00 and set an “overweight” rating for the company in a research report on Friday, April 22nd. Finally, Morgan Stanley dropped their price target on Snap from $59.00 to $55.00 and set an “overweight” rating on the stock in a report on Friday, April 22nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $41.28.

Shares of NYSE SNAP opened at $14.16 on Thursday. The company has a market cap of $23.17 billion, a PE ratio of -39.33 and a beta of 1.18. The company has a current ratio of 7.19, a quick ratio of 7.19 and a debt-to-equity ratio of 1.05. Snap has a 12-month low of $12.55 and a 12-month high of $83.34. The stock has a 50 day simple moving average of $30.26 and a 200-day simple moving average of $37.88.

Snap (NYSE:SNAPGet Rating) last announced its quarterly earnings data on Thursday, April 21st. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.03). Snap had a negative net margin of 12.71% and a negative return on equity of 16.37%. The firm had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same period in the prior year, the firm earned ($0.19) earnings per share. The firm’s quarterly revenue was up 38.1% compared to the same quarter last year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Neuberger Berman Group LLC raised its position in shares of Snap by 158.7% during the first quarter. Neuberger Berman Group LLC now owns 3,830,524 shares of the company’s stock valued at $137,860,000 after buying an additional 2,349,925 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Snap by 2,103.1% in the first quarter. The Manufacturers Life Insurance Company now owns 708,094 shares of the company’s stock worth $26,053,000 after purchasing an additional 675,953 shares in the last quarter. Chicago Partners Investment Group LLC raised its position in Snap by 27.8% in the first quarter. Chicago Partners Investment Group LLC now owns 15,438 shares of the company’s stock worth $351,000 after purchasing an additional 3,355 shares in the last quarter. Capital Group International Inc. CA raised its position in Snap by 42.2% in the first quarter. Capital Group International Inc. CA now owns 778,686 shares of the company’s stock worth $28,025,000 after purchasing an additional 231,196 shares in the last quarter. Finally, Capital International Investors raised its position in Snap by 96.8% in the first quarter. Capital International Investors now owns 5,263,312 shares of the company’s stock worth $189,427,000 after purchasing an additional 2,588,200 shares in the last quarter. 53.88% of the stock is owned by institutional investors and hedge funds.

In other news, VP Jerry James Hunter sold 42,105 shares of the company’s stock in a transaction dated Monday, May 23rd. The shares were sold at an average price of $22.67, for a total transaction of $954,520.35. Following the completion of the transaction, the vice president now owns 665,813 shares of the company’s stock, valued at $15,093,980.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Robert C. Murphy sold 900,000 shares of the company’s stock in a transaction dated Monday, April 25th. The shares were sold at an average price of $29.55, for a total transaction of $26,595,000.00. Following the transaction, the chief technology officer now directly owns 75,110,002 shares of the company’s stock, valued at approximately $2,219,500,559.10. The disclosure for this sale can be found here. Insiders have sold 1,555,687 shares of company stock valued at $44,789,003 over the last 90 days.

About Snap (Get Rating)

Snap Inc operates as a camera company in North America, Europe, and internationally. The company offers Snapchat, a camera application with various functionalities, such as Camera, Communication, Snap Map, Stories, and Spotlight that enable people to communicate visually through short videos and images.

Further Reading

Earnings History and Estimates for Snap (NYSE:SNAP)

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