Q3 2018 EPS Estimates for Snap Inc Boosted by SunTrust Banks (SNAP)

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Snap Inc (NYSE:SNAP) – SunTrust Banks lifted their Q3 2018 earnings per share estimates for shares of Snap in a research report issued on Wednesday, August 8th. SunTrust Banks analyst Y. Squali now forecasts that the company will earn ($0.27) per share for the quarter, up from their prior estimate of ($0.29). SunTrust Banks currently has a “Hold” rating and a $13.00 target price on the stock. SunTrust Banks also issued estimates for Snap’s Q4 2018 earnings at ($0.22) EPS, FY2018 earnings at ($1.05) EPS, FY2019 earnings at ($0.90) EPS, FY2020 earnings at ($0.63) EPS, FY2021 earnings at ($0.24) EPS and FY2022 earnings at $0.25 EPS.

Snap (NYSE:SNAP) last issued its quarterly earnings data on Tuesday, August 7th. The company reported ($0.14) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.32) by $0.18. The firm had revenue of $262.26 million during the quarter, compared to the consensus estimate of $247.24 million. Snap had a negative return on equity of 49.79% and a negative net margin of 155.31%.

SNAP has been the subject of a number of other reports. Jefferies Financial Group lowered their price objective on Snap to $14.00 and set a “hold” rating for the company in a research note on Wednesday, May 2nd. Zacks Investment Research lowered Snap from a “hold” rating to a “sell” rating in a research report on Thursday, August 2nd. Deutsche Bank boosted their price target on Snap to $15.00 and gave the stock a “hold” rating in a research report on Monday, April 30th. Morgan Stanley boosted their price target on Snap from $11.00 to $12.00 and gave the stock an “underweight” rating in a research report on Thursday, April 19th. Finally, Credit Suisse Group boosted their price target on Snap from $20.00 to $21.00 and gave the stock an “outperform” rating in a research report on Friday, April 20th. Eleven analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eight have assigned a buy rating to the company. Snap currently has a consensus rating of “Hold” and a consensus target price of $14.85.

Shares of Snap opened at $12.31 on Monday, according to MarketBeat.com. The firm has a market cap of $15.63 billion, a P/E ratio of -5.92 and a beta of -2.73. Snap has a 12 month low of $10.50 and a 12 month high of $21.22.

In other news, General Counsel Michael J. O’sullivan sold 9,810 shares of the company’s stock in a transaction on Wednesday, May 16th. The stock was sold at an average price of $10.63, for a total value of $104,280.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Timothy R. Stone sold 8,919 shares of the company’s stock in a transaction on Monday, July 16th. The shares were sold at an average price of $13.18, for a total value of $117,552.42. Following the completion of the sale, the chief financial officer now owns 1,250,417 shares of the company’s stock, valued at approximately $16,480,496.06. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,133,881 shares of company stock valued at $36,127,978.

Several institutional investors have recently made changes to their positions in the company. FMR LLC lifted its holdings in shares of Snap by 18.4% in the second quarter. FMR LLC now owns 24,968,882 shares of the company’s stock valued at $326,842,000 after buying an additional 3,886,373 shares during the period. BlackRock Inc. lifted its holdings in shares of Snap by 22.1% during the second quarter. BlackRock Inc. now owns 15,367,441 shares of the company’s stock valued at $201,159,000 after purchasing an additional 2,779,756 shares during the last quarter. OppenheimerFunds Inc. lifted its holdings in shares of Snap by 657.4% during the first quarter. OppenheimerFunds Inc. now owns 13,688,542 shares of the company’s stock valued at $217,237,000 after purchasing an additional 11,881,245 shares during the last quarter. First Trust Advisors LP purchased a new stake in shares of Snap during the second quarter valued at $132,330,000. Finally, Allianz Asset Management GmbH lifted its holdings in shares of Snap by 44.7% during the first quarter. Allianz Asset Management GmbH now owns 7,675,255 shares of the company’s stock valued at $121,806,000 after purchasing an additional 2,372,137 shares during the last quarter. Institutional investors and hedge funds own 20.56% of the company’s stock.

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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Earnings History and Estimates for Snap (NYSE:SNAP)

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