Snap Inc (NYSE:SNAP) – Equities researchers at SunTrust Banks issued their Q2 2018 earnings estimates for Snap in a research report issued to clients and investors on Wednesday. SunTrust Banks analyst Y. Squali forecasts that the company will earn ($0.32) per share for the quarter. SunTrust Banks currently has a “Hold” rating and a $10.00 target price on the stock. SunTrust Banks also issued estimates for Snap’s Q4 2018 earnings at ($0.21) EPS, FY2018 earnings at ($1.16) EPS, FY2019 earnings at ($1.01) EPS, FY2020 earnings at ($0.69) EPS, FY2021 earnings at ($0.20) EPS and FY2022 earnings at $0.29 EPS.
Several other research analysts have also recently commented on the company. Vetr upgraded Snap from a “hold” rating to a “strong-buy” rating and set a $18.29 price target on the stock in a research note on Thursday, October 19th. Morgan Stanley cut Snap from an “equal weight” rating to an “underweight” rating in a research note on Thursday, November 9th. Zacks Investment Research cut Snap from a “hold” rating to a “sell” rating in a research note on Wednesday, October 18th. BidaskClub cut Snap from a “hold” rating to a “sell” rating in a research note on Thursday, October 26th. Finally, Credit Suisse Group restated a “buy” rating and set a $18.00 price objective on shares of Snap in a research note on Tuesday, January 9th. Fourteen equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and fifteen have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $18.25.
A number of hedge funds have recently modified their holdings of the stock. WFG Advisors LP grew its holdings in Snap by 52.4% in the 2nd quarter. WFG Advisors LP now owns 7,377 shares of the company’s stock worth $131,000 after buying an additional 2,537 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Snap by 12.4% in the 4th quarter. The Manufacturers Life Insurance Company now owns 24,255 shares of the company’s stock worth $354,000 after buying an additional 2,675 shares in the last quarter. Rhumbline Advisers grew its holdings in Snap by 22.9% in the 3rd quarter. Rhumbline Advisers now owns 22,900 shares of the company’s stock worth $333,000 after buying an additional 4,260 shares in the last quarter. IFP Advisors Inc grew its holdings in Snap by 30.7% in the 3rd quarter. IFP Advisors Inc now owns 20,605 shares of the company’s stock worth $300,000 after buying an additional 4,838 shares in the last quarter. Finally, Wedbush Securities Inc. grew its holdings in Snap by 45.1% in the 3rd quarter. Wedbush Securities Inc. now owns 17,925 shares of the company’s stock worth $261,000 after buying an additional 5,575 shares in the last quarter. 18.97% of the stock is owned by institutional investors and hedge funds.
In related news, Director Mitchell Lasky sold 25,000 shares of the stock in a transaction that occurred on Tuesday, November 14th. The stock was sold at an average price of $12.53, for a total value of $313,250.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Imran Khan sold 250,000 shares of the stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $20.04, for a total value of $5,010,000.00. Following the completion of the transaction, the insider now directly owns 9,755,173 shares of the company’s stock, valued at $195,493,666.92. The disclosure for this sale can be found here. Insiders have sold 2,230,407 shares of company stock valued at $32,578,428 over the last ninety days.
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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.
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