B. Riley Has Optimistic Outlook of Snap FY2024 Earnings

Snap Inc. (NYSE:SNAP) – Investment analysts at B. Riley upped their FY2024 EPS estimates for Snap in a note issued to investors on Wednesday, October 30th. B. Riley analyst N. Khan now expects that the company will earn ($0.36) per share for the year, up from their prior forecast of ($0.42). B. Riley currently has a “Neutral” rating and a $12.00 target price on the stock. The consensus estimate for Snap’s current full-year earnings is ($0.47) per share. B. Riley also issued estimates for Snap’s Q4 2024 earnings at ($0.01) EPS, Q1 2025 earnings at ($0.13) EPS, Q2 2025 earnings at ($0.09) EPS, Q3 2025 earnings at ($0.03) EPS, Q4 2025 earnings at $0.06 EPS, FY2025 earnings at ($0.20) EPS, FY2026 earnings at $0.03 EPS and FY2027 earnings at $0.25 EPS.

Several other equities research analysts have also recently issued reports on the company. The Goldman Sachs Group raised their target price on Snap from $12.00 to $13.50 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Citigroup reduced their price objective on shares of Snap from $16.00 to $11.00 and set a “neutral” rating on the stock in a report on Monday, August 12th. Barclays decreased their target price on shares of Snap from $17.00 to $16.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Argus upgraded shares of Snap to a “hold” rating in a research report on Thursday, August 8th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $14.00 price objective on shares of Snap in a report on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, twenty-two have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $14.25.

Snap Stock Up 3.0 %

SNAP stock opened at $12.53 on Monday. Snap has a one year low of $8.29 and a one year high of $17.90. The firm has a market cap of $20.79 billion, a PE ratio of -21.60 and a beta of 0.99. The firm’s 50 day moving average price is $10.18 and its 200-day moving average price is $12.72. The company has a debt-to-equity ratio of 1.63, a quick ratio of 3.98 and a current ratio of 4.04.

Snap (NYSE:SNAP) last issued its earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.03. The business had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.36 billion. Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. The company’s revenue for the quarter was up 15.4% on a year-over-year basis. During the same period last year, the company earned ($0.21) EPS.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of SNAP. Commonwealth Equity Services LLC increased its holdings in shares of Snap by 11.3% in the first quarter. Commonwealth Equity Services LLC now owns 129,057 shares of the company’s stock valued at $1,482,000 after purchasing an additional 13,055 shares during the period. Private Advisor Group LLC increased its stake in Snap by 69.6% in the 1st quarter. Private Advisor Group LLC now owns 77,061 shares of the company’s stock valued at $885,000 after buying an additional 31,631 shares during the period. RiverPark Advisors LLC raised its position in Snap by 11.1% during the 1st quarter. RiverPark Advisors LLC now owns 100,432 shares of the company’s stock worth $1,153,000 after buying an additional 10,038 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S lifted its stake in shares of Snap by 51.1% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 80,821 shares of the company’s stock worth $928,000 after acquiring an additional 27,335 shares during the period. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in shares of Snap in the 1st quarter worth $225,000. 47.52% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Snap

In other Snap news, Director Joanna Coles sold 6,434 shares of the company’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $12.00, for a total value of $77,208.00. Following the completion of the transaction, the director now owns 54,761 shares in the company, valued at $657,132. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CAO Rebecca Morrow sold 8,923 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $9.10, for a total transaction of $81,199.30. Following the transaction, the chief accounting officer now directly owns 472,405 shares in the company, valued at approximately $4,298,885.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Joanna Coles sold 6,434 shares of the company’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $12.00, for a total transaction of $77,208.00. Following the completion of the sale, the director now owns 54,761 shares of the company’s stock, valued at approximately $657,132. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,497,051 shares of company stock worth $13,261,098. 22.68% of the stock is currently owned by insiders.

About Snap

Snap Inc operates as a technology company in North America, Europe, and internationally. The company offers Snapchat, a visual messaging application with various tabs, such as camera, visual messaging, snap map, stories, and spotlight that enable people to communicate visually through short videos and images.