Zacks Research Has Positive Outlook of Snap FY2024 Earnings

Snap Inc. (NYSE:SNAP) – Equities research analysts at Zacks Research raised their FY2024 earnings per share (EPS) estimates for Snap in a report issued on Tuesday, November 19th. Zacks Research analyst R. Department now forecasts that the company will earn ($0.46) per share for the year, up from their previous forecast of ($0.47). The consensus estimate for Snap’s current full-year earnings is ($0.41) per share. Zacks Research also issued estimates for Snap’s Q4 2024 earnings at ($0.12) EPS, Q2 2025 earnings at ($0.12) EPS, Q3 2025 earnings at ($0.07) EPS, FY2025 earnings at ($0.37) EPS, Q1 2026 earnings at ($0.08) EPS and FY2026 earnings at ($0.23) EPS.

Several other analysts also recently issued reports on SNAP. Royal Bank of Canada reiterated a “sector perform” rating and issued a $16.00 price target on shares of Snap in a report on Wednesday, October 30th. Piper Sandler reiterated a “neutral” rating and set a $13.00 target price (up from $12.00) on shares of Snap in a report on Wednesday, October 30th. Cantor Fitzgerald upped their price target on Snap from $8.00 to $9.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Canaccord Genuity Group lifted their price objective on shares of Snap from $12.00 to $13.00 and gave the company a “hold” rating in a research note on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $14.00 target price on shares of Snap in a research report on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $14.31.

Snap Price Performance

Snap stock opened at $10.62 on Friday. The company has a quick ratio of 4.04, a current ratio of 4.04 and a debt-to-equity ratio of 1.63. The firm has a market capitalization of $17.81 billion, a P/E ratio of -18.30 and a beta of 0.99. The firm has a fifty day moving average of $10.79 and a 200-day moving average of $12.55. Snap has a 52-week low of $8.29 and a 52-week high of $17.90.

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

Hedge Funds Weigh In On Snap

Large investors have recently bought and sold shares of the stock. TB Alternative Assets Ltd. boosted its holdings in shares of Snap by 105.6% in the third quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock valued at $85,406,000 after acquiring an additional 4,098,847 shares in the last quarter. Aigen Investment Management LP acquired a new stake in Snap in the third quarter worth approximately $1,345,000. Dynamic Advisor Solutions LLC acquired a new stake in shares of Snap in the third quarter valued at $832,000. Entropy Technologies LP acquired a new position in Snap during the third quarter worth about $828,000. Finally, Exchange Traded Concepts LLC raised its position in Snap by 38.7% in the third quarter. Exchange Traded Concepts LLC now owns 784,982 shares of the company’s stock worth $8,399,000 after acquiring an additional 219,111 shares in the last quarter. Institutional investors and hedge funds own 47.52% of the company’s stock.

Insider Activity

In other news, CFO Derek Andersen sold 97,608 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $9.29, for a total value of $906,778.32. Following the completion of the transaction, the chief financial officer now owns 2,287,970 shares of the company’s stock, valued at approximately $21,255,241.30. This represents a 4.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of Snap stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $9.30, for a total transaction of $167,400.00. Following the sale, the general counsel now owns 456,662 shares in the company, valued at approximately $4,246,956.60. This represents a 3.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,356,709 shares of company stock valued at $16,088,487. 22.68% of the stock is currently owned by company insiders.

Snap Company Profile

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.