Thursday, 19 October, 2017

Shares in Snap Inc. (SNAP) Acquired by Dubuque Bank & Trust Co

AFP  Getty Images     
       Snap has said its user base may be small but it’s engaged AFP Getty Images Snap has said its user base may be small but it’s engaged
Christy Curtis | 12 August, 2017, 01:25

Oppenheimer & Co. Inc. increased its position in Snap by 21.1% in the second quarter.

Chief Executive Evan Spiegel made an important promise to investors Thursday, but that wasn't enough to overcome disappointing quarterly earnings and declining ad rates that pushed the young public company's shares toward new lows. Pacer Advisors Inc. now owns 9,869 shares of the company's stock worth $175,000 after buying an additional 757 shares during the last quarter.

Additionally, its introduction of Snap Map earlier this year has also contributed to the number of snaps published.

Snap also missed its revenue estimates of US$185-million by just US$4-million this quarter. US Bancorp DE purchased a new position in Snap during the first quarter valued at $101,000. Snap indicated that the pace of hiring could remain slower in the current quarter. Finally, Essex Investment Management Co.

Since it first appeared on the public markets, Snap has described itself as a "camera company", but has given little indication on plans to move into hardware or its broader strategy. (NYSE:SNAP) opened at 13.77 on Friday. The firm has a 50-day moving average of $16.13 and a 200-day moving average of $19.59. Neither plans to dump stock anytime soon, and the company has waved off rumors of a potential $30-billion acquisition offer from Google.

Snap delivered its second-quarter financial results Thursday following the close of the New York Stock Exchange. The company reported ($0.16) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.13.

The technology firm said its revenues in April to June period increased by over 150% to $182m, but this fell short of analyst expectations. It won't be easy for Snapchat to top $1 billion in revenue this year, as investors have expected. If you are accessing this report on another site, it was illegally stolen and republished in violation of United States & worldwide trademark & copyright law. The correct version of this piece can be accessed at https://transcriptdaily.com/2017/08/11/snap-inc-nysesnap-stock-rating-reaffirmed-by-barclays-plc.html.

SNAP has been the subject of several research analyst reports.

Snap began floating on the United States stock market in March this year for an initial offer price of $17 a share. Moffett Nathanson reaffirmed a "sell" rating on shares of Snap in a report on Friday, March 31st. The company's stock price closed down 19 percent from its IPO price. Credit Suisse Group reiterated an "outperform" rating and set a $25.00 price objective (down previously from $30.00) on shares of Snap in a research report on Monday, July 10th. Nine research analysts have rated the stock with a sell rating, twenty have issued a hold rating and fifteen have assigned a buy rating to the company's stock.

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