WFG Advisors LP increased its stake in Snap by 52.4% during the second quarter. The company sold 90 percent of its advertising through its automated software in the fourth quarter, despite previously warning investors that the transition had been slower than expected. WFG Advisors LP now owns 7,377 shares of the company's stock valued at $131,000 after acquiring an additional 2,537 shares during the period. The company's stock had a trading volume of 232,240,000 shares, compared to its average volume of 16,480,000. That's the largest leap since the third quarter of 2016. Brian Wieser, an analyst at Pivotal Research, said while the earnings were good, the results didn't give him any reason to change his skeptical view of the company, which he rates a "sell". The company has a consensus rating of "Hold" and an average price target of $17.99.
In a note to investors, Pivotal analyst Brian Wieser cast doubt Snap's long-term ability to compete with Google and Facebook, its corporate management, and its costs. Finally, Westwood Holdings Group Inc. acquired a new stake in shares of Snap during the 2nd quarter valued at $148,000. Snap has a 12 month low of $11.28 and a 12 month high of $29.44.
The company has a market capitalization of $24,990.00 and a P/E ratio of -6.53.
Snap (NYSE:SNAP) last released its quarterly earnings results on Tuesday, November 7th.
The California-based social media company recently announced their staggering and quite surprising quarter performance; the reports were chart-topping and the positivity continued to extend through the after-hours as their shares managed to climb to the extreme levels.
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After struggling to grow its audience throughout the year, Snap unveiled a significant redesign in November meant to make its messaging service less confusing for users.
Overall revenue increased 72 per cent year on year to $285.7 million for Q4.
While reports last month suggested that users were responding negatively to Snapchat's redesign, Spiegel expressed confidence today that the changes will help the company continue to build on its most recent quarter of user growth, and thus boost revenue. The stock jumped as much as 31 percent in extended trading after Snap reported better than expected sales figures, driven by rising user numbers and greater advertising spend on its Snapchat app. That sent the stock popped on the news - rising almost 20% to $16.82 a share. They had not traded above Snap's initial public offering price of $17 since July 10.
Stifel has a Hold rating with a $13 price target. "So we are less focused on price, more focused on driving value and driving growth". The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Steven Michael Horowitz sold 286,332 shares of Snap stock in a transaction dated Thursday, November 16th.