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Snap Inc (SNAP) Shares Bought by Westpac Banking Corp

Snap Inc (SNAP) Shares Bought by Westpac Banking Corp

The stock of Snap (SNAP) catapulted and gained almost 50% on Wednesday as the Snapchat-operator received several price target increases following a fourth-quarter earnings report that smashed revenue estimates and also beat on the bottom line. Westpac Banking Corp's holdings in Snap were worth $1,264,000 at the end of the most recent reporting period. Retention of new Android users was up 20% year over year due to the redesigned app. Walmsley maintained his Hold rating on Snap stock. Needham & Company LLC reiterated an "underperform" rating on shares of Snap in a research note on Thursday, October 5th. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Evan Spiegel sold 739,663 shares of the business's stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $12.42, for a total transaction of $20,529,837.72. The disclosure for this sale can be found here. The company's stock chart Tuesday afternoon looked similar to the trajectory of Elon Musk's SpaceX rocket, launched into outer space just minutes before Snap reported - straight up.

Snap will report earnings after the markets close.

In the middle of 2017, Snap began moving to an automated bidding process for selling ads, making it easier for more marketers to buy spots. They noted that the move was a valuation call.

Mr. Greenfield said Snap was a communications company that was trying to develop an advertising business. BidaskClub cut Snap from a "hold" rating to a "sell" rating in a research report on Thursday, October 26th. Snap now has a consensus rating of "Hold" and a consensus price target of $17.99. The stock has a market capitalization of $23,580.00 and a PE ratio of -6.14. Year-to-date, SNAP has declined -3.76%, versus a 0.85% rise in the benchmark S&P 500 index during the same period. Snap had a negative return on equity of 107.36% and a negative net margin of 463.16%.




Although Snap posted a net loss of $350 million, quarterly revenue still reached $285.7 million - up 72% year-over-year.

The company was formerly known as Snapchat, Inc. and changed its name to Snap Inc.in September 2016.

The biggest issue for Snap is its competition with Facebook's Instagram, says eMarketer analyst Debra Aho Williamson. Bank of New York Mellon Corp now owns 36,643 shares of the company's stock valued at $651,000 after purchasing an additional 13,336 shares in the last quarter. WFG Advisors LP boosted its stake in shares of Snap by 52.4% during the 2nd quarter. However, after adjustments are made earnings came in at $0.13 per share. That's right - they think these 10 stocks are even better buys. Finally, Westwood Holdings Group Inc. acquired a new stake in shares of Snap during the 2nd quarter valued at $148,000.

ILLEGAL ACTIVITY NOTICE: This report was first posted by Week Herald and is the property of of Week Herald.

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