Snap surges after Wall Street heavyweights reveal stakes

Snap surges after Wall Street heavyweights reveal stakes

In an analyst rating update on Monday shares of Snap Chat (NYSE:SNAP) had their rating maintained by analysts at Canaccord Genuity. They set a buy rating and a $27.00 price target on the stock.

Other equities research analysts also recently issued research reports about the company. Finally, Citigroup Inc initiated coverage on Snap in a report on Monday, March 27th. They issued a "neutral" rating for the company. Summit Redstone started coverage on Snap in a research report on Monday, March 27th. The stock now has an average rating of Buy and a consensus price target of $192.83.

Finally, Drexel Hamilton restated a "buy" rating and set a $30.00 target price on shares of Snap in a research note on Thursday, May 11th.

Over the last 52 weeks Snap Chat's stock price has increased by 0% from 0.00 to 20.5. Vetr raised Snap from a hold rating to a buy rating and set a $20.33 price objective for the company in a report on Monday, March 20th. The company has an average rating of Hold and a consensus price target of $21.93.

Oppenheimer has upgraded Snap Chat (NYSE:SNAP) from Perform to Outperform in a statement released on 05/11/2017. The stock has a market capitalization of $9.89 billion, a price-to-earnings ratio of 18.10 and a beta of 1.06.

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The companies 50 day moving average is 21.55 and its 200 day moving average is 21.68. Snap-on has a 1-year low of $145.17 and a 1-year high of $181.73.

Nonetheless, the filings boost some of the investors' confidence, especially after the stock plunged 23% following SNAP's disappointing first-quarter earnings report. The company reported ($2.31) EPS for the quarter, missing the Thomson Reuters' consensus estimate of ($2.05) by $0.26. The company had revenue of $149.60 million during the quarter, compared to analyst estimates of $158.32 million. The firm's quarterly revenue was up 6.3% on a year-over-year basis. Equities research analysts predict that Snap will post ($0.54) earnings per share for the current year. If you are reading this report on another domain, it was copied illegally and republished in violation of US and global copyright law. The original version of this story can be accessed at https://sportsperspectives.com/2017/05/16/stifel-nicolaus-trims-snap-inc-snap-target-price-to-24-00.html.

Institutional investors have recently added to or reduced their stakes in the company. Edge Wealth Management LLC purchased a new position in Snap during the first quarter valued at $257,000. First Trust Advisors LP bought a new stake in shares of Snap during the first quarter worth $10,130,000. TIAA CREF Investment Management LLC raised its position in shares of Snap-on by 2.2% in the first quarter.

OZ Management held 1 million shares, while David Tepper's Appaloosa Management held a mere 100,000 share position as of the end of the quarter, but the fund manager confirmed he trimmed position as the stock ran up following its offering.

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