Snap bounces back as big-name funds reveal they own stock

Todd Singleton
May 17, 2017

Snap Inc (NYSE:SNAP)'s stock had its "neutral" rating restated by research analysts at Susquehanna Bancshares Inc in a research note issued on Friday. They set an "outperform" rating and a $200.00 target price on the stock.

Reuters report further suggested that despite having hottest technology IPO, the social media business's lack of profitability, diminishing user growth, and high valuation has listed it as a controversial stock on Wall Street. Vetr upgraded shares of Snap from a hold rating to a buy rating and set a $20.33 price target on the stock in a research report on Monday, March 20th. Bank of America Corp assumed coverage on shares of Snap in a research note on Monday, March 27th.

Coatue Management LLC, Soros Fund Management LLC, Goldman Sachs Group Inc (GS.N) and Jana Partners LLC on Monday joined the list of fund managers disclosing stakes in the parent of the popular Snapchat messaging app at the end of March. Snap-on now has a consensus rating of "Buy" and a consensus target price of $192.83. Finally, Teachers Advisors LLC raised its position in shares of Snap-on by 2.2% in the first quarter. They set a hold rating and a $24.00 price objective for the company.

Most of the long position was assigned to the company's asset management subsidiary, while the other positions are held by one of its broker-dealer subsidiaries. Snap now has an average rating of Hold and a consensus price target of $21.93.

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Snap-on Incorporated (NYSE:SNA) shot up 5.7% during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The firm's market capitalization is $19.83 billion. The company reported ($2.31) earnings per share for the quarter, missing the consensus estimate of ($2.05) by $0.26. The company had revenue of $149.60 million during the quarter, compared to the consensus estimate of $158.32 million. The firm's quarterly revenue was up 6.3% on a year-over-year basis. Equities research analysts anticipate that Snap will post ($0.54) EPS for the current fiscal year.

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A number of institutional investors have recently made changes to their positions in the stock. Credit Suisse AG now owns 90,806 shares of the company's stock valued at $15,317,000 after buying an additional 2,517 shares during the last quarter.

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