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Snapchat shares plummet as Snap Inc's first results are out

16 May 2017
Snapchat shares plummet as Snap Inc's first results are out

Cowen and Company now has a $26.00 target price on the stock.

The 53-year-old expressed that sentiment while commenting on Snap's first earnings report and the inevitable comparisons between Snapchat and Facebook that many industry watchers are making, especially as Facebook recently started aggressively introducing Snapchat-inspired features to its services. Summit Redstone began coverage on Snap in a research note on Monday, March 27th. Atlantic Securities began coverage on Snap in a research note on Tuesday, February 21st. They set a "neutral" rating for the company. Moffett Nathanson reiterated a "sell" rating on shares of Snap in a research report on Friday, March 31st.

In other Snap-on news, VP Jeanne M. Moreno sold 2,200 shares of Snap-on stock in a transaction that occurred on Thursday, March 9th. Eight investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company's stock.

On 05/10/2017, Cowen released a statement for Snap Chat (NYSE:SNAP) bumped up the target price from $0.00 to $26.00 that suggested an upside of 0.13%.

Snap-on (NYSE:SNA) last announced its earnings results on Thursday, April 20th. The firm has a 50-day moving average of $167.73 and a 200-day moving average of $169.28. Snap has a 1-year low of $17.59 and a 1-year high of $29.44. The stock's market cap is $18.30 billion. Institutional investors and hedge funds own 88.03% of the company's stock. This represents an increase of 297% compared to the average daily volume of 23,798 call options.

Snap-on (NYSE:SNA) traded up 0.56% during mid-day trading on Wednesday, hitting $170.96. The company reported $2.39 earnings per share for the quarter, beating the Zacks' consensus estimate of $2.34 by $0.05. The business had revenue of $149.60 million during the quarter, compared to analyst estimates of $158.32 million. The firm's revenue for the quarter was up 285.6% on a year-over-year basis.

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A number of hedge funds have recently made changes to their positions in the company.

Some positions were started before Snap went public in early March, in the biggest initial public offering for a U.S. tech company since Facebook's 2012 debut.

Soros Fund Management, run by 86-year-old billionaire George Soros, took a almost 1.7 million stake in Snap during the first quarter. Commerzbank Aktiengesellschaft FI bought a new stake in Snap during the first quarter valued at approximately $2,837,000. Edge Wealth Management LLC acquired a new stake in Snap during the first quarter worth about $257,000. Nordea Investment Management AB now owns 518,300 shares of the company's stock valued at $78,761,000 after buying an additional 147,937 shares in the last quarter.