Meadow Creek Investment Management LLC increased its stake in shares of Snap-on Incorporated (NYSE:SNA) by 0.3% during the first quarter, according to its most recent Form 13F filing with the SEC. Finally, Needham & Company LLC reaffirmed an "underperform" rating on shares of Snap in a report on Thursday, March 16th. They noted that the move was a valuation call. Finally, Aegis reiterated a hold rating on shares of Snap in a report on Sunday, April 2nd. The firm set an "outperform" rating and a $200.00 price target on the stock. Summit Redstone started coverage on Snap in a research report on Monday, March 27th. Snap-on has an average rating of "Buy" and an average target price of $192.83.
The broker said it has now set a "Hold" rating on shares of Snap Chat with a price target of 22. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock.
Snap (NYSE:SNAP) traded up 0.19% on Friday, hitting $20.78. The company's stock had a trading volume of 27,287,256 shares. The company has a 50-day moving average price of $21.55 and a 200-day moving average price of $21.68. The stock's market cap is $19.87 billion. Almost 17 percent of Snap's shares are now held by people betting against the company. Nonetheless, the filings boost some of the investors' confidence, especially after the stock plunged 23% following SNAP's disappointing first-quarter earnings report. The firm had revenue of $887.10 million during the quarter, compared to analysts' expectations of $877.30 million. Snap-on's quarterly revenue was up 6.3% compared to the same quarter a year ago. On average, equities analysts forecast that Snap will post ($0.54) earnings per share for the current fiscal year.
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A number of institutional investors have recently made changes to their positions in the company.
The filings provided the first definitive snapshot of who bought Snap shares when it went public in early March.
Dan Loeb's Third Point held 2.25 million shares of Snap as of the end of the quarter. On the other hand, the Snapchat Discover system is an entirely new, innovative channel, the former top executive at Yahoo stated, noting that the Venice, Los Angeles-based company's idea of blending several different media formats into one presents a unique opportunity for advertisers. Can now owns 39,730 shares of the company's stock valued at $6,030,000 after buying an additional 1,216 shares in the last quarter.