Canaccord Genuity Reiterates Hold Rating for Snap Inc (SNAP)

Laverne Mann
May 17, 2017

CIBC restated their outperform rating on shares of Snap-on Incorporated (NYSE:SNA) in a report released on Wednesday, April 12th. They presently have a $15.00 target price on the stock, down from their prior target price of $22.00.

Despite their staleness, Friday's filings indicated to some that if top hedge-fund managers bought the social media app's stock, the first earnings report might not be as bad as feared. Zacks Investment Research cut shares of Snap-on from a buy rating to a hold rating in a research report on Tuesday, January 24th. The stock now has an average rating of Buy and a consensus price target of $192.83.

Shares of Snap surged Monday, tracking for its third-best day ever, as traders gained confidence from filings showing big hedge funds bought the Snapchat parent in the first quarter. Susquehanna Bancshares Inc's price objective would suggest a potential downside of 27.68% from the stock's previous close. Finally, Stifel Nicolaus started coverage on shares of Snap in a report on Monday, March 27th.

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. The company has an average rating of Hold and a consensus price target of $21.93.

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Snap closed up 8.36 percent on the day at $20.74, higher than its $17 IPO price but down nearly 30 percent from its highest trading price on March 3.

Snap shares plunged 21.45 percent Thursday after the company's first earnings report as a public company showed a net loss of $2.2 billion and a disappointing 166 million daily active users. The highest share price NYSE:SNAP shares have reached in the prior twelve months is 29.44 with the lowest being 18.16. The company had revenue of $149.60 million for the quarter, compared to analysts' expectations of $158.32 million. The firm's revenue for the quarter 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 news story on another site, it was copied illegally and republished in violation of United States & worldwide copyright and trademark law. The original version of this piece of content can be viewed at https://www.thecerbatgem.com/2017/05/16/canaccord-genuity-reiterates-hold-rating-for-snap-inc-snap.html.

A number of institutional investors have recently made changes to their positions in the company. KPCB DGF Associates LLC purchased a new position in Snap during the first quarter valued at $40,911,000. 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 now owns 257,616 shares of the company's stock worth $43,452,000 after buying an additional 5,454 shares in the last quarter.

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