Snap Chat (NYSE:SNAP) Noted As 'Buy' In Update From Goldman Sachs

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Snap Chat (NYSE:SNAP) stock price target reduced to $24.00, issued a research note today by Stifel Nicolaus

Its stock had plummeted 23 percent late on Wednesday after its debut quarterly earnings report disappointed investors. Analysts at FactSet Fundamentals have provided 12 Buy, 18 Hold, two Underweight, and four Sell ratings for SNAP. Goldman Sachs Group Inc initiated coverage on Snap in a report on Monday, March 27th. Drexel Hamilton initiated coverage on Snap in a report on Tuesday, March 21st. The company presently has an average rating of Hold and an average price target of $21.93.

Stock in the parent company behind Snapchat jumped as much as 9 percent to $20.92 in midday trades as hedge funds and big asset managers filed their first quarter holdings with the Securities and Exchange Commission late Friday and into Monday. The firm's 50 day moving average is $21.55 and its 200 day moving average is $21.68.

It remains to be seen whether Levinsohn - who doesn't even consider Snap a social media platform - is right in predicting that Snap will turn its fortunes around in the future but the self-described "camera company" still has a lot to prove to the investors who fueled its $34.7 billion market capitalization following its initial public offering (IPO) in early March, though the thereof now amounts to approximately $22.5 billion.

Over time, however, the company introduced new tools and features aimed at engaging users in new ways that also appealed to marketers.

Snap-on (NYSE:SNA) last announced its earnings results on Thursday, April 20th. The company reported ($2.31) earnings per share for the quarter, missing analysts' consensus estimates of ($2.05) by $0.26. The company had revenue of $149.60 million during the quarter, compared to analysts' expectations of $158.32 million. The firm's quarterly revenue was up 6.3% on a year-over-year basis.

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A number of large investors have recently made changes to their positions in the company. US Bancorp DE bought a new position in Snap during the first quarter valued at about $101,000. Benjamin F. Edwards & Company Inc. bought a new position in Snap during the first quarter valued at about $158,000.

Snap Inc keeps clawing back losses from last week's 21 per cent swoon, welcome news to any of the institutional owners now detailing stakes in the messaging service - as long as they didn't bail in the downdraft. Finally, Geneva Advisors LLC bought a new stake in shares of Snap during the first quarter worth $406,000.

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