The Board of Directors of Twitter Inc (NYSE:TWTR) provided an update on its CEO search process.
On June 11, 2015, Twitter announced that current CEO Dick Costolo would step down effective July 1, 2015. The Board has established a Search Committee to identify candidates to become Twitter’s next CEO. The Committee has retained Spencer Stuart, a leading global executive search firm, to assist in a thorough search process that will include both internal and external candidates.
The Committee will only consider candidates for recommendation to the full Board who are in a position to make a full-time commitment to Twitter. The search is proceeding with a sense of urgency but the Committee will take the time necessary to find the right CEO to lead the next phase of Twitter’s growth.
Peter Currie, Twitter’s Lead Independent Director and Chair of the Search Committee, said, “The Board has the utmost confidence in the strong management team Dick has assembled and in Jack Dorsey’s ability to lead the company on an interim basis while we identify a permanent CEO. We are confident in Twitter’s product roadmap and excited by the current pipeline. We also believe much more can be done to realize Twitter’s enormous unmet long-term potential. In our next CEO, we are looking for a bold thinker and proven leader capable of helping Twitter fully capitalize on its unique platform for the benefit of users, advertisers and employees, and to maximize value for investors in the years ahead.” (Original Source)
Shares of Twitter Inc closed last Friday at $35.86 . TWTR has a 1-year high of $55.99 and a 1-year low of $33.51. The stock’s 50-day moving average is $36.60 and its 200-day moving average is $42.16.
On the ratings front, Twitter Inc has been the subject of a number of recent research reports. In a report issued on June 16, MKM Partners analyst Rob Sanderson downgraded TWTR to Hold, with a price target of $39, which implies an upside of 8.8% from current levels. Separately, on June 15, Axiom’s Victor Anthony reiterated a Hold rating on the stock and has a price target of $40.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Rob Sanderson and Victor Anthony have a total average return of -4.0% and 16.4% respectively. Sanderson has a success rate of 44.8% and is ranked #3316 out of 3638 analysts, while Anthony has a success rate of 68.3% and is ranked #88.
In total, 14 research analysts have assigned a Hold rating and 12 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $47.08 which is 31.3% above where the stock closed last Friday.
Twitter Inc is a platform for public self-expression and conversation in real time. It provides a way for people to stay informed about their interests, discover what is happening in their world and interact directly.