Pictet Asset Management Ltd. Lowers Position in Twitter, Inc. (NYSE:TWTR)
Pictet Asset Management Ltd. reduced its stake in shares of Twitter, Inc. (NYSE:TWTR) by 27.8% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 1,779,586 shares of the social networking company’s stock after selling 683,661 shares during the period. Pictet Asset Management Ltd.’s holdings in Twitter were worth $32,602,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of TWTR. Gilder Gagnon Howe & Co. LLC boosted its position in Twitter by 112.3% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 8,781 shares of the social networking company’s stock valued at $157,000 after buying an additional 4,645 shares in the last quarter. IFP Advisors Inc increased its stake in shares of Twitter by 8.0% in the second quarter. IFP Advisors Inc now owns 63,153 shares of the social networking company’s stock valued at $1,129,000 after buying an additional 4,658 shares during the period. Essex Investment Management Co. LLC purchased a new stake in shares of Twitter during the second quarter valued at about $288,000. K.J. Harrison & Partners Inc increased its stake in shares of Twitter by 13.2% in the second quarter. K.J. Harrison & Partners Inc now owns 95,000 shares of the social networking company’s stock valued at $1,698,000 after buying an additional 11,100 shares during the period. Finally, David R. Rahn & Associates Inc. purchased a new stake in shares of Twitter during the second quarter valued at about $1,350,000. 47.02% of the stock is currently owned by institutional investors.
Shares of Twitter, Inc. (NYSE TWTR) opened at 16.14 on Thursday. The firm has a 50-day moving average of $18.12 and a 200-day moving average of $16.89. The company’s market cap is $11.78 billion. Twitter, Inc. has a 12-month low of $14.12 and a 12-month high of $25.25.
Twitter (NYSE:TWTR) last issued its earnings results on Thursday, July 27th. The social networking company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.03. The firm had revenue of $574 million during the quarter, compared to analyst estimates of $536.63 million. Twitter had a negative net margin of 18.25% and a negative return on equity of 2.91%. The company’s quarterly revenue was down 4.7% on a year-over-year basis. During the same quarter last year, the business earned $0.13 earnings per share. Analysts predict that Twitter, Inc. will post $0.34 EPS for the current year.
Several analysts have issued reports on TWTR shares. Aegis reissued a “sell” rating and set a $12.00 target price on shares of Twitter in a research note on Thursday, April 13th. Zacks Investment Research raised shares of Twitter from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research note on Tuesday, June 27th. Wells Fargo & Company reaffirmed a “hold” rating and issued a $14.50 price target on shares of Twitter in a research note on Friday, May 12th. BidaskClub downgraded shares of Twitter from a “hold” rating to a “sell” rating in a research note on Friday, June 16th. Finally, Goldman Sachs Group, Inc. (The) reaffirmed a “buy” rating and issued a $20.00 price target on shares of Twitter in a research note on Sunday, July 30th. Sixteen research analysts have rated the stock with a sell rating, twenty-three have issued a hold rating and six have given a buy rating to the company’s stock. Twitter currently has a consensus rating of “Hold” and an average price target of $15.57.
In other Twitter news, insider Robert Kaiden sold 4,725 shares of the stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $16.06, for a total transaction of $75,883.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Vijaya Gadde sold 15,000 shares of the stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $17.46, for a total transaction of $261,900.00. The disclosure for this sale can be found here. Insiders have sold 2,749,473 shares of company stock valued at $50,829,693 in the last quarter. Company insiders own 10.79% of the company’s stock.
Twitter, Inc offers products and services for users, advertisers, developers and data partners. The Company’s products and services include Twitter, Periscope, Promoted Tweets, Promoted Accounts and Promoted Trends. Its Twitter is a platform for public self-expression and conversation in real time. Periscope broadcasts can also be viewed through Twitter and on desktop or mobile Web browser.
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