Twitter Inc (NYSE:TWTR) co-founders Jack Dorsey and Evan Williams do not intend to sell any of their shares of common stock when the current lockup expires May 5, the company said in an SEC filing. Shares rose more than 2%.
Twitter CEO Richard Costolo also has no current plans to sell any shares, according to the filing.
The company said that before the top Twitter executives can sell shares, they are required to use a trading plan under internal policy, which includes a “cooling off” period and a minimum wait of 90 days after Twitter’s next open window.
In late morning trade, TWTR was up 2.63% to $41.10, not far from the company’s 52-week low of $38.80.
Analysts have a consensus price target of $49 on Twitter Inc (NYSE:TWTR) which indicates a 22% upside. The consensus rating of the stock is a HOLD with a score of 1.91. There are currently 14 Hold Ratings, 8 Buy ratings and 11 Sell ratings on the stock.
A recent analyst action consisted of SunTrust lowering their price target from $60 to $55 on April 10th, 2014. That same day Cantor Fitzgerald upgraded the stock from a Sell to Hold rating, setting their price target at $45.
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