Twitter share price: Social media firm hires Anthony Noto as CFO

on Jul 2, 2014
Updated: Apr 9, 2020
Listen, Wednesday, July 2: Twitter Inc (NYSE:TWTR) has appointed a former Goldman Sachs executive as its new chief financial officer, marking the latest change to its senior management in recent months.

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Anthony Noto, who had served as managing director at Goldman Sachs for nearly four years, will replace Twitter’s current CFO Mike Gupta, a filing with the US Security and Exchange Commission dated June 30 revealed. The change comes just three weeks after Ali Rowghani resigned as Twitter’s chief operating officer following a power struggle with chief executive officer Dick Costolo (Twitter share price: COO steps down amid power struggle with Costolo).

In today’s trading, Twitter shares were up 1.1 percent at $42.53. The company’s stock has fallen 33.2 percent since the start of the year.
“Twitter’s board of directors has appointed Anthony Noto as its Chief Financial Officer (“CFO”) to replace Mr.
Gupta effective as of a date within the next 30 days,” Twitter said in the SEC filing, which also revealed that Gupta would assume the role of senior vice president of strategic investments within the same timeframe.

As a Goldman Sachs executive, Noto worked closely with his predecessor around the time of Twitter’s initial public offering in November, when he helped the microblogging company go public. In May Noto said that he would leave the investment bank to take a position at New York-based hedge fund Coatue Management LLC. However, he is now joining Twitter instead.

Noto’s arrival at Twitter could help appease investors, who have been concerned by the company’s apparent struggle to reach a wider audience.
Bloomberg quoted CRT Capital Group analyst Neil Doshi, as observing: “He definitely understands Wall Street, how investors value the company, what investors are focused on.” Doshi continued: “Twitter has done a fantastic job in posting very good financial results, but they missed the mark on how important investors view the user growth at Twitter.”

**Analysts on Twitter**
According to The Financial Times, the 31 analysts offering 12 month price targets for Twitter have a median target of $43.00, with a high estimate of $60.00 and a low estimate of $25.00. As of Jun 27, 2014, the consensus forecast amongst 56 polled investment analysts covering Twitter advises investors to hold their position in the company. The same consensus estimate has been maintained since the sentiment of investment analysts deteriorated on Nov 14, 2013, the FT notes.
**As of 14:25 BST buy Twitter shares at $42.40**
**As of 14:25 BST sell Twitter shares at $42.39**


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