What should you do with LinkedIn Corp (NYSE:LNKD)
LinkedIn Corp (NYSE:LNKD) is an on online professional network that is known to operate on a different level from various other sites on the Web. There has been some news recently about the company hacking into customer accounts without permission. On Friday, LinkedIn Corp (NYSE:LNKD) responded to these accusations that had been flung against it in a class-action lawsuit. It maintained that it does not hack the email accounts of users. It said that on the contrary, it asks for permission before accessing any email accounts.
This lawsuit was filed by 4 LinkedIn users. They alleged that the company has accessed their accounts and sent promotional emails to people on their email contact list, who happened to be non-users. In addition, the claim in the lawsuit also is that their email accounts had been accessed fraudulently and that the contact information had been downloaded without express permission from them. Further, the lawsuit says that the company must stop these practices. If any revenue has been generated from marketing activity that has indulged in, using their private information, that too should be returned to them.
Company on the defensive
In a blog post LinkedIn Corp (NYSE:LNKD) said that there was absolutely no truth in these accusations and said that they do not pretend to be the users to access email accounts. The company said that they ask the permission of the users to access accounts and that this is a part of its membership sign up process. The company emphasized that it is transparent in the way it operates and that no privacy norms had been breached.
Increased price target
In yesterday’s session Evercore increased price target for Linkedin Corp (NYSE:LNKD) to $280 after reports of higher engagement and rising employment.
In Tuesday’s trading session, LinkedIn Corp (NYSE:LNKD) stock rose by 2.60%. The shares opened at a price of $239.87, climbed to an intraday high of 249.99 and dropped to close at $245.80. Approximately 1.75 million shares were traded on Tuesday and an average volume of 1.83 million shares were traded over a period of 30 days.