LinkedIn, Other Internet Stocks Reaching Record Highs

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LinkedIn Corp LNKD hit a 52-week high of $243.25 on Friday, following an Outperform rating from Wells Fargo; The firm on Thursday initiated coverage with a valuation range of $260 to $270.

LinkedIn is not the only Internet stock that hit a 52-week high recently. Below are a few other recent successes in the sector.

Tucows Inc. (USA) TCX

This $212 million market cap Internet services provider hit a 52-week high of $18.80, before falling to $18.45. The stock has been on an uptrend this year, having gained more than 31 percent year-to-date. The past couple of months were particularly good, as the stock inched up about 25 percent.

Additionally, recent news of Ting Fiber, Inc -- a wholly owned subsidiary of Tucows -- acquiring a 70 percent stake in independent Internet service provider Blue Ridge InternetWorks proceeded the stock's upward movement.

Related Link: Why Tucows Stock Might Be A Great Pick

One major fund betting on this company is Jim Simons’ Renaissance Technologies LLC, which recently disclosed ownership of 562,324 shares.

Equinix Inc EQIX

Equinix also hit a 52-week high, last week, when it traded for $233.82. The $12.6 billion market cap data center services company is up more than 30 percent year-to-date, and analysts believe that it could continue to rise.

Recently, Barclays set its price target at $235 and, earlier this quarter, Citigroup and Jefferies said they believe the stock could reach $240. Stifel also recommended buying the stock (same as the two aforementioned firms), fixing a price target of $250.

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Posted In: Short IdeasIntraday UpdateTechTrading IdeasBarclaysBlue Ridge InternetWorksCitigroupJefferiesJim SimonsRenaissance TechnologiesStifel NicolausTing Fiber IncWells Fargo
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