RBC Boosts Stake in Twilio as Hedge Funds Flock to Cloud Communications

Royal Bank of Canada (RBC) has significantly increased its stake in Twilio Inc. (TWLO), purchasing an additional 316,858 shares in the first quarter.

According to a recent Form 13F filing with the Securities and Exchange Commission, RBC now owns 3,261,235 TWLO shares, representing a 2.15% stake in the company worth approximately $410 million.

This boost is part of an overall trend where several other hedge funds have also been investing in Twilio during the fourth quarter, with Raleigh Capital Management Inc., SHP Wealth Management, Zions Bancorporation National Association UT, Aster Capital Management DIFC Ltd, and Osbon Capital Management LLC all purchasing new positions.

Twilio's stock has been performing well, with a 52-week high of $238.48 and a current price of $194.32. Analysts have issued various price targets for the company, ranging from $180 to $250 per share, with an average target of $220.59.

The technology company recently reported its quarterly earnings results, beating estimates with $1.50 EPS and revenue of $1.41 billion. Twilio's product portfolio includes programmable voice and messaging APIs, Twilio Video for real-time video applications, and Twilio Authy for multi-factor authentication.