5 Best Cloud Computing Stocks For 2022

2. Twilio Inc. (NYSE:TWLO)

Number of Hedge Funds: 96

Twilio Inc. (NYSE:TWLO) is a cloud communications platform as a service (CPaaS) organization that provides customer engagement platforms to numerous organizations and more than ten million developers globally.

On December 16, Kash Rangan at Goldman Sachs started coverage of Twilio Inc. (NYSE:TWLO) with a Buy rating and a $350 price target. In a research note issued to investors, the analyst shared that the $19 billion cloud total addressable market in 2020 indicates a cloud penetration of 7% in 2020. Kash expects the rate to rise to 29% in 2025. According to the analyst, Twilio Inc. (NYSE:TWLO) is at the core of client engagement, and the pandemic further elevated the company’s value proposition by highlighting the benefits of its stack.

In addition to this, ARK investment bought nearly 400,000 shares of Twilio Inc. (NYSE:TWLO)  following the sell-off. Of the 867 hedge funds being tracked by Insider Monkey, 96 reported owning a stake worth $6.37 billion in Twilio Inc. (NYSE:TWLO) at the end of Q3 2021.