Shares of Twilio Inc (NYSE: TWLO) have already gained nearly 50% since the start of the new year but CEO Jeff Lawson still sees the stock as “undervalued”.
Director Dubinsky also recently bought TWLO
On Friday, VerityData revealed Lawson to have loaded on $10 million worth of Twilio stock. The last time he bought shares of his company was in May 2017.
Insiders that recently increased stake in the customer engagement platform include director Donna Dubinsky as well. Reportedly, she’s acquired about a quarter-million dollar worth of Twilio shares last week.
In related news, Liontrust Investment Partners LLP also built on its position in Twilio Inc in the third quarter. In total, the asset manager now owns 0.07% of the California-based company that’s still down over 80% versus its record high in February of 2021.
Twilio Inc is committed to turning leaner
Moving forward, Twilio stock could further see interest from professional investors considering insider buying is typically seen as a mark of confidence in the company’s future.
In February, the New York listed firm joined its tech peers and announced plans of lowering its headcount by 17%, suggesting it’s committed to lowering costs.
Consequently, Mizuho raised its price target on this tech stock to $90 which represents about a 25% upside from here. Other potential reasons to own this name include the $1.0 billion share repurchase programme the company revealed last month.
Twilio Inc recently reported strong results for its fourth financial quarter as well. Its outlook for the future was also upbeat.
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