Philippe Laffont‘s Coatue Management has filed an amended 13G filing with the Securities and Exchange Commission disclosing a reduction in its holding of Twilio Inc (NYSE:TWLO), only two weeks after it disclosed the initial investment. According to the filing, the fund’s position was reduced to 437,152 shares or 3.8% of the company’s outstanding stock.
Twilio Inc (NYSE:TWLO) provides software tools for cloud-based communication services. The company went public on June 23 and so far it looks like a smashing success. Twilio priced its IPO at $15 per share, but shares ended the first day of trading at $28.79 apiece, a 92% surge. The stock did not stop there, however, and is currently trading around the $40 level, nearly triple its IPO price. Analysts put a stop to the meteoric rise, with J.P. Morgan having placed a ‘Neutral’ rating and a discount price target of $39 per share, while Canacccord Genuity analyst Richard Davis branded Twilio a ‘Hold’ with a price target of $40 per share. The performance of the stock is mainly due to investor expectations, as Twilio is yet to turn a profit. In 2015, the company saw its revenue nearly double to $166.9 million, yet it still reported a net loss of $35.5 million. No other hedge fund tracked by Insider Monkey has so far disclosed a position in Twilio Inc (NYSE:TWLO).
You can access the original SEC filing by clicking here.
Ownership Summary Table
|Name||Sole Voting Power||Shared Voting Power||Sole Dispositive Power||Shared Dispositive Power||Aggregate Amount Owned Power||Percent of Class|
|Coatue Offshore Master Fund||0||374,661||0||374,661||374,661||3.26%|
Page 1 of 11 – SEC Filing
(Name of Issuer)
Class A Common Stock, $0.001 par value per share
(Title of Class of Securities)
July 25, 2016
(Date of Event Which Requires Filing of this Statement)