Twilio (NYSE:TWLO) stock is on the move Thursday after the software and communications solutions company’s shares were hit with a price target cut by Needham.
The price target for TWLO stock was reduced from $80 per share to $71 per share by Needham analysts. That represents a roughly 1.8% downside from its prior closing price. This also sets it below the analysts’ consensus price prediction of $71.36 per share.
Needham isn’t the only firm whose analysts are souring on TWLO stock. Several others are also adjusting their price predictions for the company this morning.TD Cowen dropped its price target by $5 while Macquarie lowered its by $1.
What’s Behind the TWLO Price Target Cuts?
These price prediction reductions follow the release of Twilio’s latest earnings report. The company’s revenue outlook for the first quarter of 2024 isn’t helping out TWLO shares.
Twilio is expecting revenue for the quarter to range from $1.025 billion to $1.035 billion. That would see it missing Wall Street’s revenue estimate of $1.052 billion for the quarter.
News of this lackluster revenue outlook brings heavy trading to TWLO stock as investors sell its shares. As of this writing, more than 9 million shares have changed hands. That’s well above its daily average trading volume of about 2.6 million shares.
TWLO stock is down 14.6% as of Thursday morning.
There are more stock market stories worth reading about this morning.
Fortunately, we’ve got all of that news ready to go on Thursday! A few examples include what’s happening with Digital World Acquisition (NASDAQ:DWAC) stock, SoundHound AI (NASDAQ:SOUN) stock and QuantumScape (NYSE:QS) stock today. All of that news is ready to go at the links below!
More Stock Market News for Thursday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
