Going forward, how high the stock can appreciate will depend on various factors, as follows:
1. May 2 revenue growth - The company historically has issued conservative guidance. In Q4 Analysts expected $TWLO to beat est. rev. of $74.1M by about $3 million. They ended up reporting $82M. In Q1 they guided between $82M to $84M in revenue. Based on past patterns, $89M to $92M wouldn't be unreasonable.
2. Gross Margins - Q4 Gross Margins was highest of 2016 at 58%. The company alluded to the possibility of lowering slightly Gross Margins to deter any new entrants to their domain until they conquer it. So I expect a 54% Gross Margins as a worst case scenario. Once they completely dominate the space they expect to increase Gross Margins to 60% +.
3. The Market - Depending on how the market behaves in the short term will determine how high the stock will appreciate post earnings. If the stars align we may see high $30s by mid-May.
4. Short Squeeze - Last but not least, the high short interest in TWLO was last recorded at 15,396,300 shares out of 49,536,200 float or 31% of the float and ~7 days to cover. If items 1 to 3 above play out as described, I expect a major stock squeeze that can send the stock soaring.
Good Luck!