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Jim Cramer swaps Twilio for Red Hat in his 'cloud kings' group of hot tech stocks

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'I'm not going to tell you that it's cheap, but I'd much rather own Twilio than these shiny new objects,' Cramer said.

host said. "The company's had an amazing year and, over the long haul, I'm betting its stock has more room to run."

Shares of Twilio closed Monday at $131.80, down more than $10 from its all-time trade high. It's up more than 47% this year. The company appears to be benefiting from a multi-year investment cycle of enterprises looking to modernize their operations, especially call centers, Cramer said. The host said he is recommending Twilio because the stock sold off, despite delivering a strong earnings report last Tuesday. The company reported earnings of 5 cents per share for the first quarter — Wall street was expecting one penny, Cramer said. Additionally, sales were up 81% year over year and 14% over the prior quarter, he continued.

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Calling out my buy from the AM. $TWLO.....but I also sold some into the close.

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