Klaviyo (NYSE:KVYO) Shares Gap Down After Analyst Downgrade

Klaviyo, Inc. (NYSE:KVYO) gapped down prior to trading on Thursday after Benchmark lowered their price target on the stock from $42.00 to $40.00. The stock had previously closed at $40.36, but opened at $34.30. Benchmark currently has a buy rating on the stock. Klaviyo shares last traded at $32.15, with a volume of 1,002,362 shares traded.

KVYO has been the topic of several other reports. Macquarie began coverage on shares of Klaviyo in a report on Thursday, October 31st. They set a “neutral” rating and a $36.00 price objective on the stock. Stifel Nicolaus initiated coverage on shares of Klaviyo in a report on Tuesday, October 22nd. They set a “buy” rating and a $45.00 price objective on the stock. Robert W. Baird boosted their price objective on shares of Klaviyo from $35.00 to $42.00 and gave the company an “outperform” rating in a report on Thursday, October 10th. Barclays boosted their target price on shares of Klaviyo from $32.00 to $41.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Finally, KeyCorp upgraded shares of Klaviyo from a “sector weight” rating to an “overweight” rating and set a $33.00 price objective for the company in a research report on Thursday, August 8th. Three research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, Klaviyo has an average rating of “Moderate Buy” and an average price target of $39.00.

Insiders Place Their Bets

In other news, President Stephen Eric Rowland sold 18,114 shares of the firm’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $37.19, for a total value of $673,659.66. Following the sale, the president now directly owns 192,488 shares in the company, valued at approximately $7,158,628.72. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Amanda Whalen sold 10,000 shares of Klaviyo stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $35.36, for a total value of $353,600.00. Following the sale, the chief financial officer now owns 422,813 shares of the company’s stock, valued at $14,950,667.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Stephen Eric Rowland sold 18,114 shares of Klaviyo stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $37.19, for a total transaction of $673,659.66. Following the completion of the sale, the president now directly owns 192,488 shares in the company, valued at approximately $7,158,628.72. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 789,711 shares of company stock worth $25,143,646 in the last ninety days. 53.24% of the stock is owned by corporate insiders.

Institutional Trading of Klaviyo

Hedge funds and other institutional investors have recently made changes to their positions in the company. nVerses Capital LLC acquired a new stake in shares of Klaviyo in the third quarter valued at about $53,000. EntryPoint Capital LLC acquired a new position in Klaviyo during the first quarter worth about $71,000. Victory Capital Management Inc. acquired a new position in Klaviyo during the third quarter worth about $208,000. SG Americas Securities LLC acquired a new position in Klaviyo during the second quarter worth about $236,000. Finally, William Marsh Rice University acquired a new position in Klaviyo during the third quarter worth about $245,000. Hedge funds and other institutional investors own 45.43% of the company’s stock.

Klaviyo Price Performance

The company has a market cap of $9.03 billion, a price-to-earnings ratio of -24.08 and a beta of 1.13. The business’s 50-day simple moving average is $35.12 and its 200-day simple moving average is $28.55.

Klaviyo (NYSE:KVYO) last announced its earnings results on Wednesday, August 7th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.05. The company had revenue of $222.21 million during the quarter, compared to analysts’ expectations of $212.34 million. Klaviyo had a negative net margin of 42.15% and a negative return on equity of 32.19%. The firm’s quarterly revenue was up 35.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.09 earnings per share. As a group, sell-side analysts forecast that Klaviyo, Inc. will post -0.01 EPS for the current year.

About Klaviyo

Klaviyo, Inc, a technology company, provides a software-as-a-service platform in the United States, other Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company offers Klaviyo, a cloud-native platform for data store, segmentation engine, campaigns and flows, and messaging infrastructure.