Insider Selling: Klaviyo, Inc. (NYSE:KVYO) Major Shareholder Sells 2,000,000 Shares of Stock

Klaviyo, Inc. (NYSE:KVYO) major shareholder Summit Partners L. P sold 2,000,000 shares of Klaviyo stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $32.44, for a total transaction of $64,880,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Klaviyo Trading Down 5.1 %

KVYO stock opened at $32.11 on Wednesday. Klaviyo, Inc. has a one year low of $21.26 and a one year high of $49.55. The firm has a 50-day moving average of $41.68 and a two-hundred day moving average of $38.73. The firm has a market capitalization of $8.77 billion, a PE ratio of -178.40 and a beta of 0.86.

Klaviyo (NYSE:KVYO) last issued its quarterly earnings results on Wednesday, February 19th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of $0.06 by ($0.12). Klaviyo had a negative net margin of 4.92% and a positive return on equity of 0.89%. The firm had revenue of $270.16 million during the quarter, compared to analysts’ expectations of $257.24 million. On average, equities research analysts anticipate that Klaviyo, Inc. will post 0.04 earnings per share for the current year.

Institutional Investors Weigh In On Klaviyo

Several hedge funds have recently bought and sold shares of the business. Bank Julius Baer & Co. Ltd Zurich lifted its position in Klaviyo by 8.0% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 4,836 shares of the company’s stock worth $220,000 after buying an additional 359 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of Klaviyo by 10.3% in the fourth quarter. Victory Capital Management Inc. now owns 6,469 shares of the company’s stock worth $267,000 after acquiring an additional 604 shares during the last quarter. Arizona State Retirement System boosted its position in Klaviyo by 4.0% during the fourth quarter. Arizona State Retirement System now owns 16,854 shares of the company’s stock valued at $695,000 after purchasing an additional 648 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in Klaviyo by 5.0% during the fourth quarter. The Manufacturers Life Insurance Company now owns 14,285 shares of the company’s stock valued at $589,000 after purchasing an additional 677 shares during the last quarter. Finally, Advisors Asset Management Inc. grew its stake in Klaviyo by 145.6% in the third quarter. Advisors Asset Management Inc. now owns 1,363 shares of the company’s stock valued at $48,000 after purchasing an additional 808 shares in the last quarter. 45.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on KVYO shares. Barclays increased their price target on Klaviyo from $47.00 to $51.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Scotiabank upped their price objective on shares of Klaviyo from $35.00 to $45.00 and gave the stock a “sector perform” rating in a report on Wednesday, January 29th. Cantor Fitzgerald raised their target price on shares of Klaviyo from $47.00 to $54.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. Wells Fargo & Company reduced their price target on shares of Klaviyo from $48.00 to $45.00 and set an “equal weight” rating for the company in a research note on Thursday, February 20th. Finally, Citigroup raised their price objective on shares of Klaviyo from $39.00 to $48.00 and gave the company a “neutral” rating in a research note on Tuesday, February 11th. Five equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $49.44.

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.