Klaviyo, Inc. (NYSE:KVYO) Major Shareholder Summit Partners L. P Sells 1,300 Shares

Klaviyo, Inc. (NYSE:KVYO) major shareholder Summit Partners L. P sold 1,300 shares of the business’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $31.64, for a total transaction of $41,132.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Klaviyo Trading Down 2.9 %

Shares of Klaviyo stock opened at $29.62 on Friday. Klaviyo, Inc. has a one year low of $21.26 and a one year high of $39.47. The company has a 50-day simple moving average of $27.63 and a two-hundred day simple moving average of $25.46.

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

Institutional Investors Weigh In On Klaviyo

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Salem Investment Counselors Inc. lifted its holdings in shares of Klaviyo by 161.1% during the first quarter. Salem Investment Counselors Inc. now owns 2,350 shares of the company’s stock worth $60,000 after purchasing an additional 1,450 shares during the period. EntryPoint Capital LLC purchased a new position in Klaviyo in the first quarter valued at $71,000. New York State Common Retirement Fund raised its holdings in Klaviyo by 191.0% in the 4th quarter. New York State Common Retirement Fund now owns 5,485 shares of the company’s stock worth $152,000 after purchasing an additional 3,600 shares during the period. SG Americas Securities LLC purchased a new position in shares of Klaviyo during the 2nd quarter valued at approximately $236,000. Finally, SVB Wealth LLC purchased a new position in Klaviyo during the first quarter valued at $299,000. 45.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

KVYO has been the topic of a number of analyst reports. Barclays boosted their price target on Klaviyo from $29.00 to $32.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. KeyCorp raised Klaviyo from a “sector weight” rating to an “overweight” rating and set a $33.00 price objective on the stock in a research report on Thursday, August 8th. Needham & Company LLC reiterated a “buy” rating and set a $40.00 price objective on shares of Klaviyo in a research report on Wednesday. Cantor Fitzgerald increased their price objective on shares of Klaviyo from $31.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Finally, Piper Sandler upped their price target on shares of Klaviyo from $30.00 to $34.00 and gave the company an “overweight” rating in a 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 company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.65.

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.