Benchmark Initiates Coverage on Klaviyo (NYSE:KVYO)

Benchmark initiated coverage on shares of Klaviyo (NYSE:KVYO) in a research report issued on Monday, Marketbeat reports. The firm set a “buy” rating and a $42.00 price target on the stock. Benchmark’s target price would suggest a potential upside of 18.24% from the stock’s current price.

A number of other equities research analysts also recently commented on KVYO. Piper Sandler lifted their price target on shares of Klaviyo from $30.00 to $34.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Cantor Fitzgerald raised their price target on Klaviyo from $31.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. KeyCorp raised 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 note on Thursday, August 8th. Needham & Company LLC restated a “buy” rating and issued a $40.00 target price on shares of Klaviyo in a report on Wednesday, September 4th. Finally, Barclays increased their price target on shares of Klaviyo from $29.00 to $32.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. Three analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, Klaviyo has a consensus rating of “Moderate Buy” and a consensus target price of $36.00.

Klaviyo Stock Performance

KVYO stock opened at $35.52 on Monday. The company has a fifty day moving average of $30.57 and a 200-day moving average of $26.23. Klaviyo has a one year low of $21.26 and a one year high of $36.47.

Klaviyo (NYSE:KVYO) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.10 by $0.05. The firm 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 business’s revenue for the quarter was up 35.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.09 earnings per share. As a group, equities analysts anticipate that Klaviyo will post -0.01 earnings per share for the current fiscal year.

Insider Activity at Klaviyo

In related news, major shareholder Summit Partners L. P sold 242,601 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $31.78, for a total transaction of $7,709,859.78. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, major shareholder Summit Partners L. P sold 242,601 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $31.78, for a total transaction of $7,709,859.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Allen Chaves sold 130,000 shares of Klaviyo stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $31.59, for a total transaction of $4,106,700.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 843,363 shares of company stock valued at $26,583,602. Corporate insiders own 53.24% of the company’s stock.

Institutional Investors Weigh In On Klaviyo

A number of institutional investors and hedge funds have recently modified their holdings of KVYO. Salem Investment Counselors Inc. boosted its position in shares of Klaviyo by 161.1% in the first quarter. Salem Investment Counselors Inc. now owns 2,350 shares of the company’s stock worth $60,000 after buying an additional 1,450 shares during the period. EntryPoint Capital LLC acquired a new position in shares of Klaviyo in the 1st quarter valued at about $71,000. SG Americas Securities LLC purchased a new stake in shares of Klaviyo in the second quarter worth approximately $236,000. SVB Wealth LLC acquired a new stake in shares of Klaviyo during the first quarter worth approximately $299,000. Finally, Versor Investments LP purchased a new position in Klaviyo during the second quarter valued at approximately $309,000. Institutional investors and hedge funds own 45.43% of the company’s stock.

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.