Canaccord Genuity Group Forecasts Strong Price Appreciation for Klaviyo (NYSE:KVYO) Stock

Klaviyo (NYSE:KVYO) had its price objective raised by Canaccord Genuity Group from $32.00 to $40.00 in a research report released on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities research analysts have also commented on KVYO. Macquarie assumed coverage on shares of Klaviyo in a report on Thursday, October 31st. They issued a “neutral” rating and a $36.00 price target on the stock. KeyCorp raised Klaviyo from a “sector weight” rating to an “overweight” rating and set a $33.00 target price on the stock in a report on Thursday, August 8th. Barclays boosted their price target on Klaviyo from $32.00 to $41.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Wells Fargo & Company restated a “buy” rating on shares of Klaviyo in a research report on Friday, October 18th. Finally, Piper Sandler lifted their target price on shares of Klaviyo from $34.00 to $45.00 and gave the company an “overweight” rating in a report on Friday, October 18th. Three analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, Klaviyo has a consensus rating of “Moderate Buy” and a consensus price target of $39.00.

Klaviyo Stock Performance

NYSE KVYO traded down $0.43 during trading hours on Thursday, reaching $33.35. The stock had a trading volume of 1,327,820 shares, compared to its average volume of 1,157,746. Klaviyo has a 52-week low of $21.26 and a 52-week high of $41.00. The stock has a fifty day moving average of $35.12 and a 200 day moving average of $28.55. The stock has a market cap of $8.89 billion, a P/E ratio of -24.08 and a beta of 1.13.

Klaviyo (NYSE:KVYO) last released 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. Klaviyo had a negative net margin of 42.15% and a negative return on equity of 32.19%. The business had revenue of $222.21 million for the quarter, compared to the consensus estimate of $212.34 million. During the same period in the prior year, the firm earned $0.09 EPS. The business’s revenue for the quarter was up 35.0% on a year-over-year basis. On average, equities research analysts forecast that Klaviyo will post -0.01 EPS for the current year.

Insiders Place Their Bets

In related news, CTO Allen Chaves sold 130,000 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $31.59, for a total value of $4,106,700.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, major shareholder Summit Partners L. P sold 242,601 shares of the company’s stock in a transaction on Friday, August 16th. The stock was 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 accessible through this link. Also, CTO Allen Chaves sold 130,000 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $31.59, for a total value of $4,106,700.00. The disclosure for this sale can be found here. Insiders have sold a total of 789,711 shares of company stock valued at $25,143,646 in the last 90 days. 53.24% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in KVYO. nVerses Capital LLC acquired a new stake in Klaviyo during the 3rd quarter worth $53,000. EntryPoint Capital LLC purchased a new position in Klaviyo during the 1st quarter worth approximately $71,000. Victory Capital Management Inc. acquired a new position in Klaviyo during the third quarter worth approximately $208,000. SG Americas Securities LLC acquired a new stake in shares of Klaviyo in the second quarter valued at approximately $236,000. Finally, William Marsh Rice University purchased a new position in shares of Klaviyo during the third quarter worth approximately $245,000. Hedge funds and other institutional investors own 45.43% of the company’s stock.

Klaviyo Company Profile

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.