Klaviyo (NYSE:KVYO) Hits New 52-Week High – Still a Buy?

Klaviyo, Inc. (NYSE:KVYO) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $40.38 and last traded at $39.75, with a volume of 80355 shares trading hands. The stock had previously closed at $39.19.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Needham & Company LLC upped their price objective on shares of Klaviyo from $40.00 to $46.00 and gave the company a “buy” rating in a research note on Thursday. Cantor Fitzgerald upped their price objective on shares of Klaviyo from $33.00 to $47.00 and gave the company an “overweight” rating in a research note on Thursday. Benchmark decreased their price objective on shares of Klaviyo from $42.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday. Canaccord Genuity Group upped their price objective on shares of Klaviyo from $32.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday. 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 note on Thursday, August 8th. Three analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, Klaviyo has a consensus rating of “Moderate Buy” and an average price target of $39.00.

Klaviyo Trading Down 1.2 %

The stock’s 50 day moving average price is $35.17 and its two-hundred day moving average price is $28.59. The firm has a market capitalization of $8.90 billion, a PE ratio of -23.66 and a beta of 1.13.

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

Insider Buying and Selling at Klaviyo

In other Klaviyo news, CTO Allen Chaves sold 130,000 shares of Klaviyo stock in a transaction on 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 SEC, which is available at the SEC website. In related news, major shareholder Summit Partners L. P sold 242,601 shares of Klaviyo stock in a transaction on 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 accessible through this hyperlink. Also, CTO Allen Chaves sold 130,000 shares of Klaviyo stock in a transaction on 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. Insiders have sold a total of 789,711 shares of company stock worth $25,143,646 in the last quarter. 53.24% of the stock is owned by insiders.

Hedge Funds Weigh In On Klaviyo

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp lifted its holdings in shares of Klaviyo by 677.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,762,128 shares of the company’s stock valued at $68,749,000 after acquiring an additional 2,406,973 shares in the last quarter. Clearbridge Investments LLC increased its stake in Klaviyo by 1.5% during the 1st quarter. Clearbridge Investments LLC now owns 2,205,684 shares of the company’s stock worth $56,201,000 after buying an additional 31,587 shares during the period. Glynn Capital Management LLC increased its stake in Klaviyo by 19.7% during the 2nd quarter. Glynn Capital Management LLC now owns 1,363,768 shares of the company’s stock worth $33,944,000 after buying an additional 224,461 shares during the period. Claro Advisors LLC increased its stake in Klaviyo by 38.7% during the 2nd quarter. Claro Advisors LLC now owns 1,280,035 shares of the company’s stock worth $31,860,000 after buying an additional 357,355 shares during the period. Finally, Millennium Management LLC increased its stake in Klaviyo by 53.6% during the 2nd quarter. Millennium Management LLC now owns 1,120,485 shares of the company’s stock worth $27,889,000 after buying an additional 390,849 shares during the period. 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.