Scotiabank Forecasts Strong Price Appreciation for Klaviyo (NYSE:KVYO) Stock

Klaviyo (NYSE:KVYO) had its price target increased by analysts at Scotiabank from $35.00 to $45.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “sector perform” rating on the stock. Scotiabank’s price target suggests a potential downside of 1.42% from the stock’s previous close.

A number of other brokerages also recently weighed in on KVYO. Macquarie reaffirmed a “neutral” rating and set a $36.00 target price on shares of Klaviyo in a research note on Friday, November 8th. Canaccord Genuity Group raised their target price on shares of Klaviyo from $32.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Loop Capital raised their target price on shares of Klaviyo from $45.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, December 23rd. William Blair reissued an “outperform” rating on shares of Klaviyo in a research report on Thursday, December 19th. Finally, Benchmark reduced their price target on shares of Klaviyo from $42.00 to $40.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, Klaviyo has a consensus rating of “Moderate Buy” and an average target price of $43.18.

Klaviyo Trading Up 5.4 %

Klaviyo stock opened at $45.65 on Wednesday. The firm has a 50-day moving average of $40.50 and a 200-day moving average of $35.37. The firm has a market cap of $12.31 billion, a P/E ratio of -253.59 and a beta of 0.57. Klaviyo has a 1-year low of $21.26 and a 1-year high of $47.49.

Klaviyo (NYSE:KVYO) last announced its earnings results on Wednesday, November 6th. The company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.04. Klaviyo had a negative net margin of 5.23% and a positive return on equity of 0.86%. The business had revenue of $235.09 million during the quarter, compared to the consensus estimate of $226.33 million. During the same quarter last year, the firm earned ($1.24) earnings per share. The business’s revenue for the quarter was up 33.7% on a year-over-year basis. Research analysts forecast that Klaviyo will post 0.03 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Amanda Whalen sold 15,000 shares of Klaviyo stock in a transaction on Monday, November 18th. The shares were sold at an average price of $34.56, for a total transaction of $518,400.00. Following the transaction, the chief financial officer now owns 395,616 shares in the company, valued at $13,672,488.96. This trade represents a 3.65 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President Stephen Eric Rowland sold 4,536 shares of Klaviyo stock in a transaction on Monday, November 18th. The stock was sold at an average price of $34.56, for a total transaction of $156,764.16. Following the transaction, the president now owns 186,785 shares in the company, valued at $6,455,289.60. This represents a 2.37 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 159,072 shares of company stock worth $6,090,767. 53.24% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Advisors Asset Management Inc. boosted its stake in shares of Klaviyo by 145.6% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,363 shares of the company’s stock worth $48,000 after acquiring an additional 808 shares during the last quarter. nVerses Capital LLC bought a new position in Klaviyo in the 3rd quarter worth $53,000. SG Americas Securities LLC boosted its holdings in Klaviyo by 21.4% in the 4th quarter. SG Americas Securities LLC now owns 10,929 shares of the company’s stock worth $451,000 after buying an additional 1,923 shares during the period. West Tower Group LLC bought a new position in Klaviyo in the 3rd quarter worth $177,000. Finally, Victory Capital Management Inc. bought a new position in Klaviyo in the 3rd quarter worth $208,000. Hedge funds and other institutional investors 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.