Klaviyo (NYSE:KVYO) Shares Down 8.4% – Here’s What Happened

Klaviyo, Inc. (NYSE:KVYO) was down 8.4% during mid-day trading on Friday . The stock traded as low as $34.46 and last traded at $34.50. Approximately 601,610 shares changed hands during trading, a decline of 51% from the average daily volume of 1,216,851 shares. The stock had previously closed at $37.66.

Wall Street Analyst Weigh In

KVYO has been the subject of a number of research reports. Mizuho lifted their price target on shares of Klaviyo from $42.00 to $52.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Cantor Fitzgerald raised their target price on shares of Klaviyo from $47.00 to $54.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Robert W. Baird upped their price objective on Klaviyo from $52.00 to $54.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. Piper Sandler lifted their target price on Klaviyo from $50.00 to $53.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Finally, Needham & Company LLC boosted their price objective on shares of Klaviyo from $46.00 to $56.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $49.44.

Klaviyo Stock Down 8.6 %

The firm has a market cap of $9.40 billion, a P/E ratio of -191.26 and a beta of 0.86. The firm has a fifty day moving average of $43.10 and a 200-day moving average of $38.56.

Klaviyo (NYSE:KVYO) last released its quarterly earnings results on Wednesday, February 19th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.12). Klaviyo had a positive return on equity of 0.89% and a negative net margin of 4.92%. The business had revenue of $270.16 million for the quarter, compared to analyst estimates of $257.24 million. Sell-side analysts anticipate that Klaviyo, Inc. will post 0.04 EPS for the current year.

Insiders Place Their Bets

In other Klaviyo news, President Stephen Eric Rowland sold 4,536 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $40.04, for a total transaction of $181,621.44. Following the transaction, the president now owns 260,403 shares in the company, valued at $10,426,536.12. This represents a 1.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Amanda Whalen sold 1,050 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $40.07, for a total value of $42,073.50. Following the completion of the transaction, the chief financial officer now directly owns 395,616 shares of the company’s stock, valued at approximately $15,852,333.12. This trade represents a 0.26 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 90,586 shares of company stock valued at $3,761,995. 53.24% of the stock is currently owned by corporate insiders.

Institutional Trading of Klaviyo

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Lisanti Capital Growth LLC acquired a new position in shares of Klaviyo in the third quarter worth approximately $5,513,000. Pier 88 Investment Partners LLC bought a new stake in shares of Klaviyo during the 3rd quarter valued at about $966,000. SpiderRock Advisors LLC increased its holdings in Klaviyo by 1,571.7% in the third quarter. SpiderRock Advisors LLC now owns 501,500 shares of the company’s stock worth $17,743,000 after purchasing an additional 471,500 shares in the last quarter. Handelsbanken Fonder AB bought a new position in shares of Klaviyo during the 4th quarter worth approximately $689,000. Finally, Integrated Wealth Concepts LLC acquired a new stake in shares of Klaviyo during the 3rd quarter worth approximately $5,113,000. 45.43% of the stock is currently owned by institutional investors.

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.