Klaviyo, Inc. (NYSE:KVYO) Major Shareholder Summit Partners L. P Sells 2,000,000 Shares

Klaviyo, Inc. (NYSE:KVYO) major shareholder Summit Partners L. P sold 2,000,000 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $32.44, for a total value of $64,880,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Klaviyo Stock Performance

Shares of Klaviyo stock opened at $32.81 on Thursday. The business has a 50-day simple moving average of $41.52 and a 200-day simple moving average of $38.68. Klaviyo, Inc. has a one year low of $21.26 and a one year high of $49.55. The company has a market cap of $8.96 billion, a PE ratio of -182.25 and a beta of 0.86.

Klaviyo (NYSE:KVYO) last posted its quarterly earnings results on Wednesday, February 19th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $270.16 million for the quarter, compared to analyst estimates of $257.24 million. On average, sell-side analysts predict that Klaviyo, Inc. will post 0.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Klaviyo

Several large investors have recently bought and sold shares of the business. Victory Capital Management Inc. acquired a new position in shares of Klaviyo during the 3rd quarter worth about $208,000. Advisors Asset Management Inc. lifted its stake in Klaviyo by 145.6% during the third quarter. Advisors Asset Management Inc. now owns 1,363 shares of the company’s stock worth $48,000 after purchasing an additional 808 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Klaviyo by 27.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 424,357 shares of the company’s stock valued at $15,014,000 after purchasing an additional 91,824 shares in the last quarter. West Tower Group LLC acquired a new stake in Klaviyo during the third quarter worth approximately $177,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of Klaviyo during the 3rd quarter worth approximately $481,000. Hedge funds and other institutional investors own 45.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on KVYO shares. Needham & Company LLC increased their price objective on Klaviyo from $46.00 to $56.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. Loop Capital upped their price target on Klaviyo from $45.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, December 23rd. Mizuho raised their price objective on Klaviyo from $42.00 to $52.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. William Blair reaffirmed an “outperform” rating on shares of Klaviyo in a research note on Thursday, February 20th. Finally, Barclays boosted their price target on shares of Klaviyo from $47.00 to $51.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $49.11.

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.