Klaviyo (NYSE:KVYO) Shares Gap Down on Disappointing Earnings

Klaviyo, Inc. (NYSE:KVYO)’s stock price gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $47.00, but opened at $43.38. Klaviyo shares last traded at $42.24, with a volume of 1,033,731 shares traded.

The company reported ($0.06) EPS for the quarter, missing the consensus estimate of $0.06 by ($0.12). The firm had revenue of $270.16 million for the quarter, compared to the consensus estimate of $257.24 million. Klaviyo had a negative net margin of 5.23% and a positive return on equity of 0.86%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on KVYO. Citigroup boosted their price objective on shares of Klaviyo from $39.00 to $48.00 and gave the stock a “neutral” rating in a report on Tuesday, February 11th. Loop Capital upped their price target on shares of Klaviyo from $45.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, December 23rd. Macquarie reiterated a “neutral” rating and issued a $36.00 price objective on shares of Klaviyo in a report on Friday, November 8th. Benchmark increased their target price on Klaviyo from $40.00 to $51.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Morgan Stanley lifted their price target on Klaviyo from $38.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Monday, January 13th. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $46.47.

Insiders Place Their Bets

In other Klaviyo news, CFO Amanda Whalen sold 1,050 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $40.07, for a total transaction of $42,073.50. Following the transaction, the chief financial officer now owns 395,616 shares in the company, valued at approximately $15,852,333.12. This represents a 0.26 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Stephen Eric Rowland sold 4,536 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $40.04, for a total value of $181,621.44. Following the completion of the transaction, the president now directly owns 260,403 shares of the company’s stock, valued at $10,426,536.12. This represents a 1.71 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 114,536 shares of company stock worth $4,720,953. 53.24% of the stock is currently owned by corporate insiders.

Institutional Trading of Klaviyo

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in Klaviyo by 9.1% during the 4th quarter. Vanguard Group Inc. now owns 7,721,855 shares of the company’s stock valued at $318,449,000 after acquiring an additional 646,628 shares during the period. Whale Rock Capital Management LLC increased its stake in shares of Klaviyo by 7.4% during the fourth quarter. Whale Rock Capital Management LLC now owns 3,868,451 shares of the company’s stock valued at $159,535,000 after purchasing an additional 267,845 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Klaviyo by 5.0% during the fourth quarter. Bank of New York Mellon Corp now owns 2,926,187 shares of the company’s stock valued at $120,676,000 after purchasing an additional 140,127 shares during the last quarter. Clearbridge Investments LLC boosted its position in shares of Klaviyo by 0.9% in the 4th quarter. Clearbridge Investments LLC now owns 2,168,336 shares of the company’s stock worth $89,422,000 after purchasing an additional 19,567 shares in the last quarter. Finally, Franklin Resources Inc. grew its stake in shares of Klaviyo by 48.6% in the 4th quarter. Franklin Resources Inc. now owns 1,943,523 shares of the company’s stock worth $80,151,000 after buying an additional 635,962 shares during the last quarter. Institutional investors own 45.43% of the company’s stock.

Klaviyo Stock Performance

The stock has a 50-day moving average of $43.56 and a two-hundred day moving average of $37.75. The company has a market cap of $11.45 billion, a P/E ratio of -235.26 and a beta of 0.60.

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.