Summit Partners L P Has $1.68 Billion Stake in Klaviyo, Inc. (NYSE:KVYO)

Summit Partners L P lessened its position in Klaviyo, Inc. (NYSE:KVYO) by 12.1% during the fourth quarter, Holdings Channel reports. The institutional investor owned 40,827,778 shares of the company’s stock after selling 5,600,000 shares during the quarter. Klaviyo comprises approximately 75.4% of Summit Partners L P’s portfolio, making the stock its largest holding. Summit Partners L P owned approximately 0.15% of Klaviyo worth $1,683,738,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the company. Whale Rock Capital Management LLC boosted its stake in shares of Klaviyo by 608.9% during the 3rd quarter. Whale Rock Capital Management LLC now owns 3,600,606 shares of the company’s stock worth $127,389,000 after buying an additional 3,092,725 shares during the last quarter. SpiderRock Advisors LLC raised its holdings in Klaviyo by 1,571.7% during the third quarter. SpiderRock Advisors LLC now owns 501,500 shares of the company’s stock worth $17,743,000 after acquiring an additional 471,500 shares in the last quarter. Mayflower Financial Advisors LLC boosted its position in Klaviyo by 181.4% during the third quarter. Mayflower Financial Advisors LLC now owns 684,948 shares of the company’s stock valued at $24,233,000 after purchasing an additional 441,500 shares during the last quarter. Two Sigma Advisers LP grew its stake in Klaviyo by 121.5% in the third quarter. Two Sigma Advisers LP now owns 673,500 shares of the company’s stock valued at $23,828,000 after purchasing an additional 369,400 shares in the last quarter. Finally, WCM Investment Management LLC acquired a new position in shares of Klaviyo during the 4th quarter worth approximately $12,781,000. Institutional investors own 45.43% of the company’s stock.

Klaviyo Stock Performance

KVYO opened at $41.79 on Friday. The stock has a fifty day moving average of $43.72 and a 200-day moving average of $38.04. The company has a market capitalization of $11.27 billion, a P/E ratio of -232.14 and a beta of 0.60. Klaviyo, Inc. has a fifty-two week low of $21.26 and a fifty-two week high of $49.55.

Klaviyo (NYSE:KVYO) last issued its quarterly earnings data on Wednesday, February 19th. The company reported ($0.06) earnings per share 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 business had revenue of $270.16 million during the quarter, compared to analyst estimates of $257.24 million. On average, equities research analysts predict that Klaviyo, Inc. will post 0.04 earnings per share for the current fiscal year.

Insider Activity

In other Klaviyo news, insider Landon Edmond sold 40,000 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $41.80, for a total value of $1,672,000.00. Following the transaction, the insider now directly owns 298,607 shares of the company’s stock, valued at $12,481,772.60. This trade represents a 11.81 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Stephen Eric Rowland sold 4,536 shares of the business’s 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 completion of the transaction, the president now owns 260,403 shares of the company’s stock, valued at $10,426,536.12. The trade was a 1.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 114,536 shares of company stock worth $4,720,953. Corporate insiders own 53.24% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on KVYO. KeyCorp increased their price objective on Klaviyo from $42.00 to $45.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Mizuho increased their price target on shares of Klaviyo from $42.00 to $52.00 and gave the company an “outperform” rating in a research note on Thursday. Stifel Nicolaus lifted their price objective on shares of Klaviyo from $45.00 to $54.00 and gave the company a “buy” rating in a research report on Thursday. Piper Sandler upped their target price on shares of Klaviyo from $50.00 to $53.00 and gave the company an “overweight” rating in a report on Thursday. Finally, Morgan Stanley raised their target price on shares of Klaviyo from $47.00 to $50.00 and gave the company an “equal weight” rating in a research note on Thursday. Five equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $49.44.

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.