Summit Partners L P Sells 5,000,000 Shares of Klaviyo, Inc. $KVYO

Summit Partners L P lessened its stake in shares of Klaviyo, Inc. (NYSE:KVYO) by 26.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 13,852,778 shares of the company’s stock after selling 5,000,000 shares during the period. Klaviyo comprises about 44.4% of Summit Partners L P’s holdings, making the stock its biggest position. Summit Partners L P’s holdings in Klaviyo were worth $217,904,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in KVYO. Optiver Holding B.V. bought a new stake in Klaviyo in the first quarter worth about $39,000. State of Wyoming grew its position in shares of Klaviyo by 100.8% during the 3rd quarter. State of Wyoming now owns 4,554 shares of the company’s stock valued at $72,000 after acquiring an additional 2,286 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of Klaviyo by 2,085.1% during the 1st quarter. EverSource Wealth Advisors LLC now owns 3,802 shares of the company’s stock valued at $74,000 after acquiring an additional 3,628 shares during the period. Nykredit A S purchased a new stake in shares of Klaviyo during the 2nd quarter worth approximately $90,000. Finally, State of Alaska Department of Revenue purchased a new stake in shares of Klaviyo during the 3rd quarter worth approximately $101,000. Institutional investors own 45.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Weiss Ratings raised shares of Klaviyo from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, September 8th. Piper Sandler reduced their price objective on Klaviyo from $26.00 to $23.00 and set an “overweight” rating for the company in a report on Thursday, August 6th. Wells Fargo & Company raised their target price on Klaviyo from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 28th. Needham & Company LLC restated a “buy” rating on shares of Klaviyo in a research note on Wednesday, September 2nd. Finally, Robert W. Baird set a $25.00 price target on Klaviyo in a research report on Thursday, August 6th. Seventeen investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $27.05.

Klaviyo Price Performance

NYSE:KVYO opened at $20.16 on Monday. Klaviyo, Inc. has a 1 year low of $12.53 and a 1 year high of $33.35. The stock’s fifty day moving average price is $17.82 and its two-hundred day moving average price is $18.07. The company has a market cap of $5.74 billion, a P/E ratio of 1,008.50 and a beta of 0.49.

Klaviyo (NYSE:KVYO) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.19 earnings per share for the quarter, meeting the consensus estimate of $0.19. Klaviyo had a return on equity of 5.67% and a net margin of 0.49%. The company had revenue of $370.58 million during the quarter, compared to analysts’ expectations of $362.08 million. During the same period in the previous year, the business earned $0.16 earnings per share. The firm’s quarterly revenue was up 26.4% compared to the same quarter last year. On average, analysts expect that Klaviyo, Inc. will post 0.20 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Klaviyo news, CFO Amanda Whalen sold 14,000 shares of Klaviyo stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $18.47, for a total transaction of $258,580.00. Following the completion of the transaction, the chief financial officer owned 824,192 shares of the company’s stock, valued at $15,222,826.24. The trade was a 1.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, major shareholder Summit Partners L. P sold 5,000,000 shares of the stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $17.71, for a total transaction of $88,550,000.00. The SEC filing for this sale provides additional information. Insiders have sold 5,275,468 shares of company stock worth $93,822,653 over the last quarter. Insiders own 37.42% of the company’s stock.

Klaviyo Company Profile

Klaviyo, Inc (NYSE: KVYO) provides a customer data and marketing automation platform designed primarily for businesses that sell online. Its software helps organizations collect, organize and analyze customer information, then use those insights to create personalized marketing and customer engagement campaigns.

The company’s platform supports communication across channels including email, SMS and mobile push notifications. Its products provide tools for audience segmentation, campaign orchestration, automation, analytics and reporting, with capabilities intended to help businesses improve customer acquisition, engagement and retention.