Glynn Capital Management LLC Cuts Stake in Klaviyo, Inc. (NYSE:KVYO)

Glynn Capital Management LLC trimmed its holdings in Klaviyo, Inc. (NYSE:KVYO) by 43.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 652,758 shares of the company’s stock after selling 506,821 shares during the quarter. Klaviyo comprises 6.3% of Glynn Capital Management LLC’s portfolio, making the stock its 4th largest holding. Glynn Capital Management LLC’s holdings in Klaviyo were worth $26,920,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Bank Julius Baer & Co. Ltd Zurich grew its stake in shares of Klaviyo by 8.0% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 4,836 shares of the company’s stock worth $220,000 after purchasing an additional 359 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in Klaviyo by 10.3% in the fourth quarter. Victory Capital Management Inc. now owns 6,469 shares of the company’s stock worth $267,000 after purchasing an additional 604 shares during the period. Arizona State Retirement System grew its position in Klaviyo by 4.0% in the 4th quarter. Arizona State Retirement System now owns 16,854 shares of the company’s stock valued at $695,000 after buying an additional 648 shares in the last quarter. Advisors Asset Management Inc. increased its stake in Klaviyo by 145.6% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,363 shares of the company’s stock valued at $48,000 after buying an additional 808 shares during the period. Finally, SG Americas Securities LLC raised its position in shares of Klaviyo by 21.4% during the 4th quarter. SG Americas Securities LLC now owns 10,929 shares of the company’s stock worth $451,000 after buying an additional 1,923 shares in the last quarter. 45.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently issued reports on KVYO. Benchmark increased their price objective on shares of Klaviyo from $40.00 to $51.00 and gave the company a “buy” rating in a report on Wednesday, February 19th. Piper Sandler lifted their price target on Klaviyo from $50.00 to $53.00 and gave the company 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 company an “outperform” rating in a report on Thursday, February 20th. Loop Capital lifted their target price on Klaviyo from $45.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, December 23rd. Finally, KeyCorp boosted their price target on shares of Klaviyo from $42.00 to $45.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $49.44.

Insider Activity

In related news, insider Landon Edmond sold 40,000 shares of Klaviyo stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $41.80, for a total transaction of $1,672,000.00. Following the completion of the sale, the insider now owns 298,607 shares of the company’s stock, valued at approximately $12,481,772.60. This trade represents a 11.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Summit Partners L. P sold 2,000,000 shares of the company’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $32.44, for a total value of $64,880,000.00. The disclosure for this sale can be found here. Insiders have sold 2,126,246 shares of company stock worth $69,799,958 in the last 90 days. Company insiders own 53.24% of the company’s stock.

Klaviyo Stock Performance

Klaviyo stock opened at $32.11 on Wednesday. Klaviyo, Inc. has a 52 week low of $21.26 and a 52 week high of $49.55. The firm has a market capitalization of $8.77 billion, a price-to-earnings ratio of -178.40 and a beta of 0.86. The company has a 50 day moving average price of $41.68 and a 200 day moving average price of $38.73.

Klaviyo (NYSE:KVYO) last issued its 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). The business had revenue of $270.16 million during the quarter, compared to analyst estimates of $257.24 million. Klaviyo had a positive return on equity of 0.89% and a negative net margin of 4.92%. Equities analysts forecast that Klaviyo, Inc. will post 0.04 earnings per share for the current fiscal year.

Klaviyo 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.