Insider Selling: Klaviyo, Inc. (NYSE:KVYO) Major Shareholder Sells $132,000,000.00 in Stock

Klaviyo, Inc. (NYSE:KVYO) major shareholder Summit Partners L. P sold 4,000,000 shares of the business’s stock in a transaction on Monday, May 19th. The shares were sold at an average price of $33.00, for a total value of $132,000,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Klaviyo Stock Up 2.2%

Shares of NYSE KVYO opened at $33.72 on Friday. The firm has a market capitalization of $10.01 billion, a P/E ratio of -187.33 and a beta of 1.35. The stock’s 50-day simple moving average is $30.59 and its two-hundred day simple moving average is $37.12. Klaviyo, Inc. has a twelve month low of $21.26 and a twelve month high of $49.55.

Klaviyo (NYSE:KVYO) last announced its earnings results on Tuesday, May 6th. The company reported $0.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.02. The business had revenue of $279.83 million for the quarter, compared to analyst estimates of $267.79 million. Klaviyo had a positive return on equity of 0.89% and a negative net margin of 4.92%. The company’s quarterly revenue was up 33.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.13 EPS. As a group, research analysts anticipate that Klaviyo, Inc. will post 0.04 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

KVYO has been the topic of several research reports. Mizuho lowered their target price on Klaviyo from $52.00 to $40.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 15th. Needham & Company LLC decreased their price objective on Klaviyo from $56.00 to $45.00 and set a “buy” rating on the stock in a research note on Wednesday, May 7th. Scotiabank set a $35.00 price objective on Klaviyo and gave the company a “sector perform” rating in a research note on Wednesday, May 7th. Benchmark boosted their price objective on Klaviyo from $43.00 to $44.00 and gave the company a “buy” rating in a research note on Wednesday, May 7th. Finally, Citigroup boosted their price objective on Klaviyo from $39.00 to $48.00 and gave the company a “neutral” rating in a research note on Tuesday, February 11th. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.11.

Hedge Funds Weigh In On Klaviyo

A number of institutional investors have recently added to or reduced their stakes in the business. Y Intercept Hong Kong Ltd bought a new position in shares of Klaviyo during the 4th quarter valued at about $374,000. Handelsbanken Fonder AB bought a new position in shares of Klaviyo during the 4th quarter valued at about $689,000. Telemark Asset Management LLC bought a new position in shares of Klaviyo during the 4th quarter valued at about $4,124,000. Renaissance Capital LLC increased its position in shares of Klaviyo by 56.4% during the 4th quarter. Renaissance Capital LLC now owns 122,646 shares of the company’s stock valued at $5,058,000 after purchasing an additional 44,245 shares during the last quarter. Finally, WCM Investment Management LLC bought a new position in shares of Klaviyo during the 4th quarter valued at about $12,781,000. 45.43% of the stock is currently owned by institutional investors.

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.