Klaviyo, Inc. (NYSE:KVYO) Major Shareholder Sells $41,132.00 in Stock

Klaviyo, Inc. (NYSE:KVYO) major shareholder Summit Partners L. P sold 1,300 shares of the company’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $31.64, for a total transaction of $41,132.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Klaviyo Trading Down 2.9 %

KVYO stock opened at $29.62 on Friday. The business has a 50-day simple moving average of $27.63 and a two-hundred day simple moving average of $25.46. Klaviyo, Inc. has a 52-week low of $21.26 and a 52-week high of $39.47.

Klaviyo (NYSE:KVYO) last announced its earnings results on Wednesday, August 7th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.05. The company had revenue of $222.21 million for the quarter, compared to analysts’ expectations of $212.34 million. Klaviyo had a negative return on equity of 32.19% and a negative net margin of 42.15%. Klaviyo’s quarterly revenue was up 35.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.09 earnings per share. On average, equities research analysts anticipate that Klaviyo, Inc. will post -0.01 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Barclays upped their target price on Klaviyo from $29.00 to $32.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Needham & Company LLC restated a “buy” rating and set a $40.00 price target on shares of Klaviyo in a report on Wednesday. Cantor Fitzgerald lifted their price objective on shares of Klaviyo from $31.00 to $33.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Piper Sandler boosted their target price on shares of Klaviyo from $30.00 to $34.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Finally, KeyCorp upgraded shares of Klaviyo from a “sector weight” rating to an “overweight” rating and set a $33.00 price target for the company in a report on Thursday, August 8th. Three investment 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 has an average rating of “Moderate Buy” and an average target price of $35.65.

Institutional Trading of Klaviyo

Several institutional investors have recently made changes to their positions in KVYO. Salem Investment Counselors Inc. lifted its position in shares of Klaviyo by 161.1% during the first quarter. Salem Investment Counselors Inc. now owns 2,350 shares of the company’s stock valued at $60,000 after purchasing an additional 1,450 shares in the last quarter. EntryPoint Capital LLC purchased a new stake in Klaviyo in the 1st quarter valued at about $71,000. New York State Common Retirement Fund lifted its position in shares of Klaviyo by 191.0% during the 4th quarter. New York State Common Retirement Fund now owns 5,485 shares of the company’s stock worth $152,000 after buying an additional 3,600 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Klaviyo in the 2nd quarter worth approximately $236,000. Finally, SVB Wealth LLC bought a new position in shares of Klaviyo in the first quarter valued at approximately $299,000. Institutional investors own 45.43% of the company’s stock.

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.