Needham & Company LLC Reaffirms “Buy” Rating for Klaviyo (NYSE:KVYO)

Needham & Company LLC reaffirmed their buy rating on shares of Klaviyo (NYSE:KVYO) in a report published on Wednesday morning, Benzinga reports. The firm currently has a $40.00 price objective on the stock.

A number of other research analysts have also recently weighed in on KVYO. KeyCorp raised shares of Klaviyo from a sector weight rating to an overweight rating and set a $33.00 price objective for the company in a research note on Thursday, August 8th. Robert W. Baird cut their price target on Klaviyo from $40.00 to $35.00 and set an outperform rating for the company in a report on Thursday, May 9th. Barclays increased their price objective on Klaviyo from $29.00 to $32.00 and gave the company an overweight rating in a research note on Thursday, August 8th. Mizuho cut their target price on shares of Klaviyo from $40.00 to $35.00 and set a buy rating for the company in a research note on Thursday, May 9th. Finally, Canaccord Genuity Group decreased their price target on shares of Klaviyo from $37.00 to $32.00 and set a buy rating on the stock in a research note on Thursday, May 9th. Three investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, Klaviyo presently has a consensus rating of Moderate Buy and a consensus target price of $35.65.

Klaviyo Trading Down 2.9 %

KVYO opened at $29.62 on Wednesday. Klaviyo has a one year low of $21.26 and a one year high of $39.47. The business’s fifty day moving average is $27.63 and its two-hundred day moving average is $25.46.

Klaviyo (NYSE:KVYO) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.10 by $0.05. Klaviyo had a negative net margin of 42.15% and a negative return on equity of 32.19%. The business had revenue of $222.21 million for the quarter, compared to analyst estimates of $212.34 million. During the same period in the previous year, the firm earned $0.09 EPS. The business’s revenue for the quarter was up 35.0% compared to the same quarter last year. Analysts forecast that Klaviyo will post -0.01 earnings per share for the current fiscal year.

Insider Buying and Selling at Klaviyo

In other news, major shareholder Summit Partners L. P sold 242,601 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $31.78, for a total value of $7,709,859.78. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CFO Amanda Whalen sold 10,000 shares of Klaviyo stock in a transaction on Friday, September 6th. The shares were sold at an average price of $29.72, for a total transaction of $297,200.00. Following the transaction, the chief financial officer now owns 422,813 shares in the company, valued at approximately $12,566,002.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Summit Partners L. P sold 242,601 shares of the stock in a transaction on Friday, August 16th. The shares were sold at an average price of $31.78, for a total value of $7,709,859.78. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 588,044 shares of company stock valued at $18,518,488. Company insiders own 53.24% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Salem Investment Counselors Inc. raised its holdings in shares of Klaviyo by 161.1% during the 1st quarter. Salem Investment Counselors Inc. now owns 2,350 shares of the company’s stock valued at $60,000 after buying an additional 1,450 shares during the period. EntryPoint Capital LLC purchased a new stake in shares of Klaviyo during the first quarter valued at approximately $71,000. Dark Forest Capital Management LP lifted its position in shares of Klaviyo by 13.7% during the second quarter. Dark Forest Capital Management LP now owns 23,689 shares of the company’s stock worth $590,000 after purchasing an additional 2,851 shares in the last quarter. New York State Common Retirement Fund boosted its stake in shares of Klaviyo by 191.0% in the fourth quarter. New York State Common Retirement Fund now owns 5,485 shares of the company’s stock valued at $152,000 after purchasing an additional 3,600 shares during the period. Finally, Arizona State Retirement System grew its holdings in Klaviyo by 67.1% during the 2nd quarter. Arizona State Retirement System now owns 16,221 shares of the company’s stock valued at $404,000 after purchasing an additional 6,512 shares in the last quarter. Institutional investors and hedge funds own 45.43% of the company’s stock.

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.