Pier 88 Investment Partners LLC Has $1.60 Million Stake in Klaviyo, Inc. (NYSE:KVYO)

Pier 88 Investment Partners LLC boosted its stake in shares of Klaviyo, Inc. (NYSE:KVYO) by 41.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 38,700 shares of the company’s stock after buying an additional 11,400 shares during the quarter. Pier 88 Investment Partners LLC’s holdings in Klaviyo were worth $1,596,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in KVYO. Clearbridge Investments LLC lifted its holdings in Klaviyo by 0.9% in the fourth quarter. Clearbridge Investments LLC now owns 2,168,336 shares of the company’s stock valued at $89,422,000 after buying an additional 19,567 shares during the period. CIBC Private Wealth Group LLC lifted its stake in shares of Klaviyo by 169.5% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,752 shares of the company’s stock valued at $72,000 after purchasing an additional 1,102 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in shares of Klaviyo during the 4th quarter valued at about $19,751,000. Norges Bank acquired a new stake in Klaviyo during the fourth quarter worth approximately $25,197,000. Finally, WINTON GROUP Ltd bought a new stake in Klaviyo in the fourth quarter worth approximately $241,000. 45.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Landon Edmond sold 40,000 shares of Klaviyo stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $41.80, for a total value of $1,672,000.00. Following the sale, the insider now owns 298,607 shares of the company’s stock, valued at approximately $12,481,772.60. The trade was a 11.81 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Summit Partners L. P sold 2,000,000 shares of the company’s stock in a transaction that occurred on Friday, March 14th. The shares were 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. In the last ninety days, insiders have sold 2,126,246 shares of company stock valued at $69,799,958. 53.24% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

KVYO has been the subject of several recent analyst reports. Citigroup raised their price objective on shares of Klaviyo from $39.00 to $48.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 11th. Benchmark raised their price target on shares of Klaviyo from $40.00 to $51.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. Loop Capital upped their price objective on shares of Klaviyo from $45.00 to $60.00 and gave the company a “buy” rating in a report on Monday, December 23rd. William Blair restated an “outperform” rating on shares of Klaviyo in a research note on Thursday, February 20th. Finally, KeyCorp upped their price target on Klaviyo from $42.00 to $45.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $49.89.

Klaviyo Stock Performance

NYSE:KVYO opened at $30.95 on Monday. Klaviyo, Inc. has a 52 week low of $21.26 and a 52 week high of $49.55. The firm has a 50-day moving average price of $40.57 and a two-hundred day moving average price of $38.88. The firm has a market cap of $8.45 billion, a price-to-earnings ratio of -171.93 and a beta of 0.86.

Klaviyo (NYSE:KVYO) last issued its quarterly earnings results on Wednesday, February 19th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.12). The business had revenue of $270.16 million for the quarter, compared to the consensus estimate of $257.24 million. Klaviyo had a positive return on equity of 0.89% and a negative net margin of 4.92%. As a group, sell-side analysts forecast that Klaviyo, Inc. will post 0.04 earnings per share for the current year.

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.