Klaviyo (NYSE:KVYO) Sees Large Volume Increase After Strong Earnings

Klaviyo, Inc. (NYSE:KVYO) shares saw unusually-high trading volume on Thursday following a stronger than expected earnings report. Approximately 5,338,177 shares were traded during mid-day trading, an increase of 145% from the previous session’s volume of 2,177,940 shares.The stock last traded at $27.7120 and had previously closed at $26.88.

The company reported $0.16 EPS for the quarter. The company had revenue of $293.12 million for the quarter. Klaviyo had a negative return on equity of 1.12% and a negative net margin of 6.19%.

Wall Street Analysts Forecast Growth

KVYO has been the topic of several recent analyst reports. Piper Sandler reiterated an “overweight” rating and issued a $45.00 price target (down from $50.00) on shares of Klaviyo in a report on Thursday. Stephens reduced their price target on Klaviyo from $45.00 to $43.00 and set an “overweight” rating on the stock in a report on Friday, September 26th. Stifel Nicolaus reduced their price target on Klaviyo from $42.00 to $40.00 and set a “buy” rating on the stock in a report on Thursday. Citigroup raised Klaviyo from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $40.00 to $50.00 in a research note on Thursday, August 7th. Finally, Benchmark reaffirmed a “buy” rating on shares of Klaviyo in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $43.10.

Insider Buying and Selling at Klaviyo

In other news, Director Ed Hallen sold 89,748 shares of the firm’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $31.71, for a total transaction of $2,845,909.08. Following the sale, the director directly owned 177,776 shares in the company, valued at $5,637,276.96. This trade represents a 33.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Summit Partners L. P sold 4,000,000 shares of the firm’s stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $31.87, for a total value of $127,480,000.00. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 5,741,781 shares of company stock worth $180,719,288. Insiders own 49.92% of the company’s stock.

Institutional Investors Weigh In On Klaviyo

A number of institutional investors have recently modified their holdings of the business. SBI Securities Co. Ltd. grew its position in shares of Klaviyo by 466.5% during the 3rd quarter. SBI Securities Co. Ltd. now owns 4,906 shares of the company’s stock valued at $136,000 after acquiring an additional 4,040 shares during the period. AlphaQuest LLC grew its position in shares of Klaviyo by 413.8% during the 3rd quarter. AlphaQuest LLC now owns 19,144 shares of the company’s stock valued at $530,000 after acquiring an additional 15,418 shares during the period. Arizona State Retirement System grew its position in shares of Klaviyo by 9.3% during the 3rd quarter. Arizona State Retirement System now owns 30,329 shares of the company’s stock valued at $840,000 after acquiring an additional 2,580 shares during the period. New York State Common Retirement Fund grew its position in shares of Klaviyo by 8.3% during the 3rd quarter. New York State Common Retirement Fund now owns 349,135 shares of the company’s stock valued at $9,668,000 after acquiring an additional 26,767 shares during the period. Finally, Pier 88 Investment Partners LLC grew its position in shares of Klaviyo by 11.7% during the 3rd quarter. Pier 88 Investment Partners LLC now owns 45,760 shares of the company’s stock valued at $1,267,000 after acquiring an additional 4,780 shares during the period. 45.43% of the stock is currently owned by institutional investors and hedge funds.

Klaviyo Trading Up 3.9%

The stock has a market capitalization of $8.37 billion, a price-to-earnings ratio of -111.43 and a beta of 1.26. The stock has a 50-day moving average price of $28.84 and a 200 day moving average price of $31.27.

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.