Piper Sandler Boosts Klaviyo (NYSE:KVYO) Price Target to $34.00

Klaviyo (NYSE:KVYO) had its target price increased by equities research analysts at Piper Sandler from $30.00 to $34.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s target price would indicate a potential upside of 9.36% from the company’s previous close.

KVYO has been the topic of several other reports. Morgan Stanley decreased their price target on shares of Klaviyo from $37.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 17th. Mizuho decreased their price target on shares of Klaviyo from $40.00 to $35.00 and set a “buy” rating on the stock in a research report on Thursday, May 9th. Robert W. Baird decreased their price target on shares of Klaviyo from $40.00 to $35.00 and set an “outperform” rating on the stock in a research report on Thursday, May 9th. KeyCorp upgraded shares of Klaviyo from a “sector weight” rating to an “overweight” rating and set a $33.00 price target on the stock in a research report on Thursday. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $31.00 price target on shares of Klaviyo in a research report on Thursday, May 9th. Three equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $35.65.

Klaviyo Stock Performance

NYSE:KVYO traded up $0.31 during midday trading on Thursday, reaching $31.09. The stock had a trading volume of 3,488,495 shares, compared to its average volume of 1,194,133. Klaviyo has a 1-year low of $21.26 and a 1-year high of $39.47. The firm’s fifty day simple moving average is $24.23 and its 200-day simple moving average is $24.95.

Klaviyo (NYSE:KVYO) last posted its earnings results on Wednesday, August 7th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. The firm had revenue of $222.21 million during the quarter, compared to analyst estimates of $212.34 million. During the same quarter in the previous year, the business posted $0.09 earnings per share. The business’s quarterly revenue was up 35.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Klaviyo will post -0.11 EPS for the current year.

Insider Activity at Klaviyo

In related news, Director Jennifer Ceran sold 13,000 shares of Klaviyo stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $24.65, for a total transaction of $320,450.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Klaviyo news, Director Jennifer Ceran sold 13,000 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $24.65, for a total value of $320,450.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Jeff Fagnan bought 9,485 shares of the company’s stock in a transaction on Thursday, August 1st. The stock was bought at an average cost of $26.43 per share, with a total value of $250,688.55. Following the completion of the purchase, the insider now owns 9,485 shares of the company’s stock, valued at approximately $250,688.55. The disclosure for this purchase can be found here. Insiders sold 94,766 shares of company stock valued at $2,787,665 in the last ninety days. Insiders own 53.24% of the company’s stock.

Hedge Funds Weigh In On Klaviyo

A number of institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp grew its position in shares of Klaviyo by 677.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,762,128 shares of the company’s stock worth $68,749,000 after buying an additional 2,406,973 shares during the period. Clearbridge Investments LLC grew its position in shares of Klaviyo by 1.5% during the 1st quarter. Clearbridge Investments LLC now owns 2,205,684 shares of the company’s stock worth $56,201,000 after buying an additional 31,587 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Klaviyo by 243.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,472,140 shares of the company’s stock worth $40,896,000 after buying an additional 1,042,902 shares during the period. Franklin Resources Inc. grew its position in shares of Klaviyo by 95.4% during the 4th quarter. Franklin Resources Inc. now owns 1,380,515 shares of the company’s stock worth $38,351,000 after buying an additional 673,929 shares during the period. Finally, Glynn Capital Management LLC grew its position in shares of Klaviyo by 19.7% during the 2nd quarter. Glynn Capital Management LLC now owns 1,363,768 shares of the company’s stock worth $33,944,000 after buying an additional 224,461 shares during the period. 45.43% of the stock is 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.