Klaviyo, Inc. (NYSE:KVYO) Major Shareholder Summit Partners L. P Sells 2,000,000 Shares

Klaviyo, Inc. (NYSE:KVYO) major shareholder Summit Partners L. P sold 2,000,000 shares of Klaviyo stock in a transaction on Friday, March 14th. The shares were sold at an average price of $32.44, for a total transaction of $64,880,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Klaviyo Stock Performance

Shares of Klaviyo stock opened at $33.69 on Tuesday. Klaviyo, Inc. has a 52-week low of $21.26 and a 52-week high of $49.55. The stock’s 50-day simple moving average is $41.87 and its 200 day simple moving average is $38.72. The stock has a market capitalization of $9.20 billion, a P/E ratio of -187.15 and a beta of 0.86.

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

Institutional Investors Weigh In On Klaviyo

Several hedge funds and other institutional investors have recently modified their holdings of KVYO. Advisors Asset Management Inc. increased its position in shares of Klaviyo by 145.6% during the third quarter. Advisors Asset Management Inc. now owns 1,363 shares of the company’s stock valued at $48,000 after buying an additional 808 shares during the period. CIBC Private Wealth Group LLC increased its position in shares of Klaviyo by 169.5% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,752 shares of the company’s stock valued at $72,000 after buying an additional 1,102 shares during the period. Tower Research Capital LLC TRC increased its position in shares of Klaviyo by 77.5% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,874 shares of the company’s stock valued at $77,000 after buying an additional 818 shares during the period. West Tower Group LLC bought a new stake in shares of Klaviyo during the third quarter valued at about $177,000. Finally, SBI Securities Co. Ltd. bought a new stake in shares of Klaviyo during the fourth quarter valued at about $196,000. 45.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Wells Fargo & Company reduced their price target on shares of Klaviyo from $48.00 to $45.00 and set an “equal weight” rating for the company in a research report on Thursday, February 20th. Benchmark lifted their price target on shares of Klaviyo from $40.00 to $51.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. Needham & Company LLC lifted their price objective on shares of Klaviyo from $46.00 to $56.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Scotiabank lifted their price objective on shares of Klaviyo from $35.00 to $45.00 and gave the stock a “sector perform” rating in a report on Wednesday, January 29th. Finally, The Goldman Sachs Group lifted their price objective on shares of Klaviyo from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $49.44.

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.