Insider Selling: Klaviyo, Inc. (NYSE:KVYO) Major Shareholder Sells $64,880,000.00 in Stock

Klaviyo, Inc. (NYSE:KVYO) major shareholder Summit Partners L. P sold 2,000,000 shares of the firm’s stock in a transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Klaviyo Price Performance

NYSE KVYO opened at $32.81 on Thursday. The stock has a market capitalization of $8.96 billion, a price-to-earnings ratio of -182.25 and a beta of 0.86. The business’s fifty day moving average is $41.52 and its 200-day moving average is $38.68. Klaviyo, Inc. has a one year low of $21.26 and a one year high of $49.55.

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on KVYO shares. Stephens started coverage on shares of Klaviyo in a report on Wednesday. They set an “overweight” rating and a $43.00 price objective on the stock. Robert W. Baird raised their price objective on Klaviyo from $52.00 to $54.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Loop Capital upped their target price on Klaviyo from $45.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, December 23rd. Citigroup boosted their price target on shares of Klaviyo from $39.00 to $48.00 and gave the company a “neutral” rating in a research note on Tuesday, February 11th. Finally, Cantor Fitzgerald lifted their price objective on shares of Klaviyo from $47.00 to $54.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $49.11.

Institutional Trading of Klaviyo

Several hedge funds have recently made changes to their positions in KVYO. Advisors Asset Management Inc. raised its position in shares of Klaviyo by 145.6% in the third quarter. Advisors Asset Management Inc. now owns 1,363 shares of the company’s stock valued at $48,000 after purchasing an additional 808 shares during the period. CIBC Private Wealth Group LLC boosted its holdings in shares of Klaviyo by 169.5% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,752 shares of the company’s stock worth $72,000 after acquiring an additional 1,102 shares during the period. Tower Research Capital LLC TRC grew its position in shares of Klaviyo by 77.5% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,874 shares of the company’s stock valued at $77,000 after purchasing an additional 818 shares in the last quarter. West Tower Group LLC bought a new stake in shares of Klaviyo during the 3rd quarter valued at $177,000. Finally, SBI Securities Co. Ltd. bought a new position in Klaviyo in the 4th quarter worth about $196,000. 45.43% of the stock is currently owned by institutional investors.

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.