Klaviyo (NYSE:KVYO) Price Target Lowered to $32.00 at Canaccord Genuity Group

Klaviyo (NYSE:KVYO) had its target price lowered by stock analysts at Canaccord Genuity Group from $37.00 to $32.00 in a report released on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 32.89% from the company’s current price.

Several other research analysts have also recently issued reports on the company. William Blair reissued an “outperform” rating on shares of Klaviyo in a research note on Wednesday, February 28th. KeyCorp began coverage on Klaviyo in a research note on Thursday, March 21st. They set a “sector weight” rating on the stock. Piper Sandler reiterated an “overweight” rating and set a $38.00 target price on shares of Klaviyo in a report on Wednesday, February 28th. Cantor Fitzgerald restated an “overweight” rating and issued a $31.00 price target on shares of Klaviyo in a report on Thursday. Finally, Scotiabank assumed coverage on shares of Klaviyo in a report on Tuesday, April 2nd. They set a “sector perform” rating and a $30.00 price objective on the stock. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $35.50.

Klaviyo Stock Performance

Shares of NYSE:KVYO traded up $2.55 during trading on Thursday, hitting $24.08. 3,333,709 shares of the company’s stock were exchanged, compared to its average volume of 1,148,416. Klaviyo has a 52-week low of $21.51 and a 52-week high of $39.47. The business’s 50-day simple moving average is $24.40 and its 200 day simple moving average is $26.82.

Klaviyo (NYSE:KVYO) last posted its earnings results on Wednesday, May 8th. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.03. The firm had revenue of $210.00 million for the quarter, compared to the consensus estimate of $202.08 million. The company’s quarterly revenue was up 34.5% on a year-over-year basis. Equities research analysts forecast that Klaviyo will post -0.27 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Landon Edmond sold 3,545 shares of Klaviyo stock in a transaction dated Friday, April 5th. The stock was sold at an average price of $24.15, for a total value of $85,611.75. Following the completion of the transaction, the insider now owns 167,127 shares in the company, valued at approximately $4,036,117.05. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Clearbridge Investments LLC purchased a new position in Klaviyo during the third quarter worth approximately $64,316,000. Vanguard Group Inc. acquired a new position in Klaviyo in the 3rd quarter valued at about $49,833,000. Goldman Sachs Group Inc. increased its holdings 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 last quarter. FMR LLC acquired a new position in Klaviyo in the third quarter valued at approximately $34,203,000. Finally, Claro Advisors LLC acquired a new position in shares of Klaviyo in the 1st quarter valued at $23,510,000. 45.43% of the stock is owned by hedge funds and other 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.