Klaviyo, Inc. (NYSE:KVYO) Stake Reduced by Summit Partners L P

Summit Partners L P lowered its stake in Klaviyo, Inc. (NYSE:KVYO) by 2.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 46,427,778 shares of the company’s stock after selling 1,313,851 shares during the quarter. Klaviyo accounts for 73.3% of Summit Partners L P’s portfolio, making the stock its biggest position. Summit Partners L P owned 17.41% of Klaviyo worth $1,642,615,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. nVerses Capital LLC bought a new position in Klaviyo during the 3rd quarter valued at approximately $53,000. EntryPoint Capital LLC purchased a new position in shares of Klaviyo during the first quarter valued at approximately $71,000. Dark Forest Capital Management LP raised its holdings in shares of Klaviyo by 13.7% during the second quarter. Dark Forest Capital Management LP now owns 23,689 shares of the company’s stock valued at $590,000 after acquiring an additional 2,851 shares in the last quarter. Arizona State Retirement System lifted its stake in Klaviyo by 67.1% in the second quarter. Arizona State Retirement System now owns 16,221 shares of the company’s stock worth $404,000 after acquiring an additional 6,512 shares during the period. Finally, William Marsh Rice University bought a new stake in Klaviyo in the third quarter valued at $245,000. Institutional investors own 45.43% of the company’s stock.

Klaviyo Stock Performance

Shares of KVYO stock opened at $40.34 on Thursday. The company has a market capitalization of $10.76 billion, a price-to-earnings ratio of -28.61 and a beta of 1.13. Klaviyo, Inc. has a one year low of $21.26 and a one year high of $41.00. The company’s 50-day moving average is $35.12 and its 200 day moving average is $28.55.

Klaviyo (NYSE:KVYO) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.05. Klaviyo had a negative net margin of 42.15% and a negative return on equity of 32.19%. The company had revenue of $222.21 million during the quarter, compared to the consensus estimate of $212.34 million. During the same quarter last year, the firm earned $0.09 earnings per share. The firm’s quarterly revenue was up 35.0% compared to the same quarter last year. As a group, research analysts predict that Klaviyo, Inc. will post -0.01 earnings per share for the current fiscal year.

Insider Buying and Selling at Klaviyo

In other news, CFO Amanda Whalen sold 60,000 shares of the company’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $30.23, for a total transaction of $1,813,800.00. Following the transaction, the chief financial officer now directly owns 435,993 shares of the company’s stock, valued at $13,180,068.39. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, insider Landon Edmond sold 21,766 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $30.02, for a total value of $653,415.32. Following the sale, the insider now owns 260,413 shares in the company, valued at approximately $7,817,598.26. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Amanda Whalen sold 60,000 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $30.23, for a total transaction of $1,813,800.00. Following the sale, the chief financial officer now owns 435,993 shares of the company’s stock, valued at approximately $13,180,068.39. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 871,477 shares of company stock worth $27,610,861. Insiders own 53.24% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Macquarie began coverage on shares of Klaviyo in a report on Thursday, October 31st. They issued a “neutral” rating and a $36.00 price objective for the company. Stifel Nicolaus began coverage on shares of Klaviyo in a research note on Tuesday, October 22nd. They issued a “buy” rating and a $45.00 price target for the company. Barclays lifted their price objective on Klaviyo from $32.00 to $41.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Benchmark reiterated a “buy” rating and set a $42.00 target price on shares of Klaviyo in a report on Thursday, October 24th. Finally, Wells Fargo & Company restated a “buy” rating on shares of Klaviyo in a research note on Friday, October 18th. Three investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.29.

Klaviyo 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.