Insider Selling: Klaviyo, Inc. (NYSE:KVYO) Major Shareholder Sells 107,205 Shares of Stock

Klaviyo, Inc. (NYSE:KVYO) major shareholder Summit Partners L. P sold 107,205 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $31.33, for a total transaction of $3,358,732.65. The transaction was disclosed in a filing with the SEC, which is available through this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Klaviyo Price Performance

NYSE KVYO traded up $1.12 on Monday, hitting $32.28. 1,340,903 shares of the company traded hands, compared to its average volume of 1,181,792. The business’s 50 day moving average price is $28.25 and its 200-day moving average price is $25.49. Klaviyo, Inc. has a 52-week low of $21.26 and a 52-week high of $39.47.

Klaviyo (NYSE:KVYO) last issued 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. The business had revenue of $222.21 million for the quarter, compared to the consensus estimate of $212.34 million. Klaviyo had a negative net margin of 42.15% and a negative return on equity of 32.19%. The company’s revenue for the quarter was up 35.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.09 earnings per share. Sell-side analysts predict that Klaviyo, Inc. will post -0.01 earnings per share for the current year.

Institutional Investors Weigh In On Klaviyo

A number of institutional investors have recently added to or reduced their stakes in KVYO. Bank of New York Mellon Corp grew its position in shares of Klaviyo by 677.7% during the second quarter. Bank of New York Mellon Corp now owns 2,762,128 shares of the company’s stock valued at $68,749,000 after purchasing an additional 2,406,973 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Klaviyo by 243.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,472,140 shares of the company’s stock valued at $40,896,000 after buying an additional 1,042,902 shares during the last quarter. Claro Advisors LLC purchased a new position in Klaviyo during the 1st quarter valued at approximately $23,510,000. Glynn Capital Management LLC increased its stake in Klaviyo by 291.3% in the 1st quarter. Glynn Capital Management LLC now owns 1,139,307 shares of the company’s stock worth $29,030,000 after acquiring an additional 848,152 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Klaviyo during the 4th quarter worth approximately $21,258,000. 45.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on KVYO shares. Barclays upped their price target on shares of Klaviyo from $29.00 to $32.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. Needham & Company LLC reiterated a “buy” rating and issued a $40.00 target price on shares of Klaviyo in a research note on Wednesday, September 4th. Piper Sandler raised their price target on shares of Klaviyo from $30.00 to $34.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Cantor Fitzgerald boosted their price objective on shares of Klaviyo from $31.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Finally, KeyCorp raised Klaviyo from a “sector weight” rating to an “overweight” rating and set a $33.00 price objective on the stock in a research report on Thursday, August 8th. Three research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $35.65.

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.