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 business’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $32.44, for a total value of $64,880,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Klaviyo Price Performance

KVYO traded up $0.40 during trading hours on Monday, reaching $33.69. The company’s stock had a trading volume of 1,201,424 shares, compared to its average volume of 1,203,232. Klaviyo, Inc. has a fifty-two week low of $21.26 and a fifty-two week high of $49.55. The stock has a market cap of $9.20 billion, a PE ratio of -187.15 and a beta of 0.86. The business’s 50-day moving average is $42.05 and its 200-day moving average is $38.71.

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Alpha Wealth Funds LLC purchased a new stake in shares of Klaviyo during the fourth quarter worth $209,000. Total Wealth Planning & Management Inc. purchased a new stake in shares of Klaviyo during the fourth quarter worth $397,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Klaviyo by 76.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 105,178 shares of the company’s stock worth $4,338,000 after acquiring an additional 45,523 shares during the period. Voloridge Investment Management LLC increased its position in shares of Klaviyo by 15.7% during the fourth quarter. Voloridge Investment Management LLC now owns 922,832 shares of the company’s stock worth $38,058,000 after acquiring an additional 125,352 shares during the period. Finally, Washington Harbour Partners LP purchased a new stake in shares of Klaviyo during the fourth quarter worth $1,794,000. 45.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on KVYO. KeyCorp boosted their price objective on Klaviyo from $42.00 to $45.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Citigroup boosted their price objective on Klaviyo from $39.00 to $48.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 11th. Morgan Stanley boosted their price objective on Klaviyo from $47.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. Benchmark boosted their price objective on Klaviyo from $40.00 to $51.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Finally, Canaccord Genuity Group boosted their target price on Klaviyo from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Five analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price 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.