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 company’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 accessible through this hyperlink. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Klaviyo Stock Up 1.2 %

KVYO opened at $33.69 on Tuesday. The firm has a market cap of $9.20 billion, a P/E ratio of -187.15 and a beta of 0.86. Klaviyo, Inc. has a 52 week low of $21.26 and a 52 week high of $49.55. The business’s fifty day simple moving average is $41.87 and its 200 day simple moving average is $38.72.

Klaviyo (NYSE:KVYO) last posted its quarterly earnings data 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 negative net margin of 4.92% and a positive return on equity of 0.89%. The company had revenue of $270.16 million for the quarter, compared to analyst estimates of $257.24 million. As a group, equities analysts expect that Klaviyo, Inc. will post 0.04 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Robert W. Baird upped their price target on Klaviyo from $52.00 to $54.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. William Blair reiterated an “outperform” rating on shares of Klaviyo in a research report on Thursday, February 20th. Wells Fargo & Company cut their price objective on Klaviyo from $48.00 to $45.00 and set an “equal weight” rating for the company in a research report on Thursday, February 20th. The Goldman Sachs Group increased their price objective on Klaviyo from $45.00 to $51.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. Finally, Stifel Nicolaus increased their price objective on Klaviyo from $45.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. Five analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $49.44.

Institutional Trading of Klaviyo

Hedge funds have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. boosted its stake in Klaviyo by 145.6% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,363 shares of the company’s stock worth $48,000 after buying an additional 808 shares during the last quarter. CIBC Private Wealth Group LLC lifted its stake in shares of Klaviyo by 169.5% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,752 shares of the company’s stock valued at $72,000 after purchasing an additional 1,102 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of Klaviyo by 77.5% in the 4th 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 acquired a new position in shares of Klaviyo in the 3rd quarter valued at about $177,000. Finally, SBI Securities Co. Ltd. acquired a new position in shares of Klaviyo in the 4th quarter valued at about $196,000. 45.43% of the stock is owned by institutional investors and hedge funds.

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.