Canaccord Genuity Group Forecasts Strong Price Appreciation for Klaviyo (NYSE:KVYO) Stock

Klaviyo (NYSE:KVYO - Get Free Report) had its target price hoisted by stock analysts at Canaccord Genuity Group from $32.00 to $40.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Canaccord Genuity Group's target price points to a potential upside of 16.08% from the stock's previous close.

A number of other analysts have also commented on the company. Barclays boosted their price target on Klaviyo from $32.00 to $41.00 and gave the company an "overweight" rating in a report on Friday, October 11th. Piper Sandler lifted their price target on shares of Klaviyo from $34.00 to $45.00 and gave the company an "overweight" rating in a research note on Friday, October 18th. Needham & Company LLC reiterated a "buy" rating and set a $40.00 target price on shares of Klaviyo in a report on Wednesday, September 4th. Cantor Fitzgerald raised their price target on Klaviyo from $33.00 to $47.00 and gave the company an "overweight" rating in a research note on Thursday. Finally, Benchmark dropped their target price on shares of Klaviyo from $42.00 to $40.00 and set a "buy" rating on the stock in a report on Thursday. Three research 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 an average rating of "Moderate Buy" and an average price target of $38.65.

Klaviyo Price Performance

Shares of NYSE KVYO traded down $5.90 during midday trading on Thursday, hitting $34.46. The stock had a trading volume of 4,680,996 shares, compared to its average volume of 1,148,000. Klaviyo has a fifty-two week low of $21.26 and a fifty-two week high of $41.00. The firm has a market cap of $9.19 billion, a P/E ratio of -24.44 and a beta of 1.13. The company's 50-day simple moving average is $35.12 and its 200 day simple moving average is $28.55.

Klaviyo (NYSE:KVYO - Get Free Report) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.15 earnings per share for the quarter, beating analysts' consensus estimates 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 business had revenue of $222.21 million for the quarter, compared to the consensus estimate of $212.34 million. During the same period last year, the company posted $0.09 EPS. Klaviyo's revenue for the quarter was up 35.0% on a year-over-year basis. Equities analysts expect that Klaviyo will post -0.01 EPS for the current fiscal year.

Insider Activity

In other news, CFO Amanda Whalen sold 60,000 shares of the business's stock in a transaction that occurred 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 completion of the sale, the chief financial officer now owns 435,993 shares in the company, valued at $13,180,068.39. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Klaviyo news, CFO Amanda Whalen sold 60,000 shares of the company's stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $30.23, for a total value of $1,813,800.00. Following the completion of the sale, the chief financial officer now directly owns 435,993 shares of the company's stock, valued at approximately $13,180,068.39. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Summit Partners L. P sold 1,300 shares of the stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $31.64, for a total transaction of $41,132.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 871,477 shares of company stock worth $27,610,861. Company insiders own 53.24% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of KVYO. nVerses Capital LLC purchased a new stake in shares of Klaviyo during the 3rd quarter valued at $53,000. EntryPoint Capital LLC purchased a new stake in Klaviyo during the first quarter worth about $71,000. Dark Forest Capital Management LP raised its position in Klaviyo by 13.7% in the second quarter. Dark Forest Capital Management LP now owns 23,689 shares of the company's stock worth $590,000 after acquiring an additional 2,851 shares during the period. Victory Capital Management Inc. purchased a new position in Klaviyo in the third quarter valued at about $208,000. Finally, Arizona State Retirement System boosted 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 valued at $404,000 after acquiring an additional 6,512 shares during the last quarter. Hedge funds and other institutional investors own 45.43% of the company's stock.

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.

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