Franklin Resources Inc. Sells 90,094 Shares of Klaviyo, Inc. (NYSE:KVYO)

Franklin Resources Inc. cut its position in shares of Klaviyo, Inc. (NYSE:KVYO - Free Report) by 6.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,307,561 shares of the company's stock after selling 90,094 shares during the quarter. Franklin Resources Inc. owned 0.48% of Klaviyo worth $47,870,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in KVYO. Advisors Asset Management Inc. grew its stake in Klaviyo by 145.6% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,363 shares of the company's stock valued at $48,000 after acquiring an additional 808 shares in the last quarter. nVerses Capital LLC acquired a new position in Klaviyo in the third quarter worth approximately $53,000. Dark Forest Capital Management LP raised its position in 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. West Tower Group LLC acquired a new stake in Klaviyo in the third quarter valued at approximately $177,000. Finally, Victory Capital Management Inc. acquired a new stake in Klaviyo in the third quarter valued at approximately $208,000. 45.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

KVYO has been the subject of a number of analyst reports. Cantor Fitzgerald boosted their price target on Klaviyo from $33.00 to $47.00 and gave the stock an "overweight" rating in a research report on Thursday, November 7th. Piper Sandler upped their target price on Klaviyo from $34.00 to $45.00 and gave the stock an "overweight" rating in a research report on Friday, October 18th. Stifel Nicolaus assumed coverage on shares of Klaviyo in a research report on Tuesday, October 22nd. They issued a "buy" rating and a $45.00 price target on the stock. Needham & Company LLC boosted their price objective on shares of Klaviyo from $40.00 to $46.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. Finally, Barclays raised their target price on shares of Klaviyo from $32.00 to $41.00 and gave the company an "overweight" rating in a research note on Friday, October 11th. Three research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $39.69.

Klaviyo Trading Down 2.8 %

Shares of Klaviyo stock traded down $1.19 during mid-day trading on Wednesday, reaching $41.99. 2,154,544 shares of the stock were exchanged, compared to its average volume of 1,193,770. Klaviyo, Inc. has a fifty-two week low of $21.26 and a fifty-two week high of $44.38. The company has a market cap of $11.32 billion, a price-to-earnings ratio of -233.26 and a beta of 0.97. The firm has a 50-day simple moving average of $37.69 and a 200 day simple moving average of $31.44.

Klaviyo (NYSE:KVYO - Get Free Report) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.15 EPS for the quarter, topping analysts' consensus estimates of $0.11 by $0.04. The business had revenue of $235.09 million for the quarter, compared to analyst estimates of $226.33 million. Klaviyo had a positive return on equity of 0.86% and a negative net margin of 5.23%. Klaviyo's revenue for the quarter was up 33.7% on a year-over-year basis. During the same period in the prior year, the company earned ($1.24) EPS. On average, research analysts predict that Klaviyo, Inc. will post 0.03 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, President Stephen Eric Rowland sold 18,114 shares of the firm's stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $37.19, for a total value of $673,659.66. Following the transaction, the president now owns 192,488 shares of the company's stock, valued at approximately $7,158,628.72. This trade represents a 8.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Amanda Whalen sold 10,000 shares of the stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $35.36, for a total transaction of $353,600.00. Following the completion of the transaction, the chief financial officer now owns 422,813 shares in the company, valued at $14,950,667.68. This represents a 2.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 127,650 shares of company stock valued at $4,676,705. 53.24% of the stock is currently owned by corporate insiders.

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.