Klaviyo, Inc. (NYSE:KVYO) Major Shareholder Summit Partners L. P Sells 2,000,000 Shares

Klaviyo, Inc. (NYSE:KVYO - Get Free Report) major shareholder Summit Partners L. P sold 2,000,000 shares of the stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $32.44, for a total transaction of $64,880,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own at least 10% of a company's stock are required to disclose their sales and purchases with the SEC.

Klaviyo Stock Up 0.2 %

NYSE:KVYO traded up $0.06 during mid-day trading on Friday, reaching $32.97. The company's stock had a trading volume of 321,841 shares, compared to its average volume of 1,194,687. The firm has a market capitalization of $9.00 billion, a PE ratio of -183.39 and a beta of 0.86. The stock has a fifty day moving average of $41.36 and a 200-day moving average of $38.64. Klaviyo, Inc. has a 1 year low of $21.26 and a 1 year high of $49.55.

Klaviyo (NYSE:KVYO - Get Free Report) last released its quarterly earnings data on Wednesday, February 19th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.06 by ($0.12). The business had revenue of $270.16 million for the quarter, compared to the consensus estimate of $257.24 million. Klaviyo had a negative net margin of 4.92% and a positive return on equity of 0.89%. On average, analysts expect that Klaviyo, Inc. will post 0.04 earnings per share for the current year.

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Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Advisors Asset Management Inc. boosted its position in Klaviyo by 145.6% during the third quarter. Advisors Asset Management Inc. now owns 1,363 shares of the company's stock valued at $48,000 after purchasing an additional 808 shares in the last quarter. CIBC Private Wealth Group LLC lifted its position in shares of Klaviyo by 169.5% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,752 shares of the company's stock valued at $72,000 after buying an additional 1,102 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings 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 buying an additional 818 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in shares of Klaviyo in the 4th quarter worth approximately $196,000. Finally, US Bancorp DE bought a new position in shares of Klaviyo during the 4th quarter worth approximately $199,000. 45.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on KVYO. Loop Capital raised their price target on Klaviyo from $45.00 to $60.00 and gave the stock a "buy" rating in a research report on Monday, December 23rd. Morgan Stanley raised their target price on shares of Klaviyo from $47.00 to $50.00 and gave the stock an "equal weight" rating in a report on Thursday, February 20th. Piper Sandler upped their price target on shares of Klaviyo from $50.00 to $53.00 and gave the company an "overweight" rating in a report on Thursday, February 20th. Cantor Fitzgerald boosted their target price on Klaviyo from $47.00 to $54.00 and gave the company an "overweight" rating in a research report on Thursday, February 20th. Finally, The Goldman Sachs Group upped their target price on Klaviyo from $45.00 to $51.00 and gave the company a "buy" rating in a research note on Thursday, February 20th. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $49.89.

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.