Pier 88 Investment Partners LLC Purchases 11,400 Shares of Klaviyo, Inc. (NYSE:KVYO)

Pier 88 Investment Partners LLC increased its position in Klaviyo, Inc. (NYSE:KVYO - Free Report) by 41.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 38,700 shares of the company's stock after purchasing an additional 11,400 shares during the quarter. Pier 88 Investment Partners LLC's holdings in Klaviyo were worth $1,596,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Clearbridge Investments LLC raised its position in shares of Klaviyo by 0.9% during the 4th quarter. Clearbridge Investments LLC now owns 2,168,336 shares of the company's stock valued at $89,422,000 after acquiring an additional 19,567 shares during the last quarter. CIBC Private Wealth Group LLC lifted its stake in Klaviyo by 169.5% in 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 period. Arrowstreet Capital Limited Partnership bought a new position in Klaviyo during the fourth quarter worth about $19,751,000. Norges Bank acquired a new position in Klaviyo during the fourth quarter valued at approximately $25,197,000. Finally, WINTON GROUP Ltd acquired a new stake in Klaviyo during the 4th quarter worth $241,000. 45.43% of the stock is currently owned by institutional investors and hedge funds.

Klaviyo Trading Down 6.2 %

KVYO traded down $1.73 during trading on Friday, reaching $26.15. 1,381,181 shares of the company's stock were exchanged, compared to its average volume of 1,246,089. The firm has a fifty day moving average price of $39.62 and a two-hundred day moving average price of $38.74. The stock has a market capitalization of $7.14 billion, a PE ratio of -145.27 and a beta of 0.86. Klaviyo, Inc. has a one year low of $21.26 and a one year high of $49.55.

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Klaviyo (NYSE:KVYO - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $257.24 million. Sell-side analysts expect that Klaviyo, Inc. will post 0.04 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on KVYO shares. Citigroup raised their price target on Klaviyo from $39.00 to $48.00 and gave the stock a "neutral" rating in a research report on Tuesday, February 11th. Stephens initiated coverage on shares of Klaviyo in a research note on Wednesday, March 19th. They issued an "overweight" rating and a $43.00 target price for the company. Barclays increased their target price on Klaviyo from $47.00 to $51.00 and gave the stock an "overweight" rating in a report on Thursday, February 20th. Robert W. Baird boosted their price target on Klaviyo from $52.00 to $54.00 and gave the company an "outperform" rating in a report on Thursday, February 20th. Finally, Loop Capital increased their price objective on Klaviyo from $45.00 to $60.00 and gave the stock a "buy" rating in a report on Monday, December 23rd. Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $49.89.

Insider Buying and Selling

In other Klaviyo news, President Stephen Eric Rowland sold 4,536 shares of the firm's stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $40.04, for a total value of $181,621.44. Following the completion of the sale, the president now directly owns 260,403 shares in the company, valued at approximately $10,426,536.12. This trade represents a 1.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Summit Partners L. P sold 2,000,000 shares of Klaviyo stock in a transaction on Friday, March 14th. The shares were sold at an average price of $32.44, for a total transaction of $64,880,000.00. The disclosure for this sale can be found here. Insiders sold 2,126,246 shares of company stock valued at $69,799,958 over the last quarter. Insiders own 53.24% of the company's stock.

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.