Zurcher Kantonalbank Zurich Cantonalbank Sells 15,513 Shares of Klaviyo, Inc. (NYSE:KVYO)

Zurcher Kantonalbank Zurich Cantonalbank lowered its position in Klaviyo, Inc. (NYSE:KVYO - Free Report) by 57.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,339 shares of the company's stock after selling 15,513 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Klaviyo were worth $401,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of KVYO. Advisors Asset Management Inc. raised 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 valued at $48,000 after acquiring an additional 808 shares during the period. nVerses Capital LLC acquired a new position in shares of Klaviyo in the third quarter valued at $53,000. Dark Forest Capital Management LP raised its position in shares of Klaviyo by 13.7% in the second quarter. Dark Forest Capital Management LP now owns 23,689 shares of the company's stock valued at $590,000 after purchasing an additional 2,851 shares during the period. West Tower Group LLC bought a new position in shares of Klaviyo in the third quarter valued at about $177,000. Finally, Victory Capital Management Inc. acquired a new stake in shares of Klaviyo during the 3rd quarter worth about $208,000. Institutional investors own 45.43% of the company's stock.

Insiders Place Their Bets

In other news, President Stephen Eric Rowland sold 18,114 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $31.24, for a total value of $565,881.36. Following the completion of the transaction, the president now directly owns 192,488 shares in the company, valued at approximately $6,013,325.12. This represents a 8.60 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Summit Partners L. P sold 107,205 shares of the firm's stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $31.33, for a total value of $3,358,732.65. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 342,969 shares of company stock valued at $11,149,938. 53.24% of the stock is currently owned by corporate insiders.

Klaviyo Price Performance

NYSE:KVYO traded up $1.67 during mid-day trading on Friday, reaching $39.74. The stock had a trading volume of 1,841,648 shares, compared to its average volume of 1,638,591. Klaviyo, Inc. has a 12 month low of $21.26 and a 12 month high of $41.00. The stock has a market capitalization of $10.72 billion, a PE ratio of -220.77 and a beta of 0.97. The stock has a 50-day simple moving average of $37.00 and a two-hundred day simple moving average of $30.56.

Klaviyo (NYSE:KVYO - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.04. Klaviyo had a positive return on equity of 0.86% and a negative net margin of 5.23%. The company had revenue of $235.09 million for the quarter, compared to analyst estimates of $226.33 million. During the same quarter last year, the company posted ($1.24) EPS. The company's revenue for the quarter was up 33.7% compared to the same quarter last year. Equities analysts expect that Klaviyo, Inc. will post 0.03 EPS for the current year.

Analysts Set New Price Targets

KVYO has been the topic of several research analyst reports. Cantor Fitzgerald increased their price target on shares of Klaviyo from $33.00 to $47.00 and gave the company an "overweight" rating in a report on Thursday, November 7th. Canaccord Genuity Group increased their target price on Klaviyo from $32.00 to $40.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. Needham & Company LLC boosted their price target on Klaviyo from $40.00 to $46.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. Stifel Nicolaus began coverage on Klaviyo in a report on Tuesday, October 22nd. They issued a "buy" rating and a $45.00 price objective on the stock. Finally, Wells Fargo & Company reissued a "buy" rating on shares of Klaviyo in a report on Friday, October 18th. Three research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $39.00.

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.