Klaviyo (NYSE:KVYO) Shares Down 8.4% on Insider Selling

Shares of Klaviyo, Inc. (NYSE:KVYO) traded down 8.4% on Friday after an insider sold shares in the company. The stock traded as low as $34.46 and last traded at $34.50. 601,610 shares changed hands during mid-day trading, a decline of 51% from the average session volume of 1,216,851 shares. The stock had previously closed at $37.66.

Specifically, President Stephen Eric Rowland sold 36,710 shares of the company’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $35.08, for a total transaction of $1,287,786.80. Following the completion of the sale, the president now owns 246,254 shares of the company’s stock, valued at $8,638,590.32. This represents a 12.97 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Robert W. Baird boosted their price objective on Klaviyo from $52.00 to $54.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Citigroup upped their price target on shares of Klaviyo from $39.00 to $48.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 11th. Cantor Fitzgerald raised their price objective on shares of Klaviyo from $47.00 to $54.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Morgan Stanley upped 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. Finally, William Blair reissued an “outperform” rating on shares of Klaviyo in a report on Thursday, February 20th. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Klaviyo presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.44.

Klaviyo Price Performance

The firm has a market cap of $9.30 billion, a P/E ratio of -189.08 and a beta of 0.86. The company’s 50-day simple moving average is $42.92 and its 200 day simple moving average is $38.62.

Klaviyo (NYSE:KVYO) last announced its quarterly earnings results on Wednesday, February 19th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $270.16 million during the quarter, compared to the consensus estimate of $257.24 million. Analysts anticipate that Klaviyo, Inc. will post 0.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Klaviyo

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Lisanti Capital Growth LLC purchased a new stake in Klaviyo during the 3rd quarter valued at $5,513,000. Pier 88 Investment Partners LLC bought a new position in Klaviyo during the third quarter valued at $966,000. SpiderRock Advisors LLC raised its stake in shares of Klaviyo by 1,571.7% in the third quarter. SpiderRock Advisors LLC now owns 501,500 shares of the company’s stock valued at $17,743,000 after acquiring an additional 471,500 shares during the period. Handelsbanken Fonder AB bought a new stake in shares of Klaviyo in the 4th quarter worth about $689,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of Klaviyo during the 4th quarter worth about $374,000. Hedge funds and other institutional investors own 45.43% 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.