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

Klaviyo, Inc. (NYSE:KVYO) major shareholder Summit Partners L. P sold 2,000,000 shares of the business’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $32.44, for a total value of $64,880,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Klaviyo Stock Down 5.1 %

Shares of KVYO opened at $32.11 on Wednesday. Klaviyo, Inc. has a twelve month low of $21.26 and a twelve month high of $49.55. The stock has a market cap of $8.77 billion, a PE ratio of -178.40 and a beta of 0.86. The business’s 50-day moving average price is $41.68 and its 200-day moving average price is $38.73.

Klaviyo (NYSE:KVYO) last posted its earnings results on Wednesday, February 19th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.12). Klaviyo had a positive return on equity of 0.89% and a negative net margin of 4.92%. The firm had revenue of $270.16 million for the quarter, compared to the consensus estimate of $257.24 million. Analysts expect that Klaviyo, Inc. will post 0.04 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Klaviyo

Several large investors have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. increased 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 worth $48,000 after acquiring an additional 808 shares during the last quarter. CIBC Private Wealth Group LLC increased its position in shares of Klaviyo by 169.5% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,752 shares of the company’s stock worth $72,000 after purchasing an additional 1,102 shares during the last quarter. Tower Research Capital LLC TRC increased its position in shares of Klaviyo by 77.5% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,874 shares of the company’s stock worth $77,000 after purchasing an additional 818 shares during the last quarter. West Tower Group LLC purchased a new stake in Klaviyo in the third quarter valued at approximately $177,000. Finally, SBI Securities Co. Ltd. bought a new stake in Klaviyo during the fourth quarter valued at approximately $196,000. Institutional investors own 45.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. KeyCorp boosted their price target on shares of Klaviyo from $42.00 to $45.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Scotiabank increased their target price on shares of Klaviyo from $35.00 to $45.00 and gave the company a “sector perform” rating in a research report on Wednesday, January 29th. Cantor Fitzgerald raised their price target on shares of Klaviyo from $47.00 to $54.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. Loop Capital upped their price objective on Klaviyo from $45.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, December 23rd. Finally, Robert W. Baird raised their target price on Klaviyo from $52.00 to $54.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Klaviyo presently has an average rating of “Moderate Buy” and a consensus price target of $49.44.

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.