Summit Partners L. P Sells 4,000,000 Shares of Klaviyo, Inc. (NYSE:KVYO) Stock

Klaviyo, Inc. (NYSE:KVYO) major shareholder Summit Partners L. P sold 4,000,000 shares of the business’s stock in a transaction on Monday, May 19th. The shares were sold at an average price of $33.00, for a total transaction of $132,000,000.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Klaviyo Stock Performance

Klaviyo stock opened at $33.05 on Thursday. The stock has a market capitalization of $9.82 billion, a P/E ratio of -183.62 and a beta of 1.35. The company’s fifty day moving average price is $30.59 and its 200 day moving average price is $37.16. Klaviyo, Inc. has a 1 year low of $21.26 and a 1 year high of $49.55.

Klaviyo (NYSE:KVYO) last announced its earnings results on Tuesday, May 6th. The company reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.02. The business had revenue of $279.83 million for the quarter, compared to analyst estimates of $267.79 million. Klaviyo had a negative net margin of 4.92% and a positive return on equity of 0.89%. The company’s revenue for the quarter was up 33.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.13 earnings per share. Sell-side analysts predict that Klaviyo, Inc. will post 0.04 EPS for the current year.

Analysts Set New Price Targets

KVYO has been the subject of a number of research reports. Wells Fargo & Company lifted their price target on Klaviyo from $26.00 to $32.00 and gave the stock an “equal weight” rating in a research report on Monday, May 5th. Barclays upped their target price on Klaviyo from $35.00 to $38.00 and gave the company an “overweight” rating in a research report on Wednesday, May 7th. Stephens assumed coverage on shares of Klaviyo in a research report on Wednesday, March 19th. They set an “overweight” rating and a $43.00 price target for the company. Scotiabank set a $35.00 price objective on shares of Klaviyo and gave the company a “sector perform” rating in a research note on Wednesday, May 7th. Finally, Citigroup increased their price objective on shares of Klaviyo from $39.00 to $48.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 11th. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $43.11.

Institutional Investors Weigh In On Klaviyo

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Klaviyo by 9.7% during the first quarter. Vanguard Group Inc. now owns 8,467,933 shares of the company’s stock valued at $256,240,000 after acquiring an additional 746,078 shares during the last quarter. Alliancebernstein L.P. boosted its stake in shares of Klaviyo by 0.6% in the first quarter. Alliancebernstein L.P. now owns 4,019,280 shares of the company’s stock worth $121,623,000 after acquiring an additional 23,064 shares during the last quarter. Whale Rock Capital Management LLC increased its position in shares of Klaviyo by 7.4% during the fourth quarter. Whale Rock Capital Management LLC now owns 3,868,451 shares of the company’s stock worth $159,535,000 after purchasing an additional 267,845 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Klaviyo by 5.0% in the 4th quarter. Bank of New York Mellon Corp now owns 2,926,187 shares of the company’s stock valued at $120,676,000 after purchasing an additional 140,127 shares during the last quarter. Finally, 1832 Asset Management L.P. lifted its holdings in Klaviyo by 38.7% in the 1st quarter. 1832 Asset Management L.P. now owns 2,248,800 shares of the company’s stock valued at $68,049,000 after purchasing an additional 627,500 shares in the last quarter. 45.43% of the stock is currently owned by institutional investors and hedge funds.

Klaviyo Company Profile

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.