Klaviyo (NYSE:KVYO) Shares Gap Down After Insider Selling

Klaviyo, Inc. (NYSE:KVYO)’s stock price gapped down prior to trading on Thursday following insider selling activity. The stock had previously closed at $34.74, but opened at $34.00. Klaviyo shares last traded at $34.34, with a volume of 1,154,320 shares.

Specifically, major shareholder Summit Partners L. P sold 4,000,000 shares of the company’s stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $33.35, for a total value of $133,400,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on KVYO. Truist Financial reduced their target price on Klaviyo from $55.00 to $40.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Stifel Nicolaus raised their target price on Klaviyo from $45.00 to $54.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. The Goldman Sachs Group reduced their target price on Klaviyo from $51.00 to $44.00 and set a “buy” rating on the stock in a research report on Wednesday, May 7th. Piper Sandler increased their target price on shares of Klaviyo from $35.00 to $40.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 7th. Finally, Morgan Stanley decreased their price target on Klaviyo from $50.00 to $34.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 16th. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $42.79.

Klaviyo Price Performance

The firm has a market cap of $10.12 billion, a price-to-earnings ratio of -189.22 and a beta of 1.44. The stock has a 50-day moving average price of $30.90 and a 200 day moving average price of $36.96.

Klaviyo (NYSE:KVYO) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $0.14 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. The company 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%. Klaviyo’s quarterly revenue was up 33.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.13 earnings per share. As a group, equities research analysts predict that Klaviyo, Inc. will post 0.04 earnings per share for the current year.

Hedge Funds Weigh In On Klaviyo

Institutional investors have recently bought and sold shares of the company. TFC Financial Management Inc. acquired a new position in Klaviyo during the first quarter worth $27,000. CWM LLC grew its position in Klaviyo by 227.5% during the first quarter. CWM LLC now owns 930 shares of the company’s stock worth $28,000 after buying an additional 646 shares during the period. State of Wyoming acquired a new position in Klaviyo during the first quarter worth about $42,000. Caitong International Asset Management Co. Ltd grew its holdings in shares of Klaviyo by 217.9% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,421 shares of the company’s stock worth $43,000 after acquiring an additional 974 shares during the period. Finally, CIBC Private Wealth Group LLC grew its holdings 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 purchasing an additional 1,102 shares during the last quarter. 45.43% of the stock is 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.