Klaviyo, Inc. $KVYO Stock: Summit Partners L P Trims Holdings

Summit Partners L P trimmed its position in Klaviyo, Inc. (NYSE:KVYO) by 26.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,852,778 shares of the company’s stock after selling 5,000,000 shares during the period. Klaviyo makes up approximately 44.4% of Summit Partners L P’s portfolio, making the stock its biggest position. Summit Partners L P owned approximately 4.87% of Klaviyo worth $217,904,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bank of America Corp DE boosted its holdings in Klaviyo by 88.9% in the first quarter. Bank of America Corp DE now owns 1,686,770 shares of the company’s stock worth $32,825,000 after acquiring an additional 793,613 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Klaviyo by 8.9% during the first quarter. Bank of New York Mellon Corp now owns 1,508,137 shares of the company’s stock worth $29,348,000 after purchasing an additional 123,480 shares during the period. First Trust Advisors LP raised its position in shares of Klaviyo by 46.5% during the first quarter. First Trust Advisors LP now owns 1,181,887 shares of the company’s stock worth $23,000,000 after purchasing an additional 374,959 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of Klaviyo by 15.6% in the 1st quarter. Janus Henderson Group PLC now owns 1,025,134 shares of the company’s stock worth $19,951,000 after purchasing an additional 138,356 shares in the last quarter. Finally, Squarepoint Ops LLC lifted its holdings in shares of Klaviyo by 1,343.5% in the 2nd quarter. Squarepoint Ops LLC now owns 962,136 shares of the company’s stock worth $14,528,000 after purchasing an additional 895,485 shares in the last quarter. 45.43% of the stock is owned by institutional investors.

Klaviyo Trading Up 0.1%

Shares of NYSE:KVYO opened at $20.16 on Monday. The stock’s fifty day simple moving average is $17.82 and its two-hundred day simple moving average is $18.07. Klaviyo, Inc. has a 1-year low of $12.53 and a 1-year high of $33.35. The stock has a market cap of $5.74 billion, a PE ratio of 1,008.50 and a beta of 0.49.

Klaviyo (NYSE:KVYO) last posted its earnings results on Wednesday, August 5th. The company reported $0.19 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.19. The firm had revenue of $370.58 million during the quarter, compared to analyst estimates of $362.08 million. Klaviyo had a net margin of 0.49% and a return on equity of 5.67%. The business’s revenue was up 26.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.16 EPS. On average, sell-side analysts forecast that Klaviyo, Inc. will post 0.20 earnings per share for the current fiscal year.

Insider Buying and Selling at Klaviyo

In other news, Director Susan St. Ledger sold 2,328 shares of the company’s stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $15.93, for a total value of $37,085.04. Following the completion of the transaction, the director directly owned 23,433 shares of the company’s stock, valued at $373,287.69. This represents a 9.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Summit Partners L. P sold 5,000,000 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $17.71, for a total value of $88,550,000.00. The SEC filing for this sale provides additional information. Insiders sold 5,275,468 shares of company stock valued at $93,822,653 in the last quarter. 37.42% of the stock is owned by company insiders.

Analysts Set New Price Targets

KVYO has been the topic of a number of recent research reports. Truist Financial dropped their price objective on shares of Klaviyo from $35.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. Benchmark downgraded shares of Klaviyo from a “buy” rating to a “hold” rating in a research report on Thursday, August 6th. Jefferies Financial Group restated a “buy” rating and issued a $21.00 target price on shares of Klaviyo in a report on Thursday, August 6th. Citigroup raised their price target on shares of Klaviyo from $36.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Wall Street Zen cut shares of Klaviyo from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Seventeen analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $27.05.

About Klaviyo

Klaviyo, Inc (NYSE: KVYO) provides a customer data and marketing automation platform designed primarily for businesses that sell online. Its software helps organizations collect, organize and analyze customer information, then use those insights to create personalized marketing and customer engagement campaigns.

The company’s platform supports communication across channels including email, SMS and mobile push notifications. Its products provide tools for audience segmentation, campaign orchestration, automation, analytics and reporting, with capabilities intended to help businesses improve customer acquisition, engagement and retention.