Encompass More Asset Management Takes $549,000 Position in Klaviyo, Inc. (NYSE:KVYO)

Key Points

• Encompass More Asset Management acquired 18,159 shares of Klaviyo, Inc. for approximately $549,000, indicating institutional interest in the company.
• Klaviyo reported $0.14 earnings per share for the quarter, exceeding expectations of $0.12, with year-over-year revenue growth of 33.3%.
• Market analysts have lowered price targets for Klaviyo shares, with the consensus rating shifting to a "Moderate Buy" and an average target of $42.47.

Encompass More Asset Management purchased a new position in shares of Klaviyo, Inc. (NYSE:KVYO - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 18,159 shares of the company's stock, valued at approximately $549,000.

Other institutional investors also recently modified their holdings of the company. WCM Investment Management LLC grew its stake in shares of Klaviyo by 27.7% in the first quarter. WCM Investment Management LLC now owns 390,119 shares of the company's stock worth $12,101,000 after purchasing an additional 84,715 shares during the last quarter. Norges Bank bought a new stake in shares of Klaviyo in the fourth quarter worth $25,197,000. Bank of America Corp DE grew its stake in shares of Klaviyo by 8.4% in the fourth quarter. Bank of America Corp DE now owns 276,697 shares of the company's stock worth $11,411,000 after purchasing an additional 21,425 shares during the last quarter. Whale Rock Capital Management LLC grew its stake in shares of Klaviyo by 7.4% in 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 during the last quarter. Finally, Stifel Financial Corp bought a new stake in shares of Klaviyo in the fourth quarter worth $364,000. 45.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Klaviyo

In other Klaviyo news, CFO Amanda Whalen sold 15,000 shares of the stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $31.66, for a total value of $474,900.00. Following the completion of the sale, the chief financial officer owned 517,831 shares in the company, valued at approximately $16,394,529.46. This trade represents a 2.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Carmel Galvin sold 11,156 shares of the stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $35.01, for a total transaction of $390,571.56. Following the completion of the sale, the insider owned 711,805 shares of the company's stock, valued at approximately $24,920,293.05. This trade represents a 1.54% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 8,094,418 shares of company stock worth $268,580,202. Company insiders own 49.92% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on KVYO. Cantor Fitzgerald raised shares of Klaviyo to an "overweight" rating and set a $48.00 price objective on the stock in a research note on Tuesday, June 3rd. Robert W. Baird cut their price target on shares of Klaviyo from $54.00 to $37.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 23rd. Morgan Stanley cut their price target on shares of Klaviyo from $50.00 to $34.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. Truist Financial cut their price target on shares of Klaviyo from $55.00 to $40.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Finally, Barclays upped their price target on shares of Klaviyo from $35.00 to $38.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Four analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $43.55.

Klaviyo Trading Up 14.9%

Shares of KVYO traded up $4.57 on Wednesday, reaching $35.27. The company's stock had a trading volume of 6,089,304 shares, compared to its average volume of 1,395,940. Klaviyo, Inc. has a twelve month low of $22.80 and a twelve month high of $49.55. The stock has a market capitalization of $10.48 billion, a PE ratio of -141.10 and a beta of 1.36. The firm has a fifty day moving average of $33.05 and a 200-day moving average of $34.83.

Klaviyo (NYSE:KVYO - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $0.14 EPS for the quarter, beating the consensus estimate of $0.12 by $0.02. The firm had revenue of $279.83 million during the quarter, compared to analyst estimates of $267.79 million. Klaviyo had a negative net margin of 6.19% and a negative return on equity of 1.13%. The company's revenue for the quarter was up 33.3% on a year-over-year basis. During the same quarter last year, the business posted $0.13 EPS. As a group, equities analysts anticipate that Klaviyo, Inc. will post 0.04 EPS for the current fiscal year.

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.