Bank of New York Mellon Corp Has $68.93 Million Stake in Klaviyo, Inc. (NYSE:KVYO)

Bank of New York Mellon Corp reduced its stake in shares of Klaviyo, Inc. (NYSE:KVYO - Free Report) by 22.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,278,020 shares of the company's stock after selling 648,167 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.83% of Klaviyo worth $68,933,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of KVYO. TFC Financial Management Inc. purchased a new position in Klaviyo in the 1st quarter worth about $27,000. CIBC Private Wealth Group LLC raised its position in Klaviyo by 169.5% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,752 shares of the company's stock worth $72,000 after buying an additional 1,102 shares during the last quarter. Tower Research Capital LLC TRC raised its position in Klaviyo by 77.5% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,874 shares of the company's stock worth $77,000 after buying an additional 818 shares during the last quarter. KBC Group NV purchased a new stake in shares of Klaviyo during the 1st quarter valued at about $77,000. Finally, US Bancorp DE purchased a new stake in shares of Klaviyo during the 4th quarter valued at about $199,000. Institutional investors own 45.43% of the company's stock.

Analyst Upgrades and Downgrades

KVYO has been the subject of several analyst reports. Robert W. Baird reduced their target price on shares of Klaviyo from $54.00 to $37.00 and set an "outperform" rating for the company in a report on Wednesday, April 23rd. Needham & Company LLC decreased their price target on Klaviyo from $56.00 to $45.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Stephens started coverage on Klaviyo in a report on Wednesday, March 19th. They set an "overweight" rating and a $43.00 price target on the stock. 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 note on Wednesday, May 7th. Finally, Cantor Fitzgerald upgraded Klaviyo to an "overweight" rating and set a $48.00 price target on the stock in a research note on Tuesday, June 3rd. Four investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $43.21.

Insider Transactions at Klaviyo

In related news, major shareholder Summit Partners L. P sold 4,000,000 shares of the stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $33.35, for a total transaction of $133,400,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Amanda Whalen sold 15,000 shares of the stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $33.47, for a total transaction of $502,050.00. Following the completion of the sale, the chief financial officer owned 517,831 shares of the company's stock, valued at approximately $17,331,803.57. The trade was a 2.82% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 8,072,320 shares of company stock worth $267,846,695 in the last quarter. 53.24% of the stock is currently owned by corporate insiders.

Klaviyo Price Performance

KVYO stock traded up $0.42 during midday trading on Monday, hitting $31.82. The stock had a trading volume of 382,522 shares, compared to its average volume of 1,560,440. The firm has a market cap of $9.45 billion, a PE ratio of -176.86 and a beta of 1.37. Klaviyo, Inc. has a 12-month low of $22.12 and a 12-month high of $49.55. The company's 50-day moving average price is $33.72 and its 200 day moving average price is $35.85.

Klaviyo (NYSE:KVYO - Get Free Report) last announced its quarterly earnings data 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. Klaviyo had a negative net margin of 4.70% and a positive return on equity of 0.74%. The company had revenue of $279.83 million during the quarter, compared to analysts' expectations of $267.79 million. During the same period in the previous year, the company earned $0.13 EPS. The business's quarterly revenue was up 33.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Klaviyo, Inc. will post 0.04 EPS for the current 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.