Engineers Gate Manager LP Grows Holdings in Klaviyo, Inc. $KVYO

Key Points

• Institutional investors increased exposure to Klaviyo: Engineers Gate Manager LP expanded its position by 559.9% to 131,709 shares, while Squarepoint Ops grew its holdings by 1,343.5%. Hedge funds and institutions collectively own 45.43% of the stock.
• Insiders have been selling shares: Summit Partners sold 5 million shares for $88.55 million, while insiders sold approximately 5.19 million shares worth $92.29 million over the past three months.
• Analysts remain broadly positive, but price targets declined: Klaviyo has a “Moderate Buy” consensus rating and an average target of $27.14, despite several analysts reducing targets. The company reported $370.58 million in quarterly revenue, up 26.4% year over year, and matched adjusted earnings expectations at $0.19 per share.

Engineers Gate Manager LP grew its position in shares of Klaviyo, Inc. (NYSE:KVYO - Free Report) by 559.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 131,709 shares of the company's stock after purchasing an additional 111,749 shares during the period. Engineers Gate Manager LP's holdings in Klaviyo were worth $1,989,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Integrated Wealth Concepts LLC boosted its position in Klaviyo by 1.3% during the second quarter. Integrated Wealth Concepts LLC now owns 435,481 shares of the company's stock worth $6,576,000 after acquiring an additional 5,661 shares during the last quarter. Squarepoint Ops LLC grew its position in shares of Klaviyo by 1,343.5% in the second quarter. Squarepoint Ops LLC now owns 962,136 shares of the company's stock valued at $14,528,000 after purchasing an additional 895,485 shares during the period. Arizona State Retirement System grew its position in shares of Klaviyo by 7.1% in the second quarter. Arizona State Retirement System now owns 38,579 shares of the company's stock valued at $583,000 after purchasing an additional 2,568 shares during the period. Nykredit A S acquired a new position in Klaviyo in the second quarter valued at $90,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Klaviyo during the second quarter worth about $488,000. 45.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Klaviyo

In other Klaviyo news, major shareholder Summit Partners L. P sold 5,000,000 shares of Klaviyo stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $17.71, for a total transaction of $88,550,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Landon Edmond sold 53,473 shares of the business's stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $20.01, for a total transaction of $1,069,994.73. Following the sale, the insider owned 485,969 shares of the company's stock, valued at approximately $9,724,239.69. This represents a 9.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 5,190,686 shares of company stock valued at $92,289,560 in the last three months. 37.42% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. TD Cowen dropped their price objective on shares of Klaviyo from $27.00 to $26.00 and set a "buy" rating for the company in a research note on Thursday, August 6th. Benchmark cut shares of Klaviyo from a "buy" rating to a "hold" rating in a research report on Thursday, August 6th. Citigroup restated a "buy" rating on shares of Klaviyo in a report on Tuesday, September 8th. Truist Financial cut their price target 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. Finally, Canaccord Genuity Group decreased their price target on shares of Klaviyo from $32.00 to $29.00 and set a "buy" rating on the stock in a report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $27.14.

Klaviyo Price Performance

Klaviyo stock opened at $16.94 on Wednesday. The stock's 50-day moving average is $17.96 and its 200-day moving average is $17.40. The company has a market cap of $4.82 billion, a price-to-earnings ratio of 847.47 and a beta of 0.57. Klaviyo, Inc. has a 12 month low of $12.53 and a 12 month high of $36.22.

Klaviyo (NYSE:KVYO - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.19 earnings per share for the quarter, meeting the consensus estimate of $0.19. The business had revenue of $370.58 million for the quarter, compared to analyst estimates of $362.08 million. Klaviyo had a return on equity of 5.67% and a net margin of 0.49%.The company's revenue was up 26.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.16 EPS. Research analysts anticipate that Klaviyo, Inc. will post 0.2 EPS for the current year.

Klaviyo Company Profile

Klaviyo, Inc is a technology company that provides a customer data and marketing automation platform for businesses. Its software helps brands collect, organize and analyze customer information, then use those insights to create targeted communications and personalized marketing campaigns.

The company's platform supports marketing channels including email, SMS messaging, mobile push notifications and on-site experiences. Klaviyo also provides tools for customer segmentation, campaign automation, analytics and reporting, and integrates with e-commerce, payment and other business applications.

Klaviyo primarily serves consumer-focused businesses, including e-commerce brands, retailers and other companies seeking to build direct relationships with customers.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.