Klaviyo, Inc. (NYSE:KVYO) Shares Sold by Glynn Capital Management LLC

Key Points

• Glynn Capital Management LLC reduced its stake in Klaviyo, Inc. by 18.8%, owning approximately 530,317 shares after selling 122,441 shares during the first quarter.
• Despite the cut in holdings, Klaviyo remains a notable part of Glynn's portfolio, comprising about 4.2% of their investments and ranking as the 14th largest position.
• Klaviyo reported a 33.3% year-over-year increase in revenue for the quarter, amounting to $279.83 million, with earnings per share surpassing expectations at $0.14.

Glynn Capital Management LLC reduced its stake in Klaviyo, Inc. (NYSE:KVYO - Free Report) by 18.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 530,317 shares of the company's stock after selling 122,441 shares during the period. Klaviyo accounts for 4.2% of Glynn Capital Management LLC's portfolio, making the stock its 14th largest position. Glynn Capital Management LLC owned approximately 0.19% of Klaviyo worth $16,047,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of KVYO. WCM Investment Management LLC grew its holdings in 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 period. Norges Bank purchased a new stake in shares of Klaviyo during the fourth quarter valued at approximately $25,197,000. Sei Investments Co. purchased a new stake in shares of Klaviyo during the fourth quarter valued at approximately $1,781,000. Bank of America Corp DE grew its holdings in shares of Klaviyo by 8.4% during the fourth quarter. Bank of America Corp DE now owns 276,697 shares of the company's stock valued at $11,411,000 after buying an additional 21,425 shares during the last quarter. Finally, Whale Rock Capital Management LLC grew its holdings in shares of Klaviyo by 7.4% during the fourth quarter. Whale Rock Capital Management LLC now owns 3,868,451 shares of the company's stock valued at $159,535,000 after buying an additional 267,845 shares during the last quarter. 45.43% of the stock is owned by institutional investors.

Insider Buying and Selling at Klaviyo

In other news, CFO Amanda Whalen sold 15,000 shares of the firm's 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 transaction, the chief financial officer directly owned 517,831 shares of the company's stock, valued at approximately $16,394,529.46. This trade represents a 2.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Summit Partners L. P sold 4,000,000 shares of the firm's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $33.35, for a total transaction of $133,400,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 8,094,418 shares of company stock valued at $268,580,202. Insiders own 49.92% of the company's stock.

Wall Street Analyst Weigh In

KVYO has been the topic of a number of recent analyst reports. Piper Sandler increased their price target on shares of Klaviyo from $35.00 to $40.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Wells Fargo & Company upgraded shares of Klaviyo from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $32.00 to $40.00 in a report on Friday, June 13th. 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 report on Wednesday, April 16th. Barclays raised their target price on shares of Klaviyo from $35.00 to $38.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. Finally, Stifel Nicolaus dropped their target price on shares of Klaviyo from $45.00 to $40.00 and set a "buy" rating on the stock in a report on Tuesday, July 15th. Four research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, Klaviyo currently has a consensus rating of "Moderate Buy" and an average price target of $42.47.

Klaviyo Trading Down 2.8%

Shares of KVYO stock traded down $0.94 during trading hours on Tuesday, hitting $32.95. The company's stock had a trading volume of 431,079 shares, compared to its average volume of 1,777,668. The company has a 50 day moving average of $33.33 and a 200 day moving average of $35.15. The stock has a market cap of $9.78 billion, a PE ratio of -182.82 and a beta of 1.37. Klaviyo, Inc. has a 12-month low of $22.12 and a 12-month high of $49.55.

Klaviyo (NYSE:KVYO - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.14 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 firm had revenue of $279.83 million for the quarter, compared to the consensus estimate of $267.79 million. During the same period in the prior year, the firm posted $0.13 earnings per share. The firm's quarterly revenue was up 33.3% compared to the same quarter last year. As a group, analysts anticipate that Klaviyo, Inc. will post 0.04 earnings per share for the current fiscal year.

Klaviyo 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.