Klaviyo, Inc. $KVYO Shares Acquired by Congress Asset Management Co.

Key Points

• Congress Asset Management increased its Klaviyo stake by 21.8% in the third quarter, purchasing 138,430 additional shares and bringing its holdings to 774,660 shares worth about $12.2 million. Institutional investors collectively own 45.43% of the company.
• Klaviyo reported quarterly revenue of $370.58 million, up 26.4% year over year, while earnings of $0.19 per share matched analyst estimates. Shares opened at $16.64, down 0.4%, with a market capitalization of approximately $4.74 billion.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $27.14, despite several recent target reductions. Meanwhile, insiders sold about 5.18 million shares worth $92.1 million over the past three months.

Congress Asset Management Co. raised its holdings in Klaviyo, Inc. (NYSE:KVYO - Free Report) by 21.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 774,660 shares of the company's stock after purchasing an additional 138,430 shares during the quarter. Congress Asset Management Co. owned 0.27% of Klaviyo worth $12,185,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Whetstone Capital Advisors LLC bought a new position in Klaviyo in the second quarter valued at about $1,343,000. Engineers Gate Manager LP grew its holdings in shares of Klaviyo by 559.9% during the second quarter. Engineers Gate Manager LP now owns 131,709 shares of the company's stock worth $1,989,000 after purchasing an additional 111,749 shares during the last quarter. Integrated Wealth Concepts LLC grew its holdings in shares of 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 purchasing an additional 5,661 shares during the last quarter. Squarepoint Ops LLC increased its stake 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 buying an additional 895,485 shares during the period. Finally, Arizona State Retirement System increased its stake 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 buying an additional 2,568 shares during the period. Institutional investors own 45.43% of the company's stock.

Insider Transactions at Klaviyo

In related 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 transaction, the director owned 23,433 shares in the company, valued at approximately $373,287.69. This represents a 9.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ed Hallen sold 98,782 shares of the company's stock in a transaction on Monday, August 31st. The shares were sold at an average price of $20.48, for a total value of $2,023,055.36. Following the transaction, the director directly owned 94,457 shares in the company, valued at $1,934,479.36. This represents a 51.12% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 5,177,986 shares of company stock worth $92,126,466. Company insiders own 37.42% of the company's stock.

Klaviyo Trading Down 0.4%

KVYO opened at $16.64 on Wednesday. The company has a fifty day moving average price of $17.56 and a two-hundred day moving average price of $17.05. Klaviyo, Inc. has a 1-year low of $12.53 and a 1-year high of $33.35. The company has a market cap of $4.74 billion, a P/E ratio of 832.17 and a beta of 0.67.

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 analysts' consensus estimates of $0.19. The firm had revenue of $370.58 million for 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 quarterly revenue was up 26.4% compared to the same quarter last year. During the same period last year, the firm earned $0.16 earnings per share. On average, research analysts forecast that Klaviyo, Inc. will post 0.2 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. BTIG Research cut their price target on shares of Klaviyo from $30.00 to $25.00 and set a "buy" rating on the stock in a report on Thursday, August 6th. Needham & Company LLC restated a "buy" rating on shares of Klaviyo in a report on Wednesday, September 2nd. Piper Sandler lowered their target price on Klaviyo from $26.00 to $23.00 and set an "overweight" rating for the company in a research report on Thursday, August 6th. Truist Financial cut their target price on Klaviyo from $35.00 to $30.00 and set a "buy" rating on the stock in a report on Thursday, August 6th. Finally, Morgan Stanley set a $31.00 price target on Klaviyo in a research note on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Klaviyo currently has an average rating of "Moderate Buy" and a consensus price target of $27.14.

About Klaviyo

Klaviyo, Inc NYSE: KVYO provides a marketing automation and customer data platform designed primarily for businesses that sell directly to consumers. Its software helps companies collect, organize and analyze customer data, then use that information to create targeted and personalized marketing campaigns.

The company's platform supports email, SMS and mobile push messaging, as well as automated workflows, audience segmentation, customer analytics, sign-up forms and related campaign-management tools.

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