Klaviyo, Inc. (NYSE:KVYO) is Summit Partners L P's Largest Position

Summit Partners L P trimmed its stake in Klaviyo, Inc. (NYSE:KVYO - Free Report) by 4.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 38,827,778 shares of the company's stock after selling 2,000,000 shares during the period. Klaviyo makes up about 72.9% of Summit Partners L P's portfolio, making the stock its biggest position. Summit Partners L P owned about 14.22% of Klaviyo worth $1,174,929,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Victory Capital Management Inc. raised its holdings in shares of Klaviyo by 10.3% in the fourth quarter. Victory Capital Management Inc. now owns 6,469 shares of the company's stock worth $267,000 after buying an additional 604 shares during the period. CWM LLC increased its stake in Klaviyo by 227.5% in the first quarter. CWM LLC now owns 930 shares of the company's stock worth $28,000 after purchasing an additional 646 shares during the period. The Manufacturers Life Insurance Company lifted its position in shares of Klaviyo by 5.0% during the fourth quarter. The Manufacturers Life Insurance Company now owns 14,285 shares of the company's stock worth $589,000 after purchasing an additional 677 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of Klaviyo by 77.5% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,874 shares of the company's stock worth $77,000 after purchasing an additional 818 shares during the last quarter. Finally, Cabot Wealth Management Inc. grew its holdings in shares of Klaviyo by 1.0% in the first quarter. Cabot Wealth Management Inc. now owns 90,126 shares of the company's stock worth $2,727,000 after purchasing an additional 854 shares during the last quarter. Hedge funds and other institutional investors own 45.43% of the company's stock.

Klaviyo Price Performance

Klaviyo stock traded up $0.49 during mid-day trading on Tuesday, reaching $33.00. 825,914 shares of the company traded hands, compared to its average volume of 1,559,619. The firm's fifty day moving average is $33.63 and its two-hundred day moving average is $35.50. The company has a market capitalization of $9.80 billion, a price-to-earnings ratio of -183.35 and a beta of 1.37. Klaviyo, Inc. has a fifty-two week low of $22.12 and a fifty-two week high of $49.55.

Klaviyo (NYSE:KVYO - Get Free Report) last issued its 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. The company had revenue of $279.83 million during the quarter, compared to analyst estimates of $267.79 million. Klaviyo had a positive return on equity of 0.74% and a negative net margin of 4.70%. The firm's quarterly revenue 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 research analysts predict that Klaviyo, Inc. will post 0.04 earnings per share for the current year.

Insider Buying and Selling at Klaviyo

In other Klaviyo news, insider Carmel Galvin sold 11,156 shares of Klaviyo stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $35.01, for a total transaction of $390,571.56. Following the completion of the transaction, the insider owned 711,805 shares in the company, valued at approximately $24,920,293.05. This trade represents a 1.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Summit Partners L. P sold 4,000,000 shares of Klaviyo stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $33.35, for a total value of $133,400,000.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 8,094,418 shares of company stock worth $268,580,202. Insiders own 53.24% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently commented on KVYO shares. Wells Fargo & Company upgraded shares of Klaviyo from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $32.00 to $40.00 in a report on Friday, June 13th. The Goldman Sachs Group dropped their price objective on Klaviyo from $51.00 to $44.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Mizuho dropped their price objective on Klaviyo from $52.00 to $40.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 15th. Robert W. Baird dropped their price objective on Klaviyo from $54.00 to $37.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 23rd. Finally, Stifel Nicolaus dropped their price objective on shares of Klaviyo from $45.00 to $40.00 and set a "buy" rating on the stock in a research note on Tuesday, July 15th. Four analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $42.47.

Klaviyo Company 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.