Lisanti Capital Growth LLC Sells 22,210 Shares of Klaviyo, Inc. (NYSE:KVYO)

Lisanti Capital Growth LLC cut its stake in Klaviyo, Inc. (NYSE:KVYO - Free Report) by 16.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 110,255 shares of the company's stock after selling 22,210 shares during the quarter. Lisanti Capital Growth LLC's holdings in Klaviyo were worth $3,336,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in KVYO. Focus Partners Wealth bought a new position in Klaviyo in the fourth quarter valued at about $38,870,000. D. E. Shaw & Co. Inc. increased its position in shares of Klaviyo by 195.4% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 1,310,227 shares of the company's stock valued at $54,034,000 after purchasing an additional 866,749 shares during the last quarter. Lord Abbett & CO. LLC bought a new position in shares of Klaviyo in the 4th quarter worth approximately $30,851,000. Ameriprise Financial Inc. lifted its stake in shares of Klaviyo by 229.5% in the 4th quarter. Ameriprise Financial Inc. now owns 982,134 shares of the company's stock worth $40,507,000 after purchasing an additional 684,026 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in shares of Klaviyo by 9.1% in the fourth quarter. Vanguard Group Inc. now owns 7,721,855 shares of the company's stock worth $318,449,000 after buying an additional 646,628 shares during the last quarter. 45.43% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Klaviyo

In other news, major shareholder Summit Partners L. P sold 4,000,000 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $33.35, for a total transaction of $133,400,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Amanda Whalen sold 15,000 shares of the stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $33.47, for a total value of $502,050.00. Following the transaction, the chief financial officer owned 517,831 shares of the company's stock, valued at $17,331,803.57. This represents a 2.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 8,087,320 shares of company stock valued at $268,247,195. 53.24% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have commented on KVYO. Barclays upped their target price on shares of Klaviyo from $35.00 to $38.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Morgan Stanley reduced their price objective on Klaviyo from $50.00 to $34.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 16th. Mizuho decreased their target price on Klaviyo from $52.00 to $40.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. Stephens started coverage on Klaviyo in a report on Wednesday, March 19th. They set an "overweight" rating and a $43.00 price target for the company. Finally, Cantor Fitzgerald raised Klaviyo to an "overweight" rating and set a $48.00 price objective on the stock in a research note on Tuesday, June 3rd. Four research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $43.21.

Klaviyo Stock Performance

Shares of Klaviyo stock traded down $0.37 on Wednesday, hitting $32.86. 1,278,654 shares of the company traded hands, compared to its average volume of 1,543,083. Klaviyo, Inc. has a 52 week low of $22.12 and a 52 week high of $49.55. The business has a 50-day simple moving average of $33.19 and a 200 day simple moving average of $36.44. The stock has a market capitalization of $9.76 billion, a P/E ratio of -182.55 and a beta of 1.37.

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, beating 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 company had revenue of $279.83 million for the quarter, compared to the consensus estimate of $267.79 million. During the same period in the previous year, the firm posted $0.13 EPS. Klaviyo's revenue for the quarter was up 33.3% compared to the same quarter last year. Research analysts expect that Klaviyo, Inc. will post 0.04 earnings per share 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.