Lord Abbett & CO. LLC Increases Holdings in Klaviyo, Inc. $KVYO

Key Points

• Lord Abbett & CO. LLC increased its holdings in Klaviyo, Inc. by 105.6% in the first quarter, bringing their total ownership to approximately $46.5 million.
• Several large investors, such as Caitong International Asset Management and Russell Investments Group, have also significantly increased their stakes in Klaviyo during the same period.
• Klaviyo reported quarterly earnings surpassing expectations, with revenue of $293.12 million, reflecting a 31.9% year-over-year increase.

Lord Abbett & CO. LLC raised its holdings in shares of Klaviyo, Inc. (NYSE:KVYO - Free Report) by 105.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,538,220 shares of the company's stock after purchasing an additional 790,146 shares during the period. Lord Abbett & CO. LLC owned 0.56% of Klaviyo worth $46,546,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in KVYO. TFC Financial Management Inc. purchased a new position in shares of Klaviyo during the 1st quarter worth $27,000. CWM LLC lifted its stake in Klaviyo by 227.5% in the 1st quarter. CWM LLC now owns 930 shares of the company's stock worth $28,000 after purchasing an additional 646 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its holdings in shares of Klaviyo by 217.9% in the first quarter. Caitong International Asset Management Co. Ltd now owns 1,421 shares of the company's stock worth $43,000 after purchasing an additional 974 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of Klaviyo by 77.5% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,874 shares of the company's stock worth $77,000 after buying an additional 818 shares during the last quarter. Finally, KBC Group NV bought a new stake in shares of Klaviyo in the 1st quarter worth about $77,000. Institutional investors own 45.43% of the company's stock.

Klaviyo Trading Up 1.5%

KVYO stock traded up $0.48 during midday trading on Friday, hitting $31.51. The stock had a trading volume of 2,355,299 shares, compared to its average volume of 2,505,833. The firm has a market capitalization of $9.45 billion, a price-to-earnings ratio of -126.04 and a beta of 1.36. Klaviyo, Inc. has a 52 week low of $23.77 and a 52 week high of $49.55. The stock has a 50-day simple moving average of $32.73 and a 200 day simple moving average of $34.11.

Klaviyo (NYSE:KVYO - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $0.16 earnings per share for the quarter, beating analysts' consensus estimates of $0.13 by $0.03. The company had revenue of $293.12 million during the quarter, compared to analyst estimates of $275.97 million. Klaviyo had a negative return on equity of 1.12% and a negative net margin of 6.19%. The firm's quarterly revenue was up 31.9% compared to the same quarter last year. During the same period last year, the company posted $0.15 earnings per share. On average, equities analysts forecast that Klaviyo, Inc. will post 0.04 EPS for the current year.

Insider Activity at Klaviyo

In other news, President Stephen Eric Rowland sold 7,079 shares of the stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $31.56, for a total transaction of $223,413.24. Following the sale, the president directly owned 435,845 shares of the company's stock, valued at approximately $13,755,268.20. This represents a 1.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Amanda Whalen sold 15,000 shares of the company's stock in a transaction on Friday, July 11th. The stock was sold at an average price of $31.66, for a total value of $474,900.00. Following the sale, the chief financial officer owned 517,831 shares of the company's stock, valued at approximately $16,394,529.46. This represents a 2.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 8,044,158 shares of company stock worth $266,823,776. 53.24% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on KVYO shares. Piper Sandler boosted their price objective on shares of Klaviyo from $40.00 to $55.00 and gave the company an "overweight" rating in a research report on Wednesday, August 6th. The Goldman Sachs Group decreased their price target on shares of Klaviyo from $51.00 to $44.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. TD Cowen raised their target price on shares of Klaviyo from $45.00 to $46.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Stifel Nicolaus dropped their price target on shares of Klaviyo from $45.00 to $40.00 and set a "buy" rating on the stock in a research report on Tuesday, July 15th. Finally, Benchmark lifted their price objective on shares of Klaviyo from $44.00 to $46.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $43.65.

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.