Renaissance Capital LLC Sells 13,378 Shares of Klaviyo, Inc. (NYSE:KVYO)

Renaissance Capital LLC decreased its holdings in shares of Klaviyo, Inc. (NYSE:KVYO - Free Report) by 10.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 109,268 shares of the company's stock after selling 13,378 shares during the quarter. Klaviyo accounts for about 2.6% of Renaissance Capital LLC's investment portfolio, making the stock its 19th biggest position. Renaissance Capital LLC's holdings in Klaviyo were worth $3,306,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Wilmington Savings Fund Society FSB raised its stake in shares of Klaviyo by 17,445.7% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 16,142 shares of the company's stock valued at $666,000 after buying an additional 16,050 shares during the last quarter. WCM Investment Management LLC purchased a new stake in shares of Klaviyo during the 4th quarter valued at approximately $12,781,000. Legato Capital Management LLC raised its position in Klaviyo by 21.7% in the fourth quarter. Legato Capital Management LLC now owns 40,032 shares of the company's stock valued at $1,651,000 after purchasing an additional 7,142 shares during the period. New York State Common Retirement Fund raised its position in Klaviyo by 41.0% in the fourth quarter. New York State Common Retirement Fund now owns 22,297 shares of the company's stock valued at $920,000 after purchasing an additional 6,488 shares during the period. Finally, Ieq Capital LLC raised its position in Klaviyo by 370.1% in the fourth quarter. Ieq Capital LLC now owns 51,024 shares of the company's stock valued at $2,104,000 after purchasing an additional 40,171 shares during the period. Institutional investors own 45.43% of the company's stock.

Insiders Place Their Bets

In other news, insider Landon Edmond sold 9,965 shares of the firm's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $34.85, for a total transaction of $347,280.25. Following the completion of the transaction, the insider now directly owns 404,744 shares of the company's stock, valued at approximately $14,105,328.40. This trade represents a 2.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction of $133,400,000.00. The disclosure for this sale can be found here. Insiders sold a total of 10,087,320 shares of company stock worth $333,128,245 in the last quarter. 49.92% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently commented on KVYO. Canaccord Genuity Group increased their target price on Klaviyo from $40.00 to $50.00 and gave the company a "buy" rating in a report on Thursday, February 20th. Benchmark raised their price objective on shares of Klaviyo from $43.00 to $44.00 and gave the company a "buy" rating in a research report on Wednesday, May 7th. Piper Sandler raised their price objective on shares of Klaviyo from $35.00 to $40.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Citigroup raised their price objective on shares of Klaviyo from $39.00 to $48.00 and gave the stock a "neutral" rating in a research note on Tuesday, February 11th. Finally, Scotiabank set a $35.00 target price on shares of Klaviyo and gave the stock a "sector perform" rating in a research note on Wednesday, May 7th. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Klaviyo has an average rating of "Moderate Buy" and an average target price of $42.79.

Klaviyo Price Performance

Klaviyo stock opened at $34.06 on Friday. The stock has a market capitalization of $10.12 billion, a PE ratio of -189.22 and a beta of 1.44. Klaviyo, Inc. has a 12-month low of $21.26 and a 12-month high of $49.55. The firm has a 50 day simple moving average of $30.90 and a 200-day simple moving average of $36.96.

Klaviyo (NYSE:KVYO - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.14 EPS for the quarter, beating the consensus estimate of $0.12 by $0.02. The business had revenue of $279.83 million during the quarter, compared to the consensus estimate of $267.79 million. Klaviyo had a negative net margin of 4.92% and a positive return on equity of 0.89%. The firm's quarterly revenue was up 33.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.13 EPS. On average, analysts forecast that Klaviyo, Inc. will post 0.04 earnings per share for the current fiscal year.

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.

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