Watchtower Advisors LP Reduces Position in Klaviyo, Inc. (NYSE:KVYO)

Key Points

• Watchtower Advisors LP reduced its stake in Klaviyo, Inc. by 37.4%, owning 185,050 shares after selling 110,639 shares in the first quarter.
• Institutional investors now hold 45.43% of Klaviyo's stock, with several funds acquiring and increasing their positions during the same period.
• Klaviyo recently reported earnings that exceeded expectations, with a 31.9% year-over-year increase in revenue, totaling $293.12 million for the quarter.

Watchtower Advisors LP lowered its stake in Klaviyo, Inc. (NYSE:KVYO - Free Report) by 37.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 185,050 shares of the company's stock after selling 110,639 shares during the period. Klaviyo accounts for 4.1% of Watchtower Advisors LP's holdings, making the stock its 11th biggest position. Watchtower Advisors LP owned 0.07% of Klaviyo worth $5,600,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in KVYO. TFC Financial Management Inc. acquired a new stake in Klaviyo during the 1st quarter valued at approximately $27,000. CWM LLC raised its holdings in shares of Klaviyo by 227.5% during 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 last quarter. Tower Research Capital LLC TRC lifted its position in Klaviyo by 77.5% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,874 shares of the company's stock valued at $77,000 after purchasing an additional 818 shares during the period. KBC Group NV acquired a new position in Klaviyo during the first quarter valued at $77,000. Finally, Alpha Wealth Funds LLC purchased a new stake in Klaviyo in the fourth quarter valued at $209,000. 45.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

KVYO has been the topic of a number of recent research reports. Cantor Fitzgerald upgraded Klaviyo to an "overweight" rating and set a $48.00 target price on the stock in a research note on Tuesday, June 3rd. TD Cowen upped their price objective on Klaviyo from $45.00 to $46.00 and gave the stock a "buy" rating in a research report on Wednesday. Piper Sandler raised their price objective on shares of Klaviyo from $40.00 to $55.00 and gave the stock an "overweight" rating in a research note on Wednesday. The Goldman Sachs Group decreased their target price on shares of Klaviyo from $51.00 to $44.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Finally, Truist Financial lowered their price target on shares of Klaviyo from $55.00 to $40.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Three investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $43.65.

Klaviyo Price Performance

Shares of NYSE:KVYO opened at $34.05 on Friday. Klaviyo, Inc. has a 1 year low of $23.77 and a 1 year high of $49.55. The firm has a market capitalization of $10.11 billion, a PE ratio of -136.20 and a beta of 1.36. The business's 50 day moving average price is $33.09 and its 200-day moving average price is $34.79.

Klaviyo (NYSE:KVYO - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.03. Klaviyo had a negative net margin of 6.19% and a negative return on equity of 1.12%. The company had revenue of $293.12 million for the quarter, compared to analysts' expectations of $275.97 million. During the same quarter in the previous year, the company posted $0.15 EPS. The firm's quarterly revenue was up 31.9% on a year-over-year basis. As a group, analysts expect that Klaviyo, Inc. will post 0.04 earnings per share for the current year.

Insider Activity

In related news, major shareholder Summit Partners L. P sold 4,000,000 shares of the company's 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, President Stephen Eric Rowland sold 7,079 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the president directly owned 435,845 shares in the company, valued at $13,755,268.20. This trade represents a 1.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 8,094,418 shares of company stock valued at $268,580,202 in the last ninety days. 49.92% of the stock is currently owned by corporate insiders.

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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