Klaviyo, Inc. (NYSE:KVYO) Major Shareholder Sells $133,400,000.00 in Stock

Klaviyo, Inc. (NYSE:KVYO - Get Free Report) major shareholder Summit Partners L. P sold 4,000,000 shares of the firm's 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 sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Major shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.

Klaviyo Stock Performance

Shares of NYSE:KVYO traded down $0.80 during midday trading on Thursday, reaching $33.94. 3,390,976 shares of the company's stock traded hands, compared to its average volume of 1,521,564. Klaviyo, Inc. has a one year low of $21.26 and a one year high of $49.55. The company has a market cap of $10.08 billion, a price-to-earnings ratio of -188.57 and a beta of 1.44. The stock has a 50 day moving average of $30.76 and a 200 day moving average of $36.97.

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

Wall Street Analyst Weigh In

Several research firms recently commented on KVYO. Stifel Nicolaus upped their price target on shares of Klaviyo from $45.00 to $54.00 and gave the company a "buy" rating in a research report on Thursday, February 20th. Benchmark boosted their price objective on shares of Klaviyo from $43.00 to $44.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th. Mizuho decreased 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. Cantor Fitzgerald upgraded Klaviyo to an "overweight" rating and set a $48.00 price objective on the stock in a report on Tuesday. Finally, Citigroup upped their price objective on Klaviyo from $39.00 to $48.00 and gave the stock a "neutral" rating in a report on Tuesday, February 11th. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $42.79.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Focus Partners Wealth purchased a new position in Klaviyo during the 4th quarter worth approximately $38,870,000. D. E. Shaw & Co. Inc. lifted its holdings in Klaviyo by 195.4% in 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 in the last quarter. Lord Abbett & CO. LLC raised its holdings in Klaviyo by 105.6% in the 1st quarter. Lord Abbett & CO. LLC now owns 1,538,220 shares of the company's stock valued at $46,546,000 after acquiring an additional 790,146 shares during the last quarter. Vanguard Group Inc. grew its holdings in Klaviyo by 9.7% in the 1st quarter. Vanguard Group Inc. now owns 8,467,933 shares of the company's stock valued at $256,240,000 after buying an additional 746,078 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its position in Klaviyo by 229.5% during the fourth 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 last quarter. Hedge funds and other institutional investors own 45.43% of the company's stock.

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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