Klaviyo, Inc. (NYSE:KVYO) Sees Large Drop in Short Interest

Klaviyo, Inc. (NYSE:KVYO - Get Free Report) saw a significant decline in short interest in the month of May. As of May 31st, there was short interest totalling 5,670,000 shares, a decline of 39.0% from the May 15th total of 9,300,000 shares. Based on an average trading volume of 2,280,000 shares, the days-to-cover ratio is currently 2.5 days. Approximately 7.0% of the shares of the company are sold short.

Analyst Ratings Changes

KVYO has been the subject of a number of research analyst reports. Piper Sandler lifted their price target on Klaviyo from $35.00 to $40.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Scotiabank set a $35.00 price target on Klaviyo and gave the stock a "sector perform" rating in a research note on Wednesday, May 7th. Robert W. Baird decreased their price target on Klaviyo from $54.00 to $37.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 23rd. William Blair reaffirmed an "outperform" rating on shares of Klaviyo in a research note on Thursday, February 20th. Finally, Stephens assumed coverage on Klaviyo in a research note on Wednesday, March 19th. They issued an "overweight" rating and a $43.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $43.21.

Insider Activity

In other Klaviyo news, major shareholder Jeff Fagnan purchased 3,900 shares of the business's stock in a transaction on Wednesday, April 9th. The shares were purchased at an average cost of $25.77 per share, for a total transaction of $100,503.00. Following the acquisition, the insider now owns 3,900 shares of the company's stock, valued at approximately $100,503. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Summit Partners L. P sold 4,000,000 shares of the stock in a transaction on Monday, May 19th. The shares were sold at an average price of $33.00, for a total value of $132,000,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 8,087,320 shares of company stock valued at $268,247,195. 49.92% of the stock is owned by company insiders.

Hedge Funds Weigh In On Klaviyo

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of 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 purchasing an additional 746,078 shares during the last quarter. Alliancebernstein L.P. increased its stake in Klaviyo by 0.6% in the first quarter. Alliancebernstein L.P. now owns 4,019,280 shares of the company's stock valued at $121,623,000 after acquiring an additional 23,064 shares during the period. Whale Rock Capital Management LLC increased its stake in Klaviyo by 7.4% in the fourth quarter. Whale Rock Capital Management LLC now owns 3,868,451 shares of the company's stock valued at $159,535,000 after acquiring an additional 267,845 shares during the period. Bank of New York Mellon Corp grew its stake in Klaviyo by 5.0% during the fourth quarter. Bank of New York Mellon Corp now owns 2,926,187 shares of the company's stock worth $120,676,000 after buying an additional 140,127 shares during the last quarter. Finally, 1832 Asset Management L.P. lifted its position in shares of Klaviyo by 38.7% during the first quarter. 1832 Asset Management L.P. now owns 2,248,800 shares of the company's stock worth $68,049,000 after purchasing an additional 627,500 shares in the last quarter. 45.43% of the stock is currently owned by hedge funds and other institutional investors.

Klaviyo Trading Down 0.6%

KVYO traded down $0.21 on Tuesday, hitting $34.42. 1,457,592 shares of the company's stock were exchanged, compared to its average volume of 1,917,834. The firm has a market cap of $10.22 billion, a PE ratio of -191.22 and a beta of 1.44. Klaviyo has a twelve month low of $21.26 and a twelve month high of $49.55. The stock has a fifty day moving average of $31.72 and a two-hundred day moving average of $36.86.

Klaviyo (NYSE:KVYO - Get Free Report) last announced 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. Klaviyo had a negative net margin of 4.92% and a positive return on equity of 0.89%. The company had revenue of $279.83 million for the quarter, compared to analyst estimates of $267.79 million. During the same quarter last year, the business earned $0.13 earnings per share. Klaviyo's revenue was up 33.3% compared to the same quarter last year. On average, analysts predict that Klaviyo will post 0.04 EPS 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.