Klaviyo (NYSE:KVYO) Shares Gap Up After Strong Earnings

Klaviyo, Inc. (NYSE:KVYO - Get Free Report)'s stock price gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $31.60, but opened at $34.11. Klaviyo shares last traded at $32.52, with a volume of 917,633 shares trading hands.

The company reported $0.14 earnings per share 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 business had revenue of $279.83 million for the quarter, compared to analyst estimates of $267.79 million. During the same period in the prior year, the business posted $0.13 earnings per share. Klaviyo's revenue was up 33.3% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Wells Fargo & Company upped their target price on shares of Klaviyo from $26.00 to $32.00 and gave the company an "equal weight" rating in a research note on Monday, May 5th. Benchmark upped their target price on shares of Klaviyo from $43.00 to $44.00 and gave the company a "buy" rating in a research note on Wednesday, May 7th. Barclays upped their target price on shares of Klaviyo from $35.00 to $38.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Robert W. Baird lowered their target price on shares of Klaviyo from $54.00 to $37.00 and set an "outperform" rating for the company in a research note on Wednesday, April 23rd. Finally, Scotiabank set a $35.00 price objective on shares of Klaviyo and gave the stock a "sector perform" rating in a research report on Wednesday, May 7th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $43.11.

Insider Buying and Selling

In other news, President Stephen Eric Rowland sold 7,060 shares of the business's stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $26.66, for a total value of $188,219.60. Following the completion of the transaction, the president now directly owns 447,310 shares in the company, valued at approximately $11,925,284.60. The trade was a 1.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Amanda Whalen sold 15,000 shares of the stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $33.54, for a total transaction of $503,100.00. Following the sale, the chief financial officer now owns 349,623 shares in the company, valued at $11,726,355.42. This represents a 4.11% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,073,770 shares of company stock valued at $67,259,606. 49.92% of the stock is owned by company insiders.

Institutional Trading of Klaviyo

Several large investors have recently made changes to their positions in the company. Barclays PLC lifted its stake in Klaviyo by 1,202.0% in the 3rd quarter. Barclays PLC now owns 12,825 shares of the company's stock valued at $453,000 after purchasing an additional 11,840 shares during the last quarter. Capital Investment Advisors LLC bought a new position in Klaviyo in the 4th quarter valued at approximately $621,000. Oak Ridge Investments LLC bought a new position in Klaviyo in the 4th quarter valued at approximately $1,646,000. SG Americas Securities LLC lifted its stake in Klaviyo by 21.4% in the 4th quarter. SG Americas Securities LLC now owns 10,929 shares of the company's stock valued at $451,000 after purchasing an additional 1,923 shares during the last quarter. Finally, Renaissance Capital LLC lifted its stake in Klaviyo by 56.4% in the 4th quarter. Renaissance Capital LLC now owns 122,646 shares of the company's stock valued at $5,058,000 after purchasing an additional 44,245 shares during the last quarter. Institutional investors and hedge funds own 45.43% of the company's stock.

Klaviyo Stock Performance

The company's 50 day moving average is $30.54 and its 200 day moving average is $37.36. The firm has a market cap of $9.78 billion, a P/E ratio of -198.92 and a beta of 1.35.

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.