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

Klaviyo, Inc. (NYSE:KVYO - Get Free Report) gapped up before the market opened on Wednesday following a better than expected earnings announcement. 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 EPS for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $267.79 million. During the same quarter in the previous year, the firm posted $0.13 EPS. Klaviyo's revenue was up 33.3% on a year-over-year basis.

Wall Street Analyst Weigh In

KVYO has been the subject of several recent research reports. Cantor Fitzgerald lifted their price objective on Klaviyo from $47.00 to $54.00 and gave the stock an "overweight" rating in a report on Thursday, February 20th. Stephens assumed coverage on shares of Klaviyo in a research note on Wednesday, March 19th. They issued an "overweight" rating and a $43.00 target price for the company. Scotiabank set a $35.00 price target on shares of Klaviyo and gave the company a "sector perform" rating in a research report on Wednesday. Benchmark raised their price objective on shares of Klaviyo from $43.00 to $44.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, Canaccord Genuity Group boosted their target price on shares of Klaviyo from $40.00 to $50.00 and gave the company a "buy" rating in a report on Thursday, February 20th. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $43.11.

Insider Transactions at Klaviyo

In other news, President Stephen Eric Rowland sold 36,710 shares of the stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $35.08, for a total transaction of $1,287,786.80. Following the transaction, the president now directly owns 246,254 shares in the company, valued at approximately $8,638,590.32. This represents a 12.97 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Amanda Whalen sold 15,000 shares of the business's stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $26.70, for a total value of $400,500.00. Following the completion of the sale, the chief financial officer now owns 553,943 shares of the company's stock, valued at $14,790,278.10. The trade was a 2.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,073,770 shares of company stock valued at $67,259,606 in the last quarter. Insiders own 49.92% of the company's stock.

Hedge Funds Weigh In On Klaviyo

Several institutional investors and hedge funds have recently made changes to their positions in KVYO. Vanguard Group Inc. grew its stake in shares of Klaviyo by 9.7% during the first 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 during the last quarter. Encompass More Asset Management bought a new position in Klaviyo during the 1st quarter worth approximately $549,000. Blair William & Co. IL increased its stake in Klaviyo by 12.1% in the 1st quarter. Blair William & Co. IL now owns 231,153 shares of the company's stock worth $6,995,000 after purchasing an additional 24,929 shares during the period. Jefferies Financial Group Inc. purchased a new stake in shares of Klaviyo during the first quarter valued at approximately $1,858,000. Finally, Alberta Investment Management Corp bought a new position in shares of Klaviyo in the first quarter worth approximately $1,065,000. Institutional investors own 45.43% of the company's stock.

Klaviyo Price Performance

The firm's 50 day moving average is $30.54 and its 200 day moving average is $37.38. The company has a market capitalization of $9.12 billion, a PE ratio of -185.44 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.