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

Key Points

• Klaviyo shares gapped up from $30.70 to $35.47 after reporting earnings of $0.16 per share, exceeding analyst expectations of $0.13.
• The company reported a quarterly revenue of $293.12 million, up 31.9% from the same quarter last year, surpassing forecasts of $275.97 million.
• Analysts have mixed views on the stock, with price targets ranging from $35.00 to $56.00 and a consensus rating of "Moderate Buy."

Klaviyo, Inc. (NYSE:KVYO - Get Free Report) gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $30.70, but opened at $35.47. Klaviyo shares last traded at $35.39, with a volume of 870,850 shares trading hands.

The company reported $0.16 earnings per share for the quarter, topping analysts' consensus estimates of $0.13 by $0.03. The firm had revenue of $293.12 million for the quarter, compared to analyst estimates of $275.97 million. Klaviyo had a negative net margin of 4.70% and a positive return on equity of 0.74%. The business's quarterly revenue was up 31.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.15 earnings per share.

Analysts Set New Price Targets

Several analysts recently commented on KVYO shares. Needham & Company LLC dropped their price target on shares of Klaviyo from $56.00 to $45.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Truist Financial dropped their price target on shares of Klaviyo from $55.00 to $40.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Cantor Fitzgerald upgraded shares of Klaviyo to an "overweight" rating and set a $48.00 price target on the stock in a research report on Tuesday, June 3rd. Barclays raised their price target on shares of Klaviyo from $35.00 to $38.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Finally, 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, May 7th. Four research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $42.53.

Insider Transactions at Klaviyo

In other news, CFO Amanda Whalen sold 15,000 shares of the firm's stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $31.66, for a total value of $474,900.00. Following the transaction, the chief financial officer directly owned 517,831 shares of the company's stock, valued at approximately $16,394,529.46. This trade represents a 2.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Carmel Galvin sold 11,156 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $35.01, for a total transaction of $390,571.56. Following the completion of the transaction, the insider directly owned 711,805 shares in the company, valued at approximately $24,920,293.05. This represents a 1.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 8,094,418 shares of company stock valued at $268,580,202. Company insiders own 53.24% of the company's stock.

Hedge Funds Weigh In On Klaviyo

Several hedge funds and other institutional investors have recently modified their holdings of KVYO. Focus Partners Wealth purchased a new position in shares of Klaviyo in the fourth quarter worth about $38,870,000. D. E. Shaw & Co. Inc. lifted its stake in shares of Klaviyo by 195.4% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,310,227 shares of the company's stock worth $54,034,000 after buying an additional 866,749 shares in the last quarter. Lord Abbett & CO. LLC raised its stake in Klaviyo by 105.6% during the first quarter. Lord Abbett & CO. LLC now owns 1,538,220 shares of the company's stock worth $46,546,000 after purchasing an additional 790,146 shares during the period. Vanguard Group Inc. raised its stake in Klaviyo by 9.7% during the first quarter. Vanguard Group Inc. now owns 8,467,933 shares of the company's stock worth $256,240,000 after purchasing an additional 746,078 shares during the period. Finally, Ameriprise Financial Inc. raised its stake 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 period. 45.43% of the stock is owned by hedge funds and other institutional investors.

Klaviyo Price Performance

The business's 50 day simple moving average is $33.05 and its 200 day simple moving average is $34.83. The company has a market capitalization of $10.52 billion, a PE ratio of -196.82 and a beta of 1.36.

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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