Klaviyo (NYSE:KVYO) Shares Down 6.3% - Here's Why

Key Points

• Shares of Klaviyo, Inc. (NYSE:KVYO) fell by 6.3%, trading at $30.31, with a notable decline in trading volume.
• Analysts have mixed views, with Cantor Fitzgerald upgrading the stock to "overweight" with a price target of $48.00, while others like Stifel Nicolaus reduced their price target to $40.00.
• Klaviyo's recent quarterly earnings showed a 31.9% year-over-year revenue increase to $293.12 million, beating expectations, despite having a negative net margin of 6.19%.

Shares of Klaviyo, Inc. (NYSE:KVYO - Get Free Report) dropped 6.3% during trading on Monday . The stock traded as low as $30.51 and last traded at $30.31. Approximately 1,473,547 shares changed hands during trading, a decline of 21% from the average daily volume of 1,862,748 shares. The stock had previously closed at $32.35.

Wall Street Analyst Weigh In

KVYO has been the topic of several analyst reports. Stifel Nicolaus lowered their price target on Klaviyo from $45.00 to $40.00 and set a "buy" rating on the stock in a report on Tuesday, July 15th. Barclays increased their price target on Klaviyo from $35.00 to $38.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Macquarie reiterated a "neutral" rating and set a $37.00 price target on shares of Klaviyo in a report on Wednesday, August 6th. Robert W. Baird lowered their price target on Klaviyo from $54.00 to $37.00 and set an "outperform" rating on the stock in a report on Wednesday, April 23rd. Finally, Cantor Fitzgerald upgraded shares of Klaviyo to an "overweight" rating and set a $48.00 price objective on the stock in a research note on Tuesday, June 3rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $43.65.

Klaviyo Stock Up 1.5%

The company has a market capitalization of $9.36 billion, a P/E ratio of -126.04 and a beta of 1.36. The stock has a fifty day simple moving average of $32.73 and a 200-day simple moving average of $34.28.

Klaviyo (NYSE:KVYO - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.13 by $0.03. Klaviyo had a negative return on equity of 1.12% and a negative net margin of 6.19%. The company had revenue of $293.12 million during the quarter, compared to analysts' expectations of $275.97 million. During the same period last year, the business earned $0.15 earnings per share. The business's revenue was up 31.9% on a year-over-year basis. Analysts predict that Klaviyo, Inc. will post 0.04 earnings per share for the current fiscal year.

Insider Activity at Klaviyo

In related news, CFO Amanda Whalen sold 15,000 shares of Klaviyo stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $31.66, for a total value of $474,900.00. Following the completion of the transaction, the chief financial officer directly owned 517,831 shares of the company's stock, valued at $16,394,529.46. The trade was a 2.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Stephen Eric Rowland sold 7,079 shares of Klaviyo stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $31.56, for a total value of $223,413.24. Following the completion of the transaction, the president directly owned 435,845 shares of the company's stock, valued at $13,755,268.20. This represents a 1.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 8,044,158 shares of company stock valued at $266,823,776 over the last ninety days. 49.92% of the stock is owned by insiders.

Hedge Funds Weigh In On Klaviyo

Institutional investors have recently modified their holdings of the stock. Cooper Creek Partners Management LLC acquired a new stake in shares of Klaviyo in the second quarter valued at approximately $57,109,000. Norges Bank acquired a new stake in shares of Klaviyo in the second quarter valued at approximately $52,629,000. American Century Companies Inc. raised its holdings in shares of Klaviyo by 123.4% in the second quarter. American Century Companies Inc. now owns 2,685,480 shares of the company's stock valued at $90,178,000 after purchasing an additional 1,483,427 shares during the last quarter. Fiera Capital Corp acquired a new stake in shares of Klaviyo in the second quarter valued at approximately $42,645,000. Finally, Focus Partners Wealth acquired a new stake in shares of Klaviyo in the fourth quarter valued at approximately $38,870,000. 45.43% of the stock is currently owned by institutional investors and hedge funds.

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.