Klaviyo's (KVYO) "Neutral" Rating Reaffirmed at Macquarie

Key Points

• Macquarie has reaffirmed a neutral rating for Klaviyo (NYSE:KVYO) with a price objective of $37.00, indicating a potential upside of 20.25% from its previous close.
• Institutional investors recently increased their stakes in Klaviyo, with entities like CWM LLC raising their position by 227.5% in the first quarter.
• Klaviyo's earnings for the last quarter topped expectations, reporting $0.16 earnings per share against a consensus estimate of $0.13, alongside a revenue of $293.12 million.

Klaviyo (NYSE:KVYO - Get Free Report)'s stock had its "neutral" rating restated by equities researchers at Macquarie in a research report issued on Wednesday,Benzinga reports. They presently have a $37.00 price target on the stock. Macquarie's target price suggests a potential upside of 14.37% from the company's current price.

Several other research firms have also issued reports on KVYO. Benchmark increased their target price on Klaviyo from $43.00 to $44.00 and gave the stock a "buy" rating in a research note on Wednesday, May 7th. Truist Financial decreased their target price on Klaviyo from $55.00 to $40.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Stifel Nicolaus decreased their target price on Klaviyo from $45.00 to $40.00 and set a "buy" rating on the stock in a research note on Tuesday, July 15th. The Goldman Sachs Group decreased their target price on Klaviyo from $51.00 to $44.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Finally, Scotiabank set a $35.00 target price on Klaviyo and gave the stock a "sector perform" rating in a research note on Wednesday, May 7th. Three analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $43.65.

Klaviyo Stock Performance

Shares of Klaviyo stock traded down $1.68 during trading hours on Wednesday, hitting $32.35. The company's stock had a trading volume of 1,969,369 shares, compared to its average volume of 1,866,426. Klaviyo has a twelve month low of $23.77 and a twelve month high of $49.55. The firm has a fifty day moving average of $33.05 and a 200-day moving average of $34.72. The stock has a market cap of $9.61 billion, a price-to-earnings ratio of -129.40 and a beta of 1.36.

Klaviyo (NYSE:KVYO - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $0.16 EPS for the quarter, beating the consensus estimate 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 business had revenue of $293.12 million for the quarter, compared to analyst estimates of $275.97 million. During the same quarter in the prior year, the company posted $0.15 EPS. The company's quarterly revenue was up 31.9% on a year-over-year basis. On average, sell-side analysts expect that Klaviyo will post 0.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, President Stephen Eric Rowland sold 7,079 shares of the stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $31.56, for a total value of $223,413.24. Following the transaction, the president owned 435,845 shares in the company, valued at approximately $13,755,268.20. This represents a 1.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Summit Partners L. P sold 4,000,000 shares of the stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $33.35, for a total value of $133,400,000.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 8,094,418 shares of company stock worth $268,580,202. 49.92% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. TFC Financial Management Inc. purchased a new position in shares of Klaviyo in the 1st quarter valued at about $27,000. CWM LLC boosted its position in shares of Klaviyo by 227.5% in the 1st quarter. CWM LLC now owns 930 shares of the company's stock valued at $28,000 after purchasing an additional 646 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in shares of Klaviyo in the 2nd quarter valued at about $31,000. First Horizon Advisors Inc. acquired a new stake in shares of Klaviyo in the 2nd quarter valued at about $37,000. Finally, State of Wyoming acquired a new stake in shares of Klaviyo in the 1st quarter valued at about $42,000. Hedge funds and other institutional investors own 45.43% of the company's stock.

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.