Insider Selling: Klaviyo, Inc. (NYSE:KVYO) Major Shareholder Sells 82,499 Shares of Stock

Klaviyo, Inc. (NYSE:KVYO) major shareholder Summit Partners L. P sold 82,499 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $31.76, for a total transaction of $2,620,168.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Klaviyo Stock Down 1.0 %

Shares of KVYO stock opened at $32.35 on Tuesday. Klaviyo, Inc. has a 12 month low of $21.26 and a 12 month high of $39.47. The company has a 50 day simple moving average of $26.24 and a two-hundred day simple moving average of $25.34.

Klaviyo (NYSE:KVYO) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.05. The firm had revenue of $222.21 million during the quarter, compared to analysts’ expectations of $212.34 million. The business’s revenue for the quarter was up 35.0% on a year-over-year basis. During the same period last year, the company earned $0.09 earnings per share. On average, research analysts expect that Klaviyo, Inc. will post -0.11 earnings per share for the current fiscal year.

Institutional Trading of Klaviyo

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Point72 Asset Management L.P. purchased a new stake in shares of Klaviyo in the second quarter worth $2,685,000. Millennium Management LLC increased its stake in shares of Klaviyo by 53.6% in the second quarter. Millennium Management LLC now owns 1,120,485 shares of the company’s stock worth $27,889,000 after purchasing an additional 390,849 shares in the last quarter. Dark Forest Capital Management LP increased its stake in shares of Klaviyo by 13.7% in the second quarter. Dark Forest Capital Management LP now owns 23,689 shares of the company’s stock worth $590,000 after purchasing an additional 2,851 shares in the last quarter. Diker Management LLC increased its stake in shares of Klaviyo by 33.3% in the second quarter. Diker Management LLC now owns 200,000 shares of the company’s stock worth $4,978,000 after purchasing an additional 50,000 shares in the last quarter. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Klaviyo during the second quarter worth $3,157,000. 45.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on KVYO shares. Cantor Fitzgerald upped their target price on shares of Klaviyo from $31.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. Robert W. Baird dropped their target price on shares of Klaviyo from $40.00 to $35.00 and set an “outperform” rating on the stock in a research note on Thursday, May 9th. Mizuho dropped their target price on shares of Klaviyo from $40.00 to $35.00 and set a “buy” rating on the stock in a research note on Thursday, May 9th. Canaccord Genuity Group dropped their target price on shares of Klaviyo from $37.00 to $32.00 and set a “buy” rating on the stock in a research note on Thursday, May 9th. Finally, Needham & Company LLC reissued a “buy” rating and set a $40.00 price objective on shares of Klaviyo in a report on Friday, May 17th. Three investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $35.65.

About Klaviyo

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.