Arizona State Retirement System Buys 6,512 Shares of Klaviyo, Inc. (NYSE:KVYO)

Arizona State Retirement System grew its position in Klaviyo, Inc. (NYSE:KVYO) by 67.1% during the second quarter, HoldingsChannel reports. The firm owned 16,221 shares of the company’s stock after buying an additional 6,512 shares during the quarter. Arizona State Retirement System’s holdings in Klaviyo were worth $404,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of KVYO. Salem Investment Counselors Inc. raised its holdings in Klaviyo by 161.1% in the 1st quarter. Salem Investment Counselors Inc. now owns 2,350 shares of the company’s stock worth $60,000 after acquiring an additional 1,450 shares during the period. EntryPoint Capital LLC acquired a new position in shares of Klaviyo during the 1st quarter worth about $71,000. SG Americas Securities LLC bought a new stake in Klaviyo during the 2nd quarter valued at approximately $236,000. SVB Wealth LLC bought a new stake in Klaviyo during the 1st quarter valued at approximately $299,000. Finally, Versor Investments LP acquired a new stake in Klaviyo in the 2nd quarter valued at approximately $309,000. 45.43% of the stock is currently owned by institutional investors and hedge funds.

Klaviyo Stock Performance

Shares of NYSE:KVYO opened at $33.61 on Wednesday. The company’s fifty day moving average is $28.60 and its 200-day moving average is $25.57. Klaviyo, Inc. has a 52 week low of $21.26 and a 52 week high of $39.47.

Klaviyo (NYSE:KVYO) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. The firm had revenue of $222.21 million for the quarter, compared to analyst estimates of $212.34 million. Klaviyo had a negative net margin of 42.15% and a negative return on equity of 32.19%. The company’s revenue for the quarter was up 35.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.09 earnings per share. As a group, equities research analysts anticipate that Klaviyo, Inc. will post -0.01 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Needham & Company LLC reissued a “buy” rating and issued a $40.00 price objective on shares of Klaviyo in a research report on Wednesday, September 4th. Barclays increased their price target on shares of Klaviyo from $29.00 to $32.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. Piper Sandler boosted their price objective on shares of Klaviyo from $30.00 to $34.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. KeyCorp upgraded shares of Klaviyo from a “sector weight” rating to an “overweight” rating and set a $33.00 target price for the company in a research note on Thursday, August 8th. Finally, Cantor Fitzgerald boosted their price target on Klaviyo from $31.00 to $33.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Three investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, Klaviyo currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.65.

Insider Buying and Selling

In other Klaviyo news, major shareholder Summit Partners L. P sold 242,601 shares of Klaviyo stock in a transaction on Friday, August 16th. The stock was sold at an average price of $31.78, for a total value of $7,709,859.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Klaviyo news, insider Landon Edmond sold 21,764 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $32.28, for a total transaction of $702,541.92. Following the transaction, the insider now owns 245,743 shares of the company’s stock, valued at approximately $7,932,584.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Summit Partners L. P sold 242,601 shares of Klaviyo stock in a transaction on Friday, August 16th. The shares were sold at an average price of $31.78, for a total value of $7,709,859.78. The disclosure for this sale can be found here. Insiders have sold a total of 695,249 shares of company stock worth $21,877,220 in the last three months. Insiders own 53.24% of the company’s stock.

Klaviyo 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.