Renaissance Technologies LLC Acquires 69,200 Shares of Klaviyo, Inc. (NYSE:KVYO)

Renaissance Technologies LLC boosted its stake in Klaviyo, Inc. (NYSE:KVYO) by 40.8% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 238,900 shares of the company’s stock after purchasing an additional 69,200 shares during the quarter. Renaissance Technologies LLC owned about 0.09% of Klaviyo worth $5,946,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Salem Investment Counselors Inc. raised its stake in shares of Klaviyo by 161.1% during the first quarter. Salem Investment Counselors Inc. now owns 2,350 shares of the company’s stock valued at $60,000 after acquiring an additional 1,450 shares in the last quarter. EntryPoint Capital LLC purchased a new stake in shares of Klaviyo during the first quarter valued at $71,000. SG Americas Securities LLC purchased a new position in shares of Klaviyo in the second quarter worth about $236,000. SVB Wealth LLC purchased a new stake in shares of Klaviyo in the 1st quarter valued at $299,000. Finally, Versor Investments LP purchased a new position in shares of Klaviyo during the 2nd quarter valued at about $309,000. 45.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

Insider Activity at Klaviyo

In other news, major shareholder Summit Partners L. P sold 242,601 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $31.78, for a total transaction of $7,709,859.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, major shareholder Summit Partners L. P sold 242,601 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $31.78, for a total transaction of $7,709,859.78. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Jeff Fagnan acquired 9,485 shares of Klaviyo stock in a transaction that occurred on Thursday, August 1st. The stock was bought at an average price of $26.43 per share, with a total value of $250,688.55. Following the purchase, the insider now directly owns 9,485 shares of the company’s stock, valued at $250,688.55. The disclosure for this purchase can be found here. Insiders sold a total of 843,363 shares of company stock worth $26,583,602 in the last 90 days. 53.24% of the stock is owned by insiders.

Klaviyo Price Performance

NYSE:KVYO opened at $35.22 on Friday. The business’s fifty day moving average price is $29.76 and its 200 day moving average price is $25.92. Klaviyo, Inc. has a 12 month low of $21.26 and a 12 month high of $37.36.

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

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.