Point72 Asset Management L.P. Invests $2.69 Million in Klaviyo, Inc. (NYSE:KVYO)

Point72 Asset Management L.P. acquired a new stake in Klaviyo, Inc. (NYSE:KVYO) during the second quarter, Holdings Channel reports. The institutional investor acquired 107,884 shares of the company’s stock, valued at approximately $2,685,000.

A number of other institutional investors also recently bought and sold shares of the business. Bank of New York Mellon Corp increased its stake in shares of Klaviyo by 677.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,762,128 shares of the company’s stock valued at $68,749,000 after purchasing an additional 2,406,973 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Klaviyo by 243.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,472,140 shares of the company’s stock worth $40,896,000 after buying an additional 1,042,902 shares during the last quarter. Claro Advisors LLC purchased a new stake in shares of Klaviyo in the first quarter valued at about $23,510,000. Glynn Capital Management LLC grew its stake in shares of Klaviyo by 291.3% in the 1st quarter. Glynn Capital Management LLC now owns 1,139,307 shares of the company’s stock valued at $29,030,000 after buying an additional 848,152 shares during the period. Finally, Millennium Management LLC increased its stake in Klaviyo by 53.6% during the second quarter. Millennium Management LLC now owns 1,120,485 shares of the company’s stock worth $27,889,000 after acquiring an additional 390,849 shares during the last quarter. 45.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on KVYO. Cantor Fitzgerald raised their target price on Klaviyo from $31.00 to $33.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $40.00 price target on shares of Klaviyo in a report on Wednesday, September 4th. Piper Sandler upped their target price on shares of Klaviyo from $30.00 to $34.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. KeyCorp raised Klaviyo from a “sector weight” rating to an “overweight” rating and set a $33.00 price objective for the company in a report on Thursday, August 8th. Finally, Benchmark assumed coverage on Klaviyo in a report on Monday. They set a “buy” rating and a $42.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $36.00.

Klaviyo Trading Down 2.1 %

NYSE:KVYO opened at $34.74 on Thursday. The stock has a fifty day simple moving average of $30.77 and a 200 day simple moving average of $26.29. Klaviyo, Inc. has a 1-year low of $21.26 and a 1-year high of $36.47.

Klaviyo (NYSE:KVYO) last issued its earnings results on Wednesday, August 7th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.10 by $0.05. The business had revenue of $222.21 million during the quarter, compared to analysts’ expectations of $212.34 million. Klaviyo had a negative return on equity of 32.19% and a negative net margin of 42.15%. Klaviyo’s revenue was up 35.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.09 earnings per share. Sell-side analysts anticipate that Klaviyo, Inc. will post -0.01 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Summit Partners L. P sold 1,300 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $31.64, for a total value of $41,132.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CTO Allen Chaves sold 130,000 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $31.59, for a total transaction of $4,106,700.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Summit Partners L. P sold 1,300 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $31.64, for a total value of $41,132.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 843,363 shares of company stock worth $26,583,602. Corporate insiders own 53.24% of the company’s stock.

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.