Klaviyo (NYSE:KVYO) Hits New 12-Month High After Analyst Upgrade

Klaviyo, Inc. (NYSE:KVYO) shares reached a new 52-week high on Thursday after Robert W. Baird raised their price target on the stock from $35.00 to $42.00. Robert W. Baird currently has an outperform rating on the stock. Klaviyo traded as high as $36.63 and last traded at $36.61, with a volume of 208617 shares. The stock had previously closed at $35.55.

A number of other research analysts also recently weighed in on the company. Needham & Company LLC reissued a “buy” rating and issued a $40.00 price target on shares of Klaviyo in a research note on Wednesday, September 4th. KeyCorp raised Klaviyo from a “sector weight” rating to an “overweight” rating and set a $33.00 target price on the stock in a research note on Thursday, August 8th. Benchmark assumed coverage on Klaviyo in a research report on Monday, September 30th. They set a “buy” rating and a $42.00 target price for the company. Piper Sandler increased their price target on shares of Klaviyo from $30.00 to $34.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Finally, Cantor Fitzgerald boosted their price objective on shares of Klaviyo from $31.00 to $33.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. Three investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Klaviyo has an average rating of “Moderate Buy” and a consensus price target of $36.39.

Insider Transactions at Klaviyo

In other news, President Stephen Eric Rowland sold 18,114 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $31.67, for a total transaction of $573,670.38. Following the completion of the transaction, the president now directly owns 192,488 shares of the company’s stock, valued at $6,096,094.96. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, major shareholder Summit Partners L. P sold 1,300 shares of Klaviyo stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $31.64, for a total value of $41,132.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, President Stephen Eric Rowland sold 18,114 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $31.67, for a total value of $573,670.38. Following the sale, the president now owns 192,488 shares in the company, valued at $6,096,094.96. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 853,363 shares of company stock valued at $26,937,202 over the last three months. Company insiders own 53.24% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp grew its stake in shares of Klaviyo by 677.7% in the second quarter. Bank of New York Mellon Corp now owns 2,762,128 shares of the company’s stock valued at $68,749,000 after buying an additional 2,406,973 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Klaviyo by 243.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,472,140 shares of the company’s stock worth $40,896,000 after purchasing an additional 1,042,902 shares during the last quarter. Claro Advisors LLC acquired a new stake in Klaviyo in the 1st quarter valued at about $23,510,000. Glynn Capital Management LLC grew its holdings in Klaviyo by 291.3% during the first quarter. Glynn Capital Management LLC now owns 1,139,307 shares of the company’s stock worth $29,030,000 after purchasing an additional 848,152 shares during the period. Finally, Millennium Management LLC increased its position 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 buying an additional 390,849 shares during the last quarter. Institutional investors and hedge funds own 45.43% of the company’s stock.

Klaviyo Price Performance

The stock has a 50-day moving average price of $31.66 and a 200-day moving average price of $26.62.

Klaviyo (NYSE:KVYO) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.10 by $0.05. The firm had revenue of $222.21 million for 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%. The company’s quarterly revenue was up 35.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.09 earnings per share. Sell-side analysts anticipate that Klaviyo, Inc. will post -0.01 EPS for the current year.

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.