Klaviyo, Inc. (NYSE:KVYO) Major Shareholder Sells $132,000,000.00 in Stock

Klaviyo, Inc. (NYSE:KVYO) major shareholder Summit Partners L. P sold 4,000,000 shares of the company’s stock in a transaction on Monday, May 19th. The stock was sold at an average price of $33.00, for a total transaction of $132,000,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Klaviyo Price Performance

Shares of NYSE KVYO traded down $0.47 during mid-day trading on Tuesday, hitting $34.03. 4,785,454 shares of the company’s stock traded hands, compared to its average volume of 1,480,853. Klaviyo, Inc. has a 1 year low of $21.26 and a 1 year high of $49.55. The company’s 50-day moving average is $30.56 and its two-hundred day moving average is $37.21. The company has a market capitalization of $10.11 billion, a P/E ratio of -189.06 and a beta of 1.35.

Klaviyo (NYSE:KVYO) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. The business had revenue of $279.83 million for the quarter, compared to the consensus estimate of $267.79 million. Klaviyo had a positive return on equity of 0.89% and a negative net margin of 4.92%. The company’s quarterly revenue was up 33.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.13 earnings per share. Equities analysts anticipate that Klaviyo, Inc. will post 0.04 EPS for the current fiscal year.

Institutional Trading of Klaviyo

Hedge funds and other institutional investors have recently bought and sold shares of the stock. TFC Financial Management Inc. purchased a new position in Klaviyo during the first quarter worth $27,000. CWM LLC boosted its stake in shares of Klaviyo by 227.5% during the 1st quarter. CWM LLC now owns 930 shares of the company’s stock worth $28,000 after purchasing an additional 646 shares during the period. State of Wyoming purchased a new position in shares of Klaviyo during the 1st quarter worth about $42,000. Caitong International Asset Management Co. Ltd grew its holdings in Klaviyo by 217.9% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,421 shares of the company’s stock valued at $43,000 after purchasing an additional 974 shares during the last quarter. Finally, CIBC Private Wealth Group LLC raised its position in Klaviyo by 169.5% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,752 shares of the company’s stock worth $72,000 after purchasing an additional 1,102 shares during the period. Hedge funds and other institutional investors own 45.43% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Stephens assumed coverage on Klaviyo in a research report on Wednesday, March 19th. They issued an “overweight” rating and a $43.00 price objective on the stock. The Goldman Sachs Group dropped their price target on Klaviyo from $51.00 to $44.00 and set a “buy” rating for the company in a research note on Wednesday, May 7th. Needham & Company LLC reduced their price objective on shares of Klaviyo from $56.00 to $45.00 and set a “buy” rating on the stock in a research report on Wednesday, May 7th. Scotiabank set a $35.00 target price on shares of Klaviyo and gave the stock a “sector perform” rating in a report on Wednesday, May 7th. Finally, William Blair reaffirmed an “outperform” rating on shares of Klaviyo in a research note on Thursday, February 20th. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, Klaviyo currently has an average rating of “Moderate Buy” and a consensus target price of $43.11.

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.