Macquarie Upgrades Klaviyo (NYSE:KVYO) to “Hold”

Klaviyo (NYSE:KVYO) was upgraded by Macquarie to a “hold” rating in a research report issued on Wednesday, Zacks.com reports.

Several other analysts have also recently commented on KVYO. Needham & Company LLC reissued a “buy” rating and set a $40.00 price target on shares of Klaviyo in a research note on Wednesday, September 4th. Wells Fargo & Company restated a “buy” rating on shares of Klaviyo in a report on Friday, October 18th. Piper Sandler increased their price objective on shares of Klaviyo from $34.00 to $45.00 and gave the company an “overweight” rating in a report on Friday, October 18th. Stifel Nicolaus started coverage on shares of Klaviyo in a report on Tuesday, October 22nd. They issued a “buy” rating and a $45.00 price objective on the stock. Finally, Robert W. Baird increased their price objective on shares of Klaviyo from $35.00 to $42.00 and gave the company an “outperform” rating in a report on Thursday, October 10th. Three investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.29.

Klaviyo Price Performance

KVYO opened at $38.01 on Wednesday. Klaviyo has a one year low of $21.26 and a one year high of $39.92. The company’s 50 day simple moving average is $34.52 and its 200-day simple moving average is $28.06. The stock has a market capitalization of $10.14 billion and a P/E ratio of -26.96.

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

Insider Transactions at Klaviyo

In other news, major shareholder Summit Partners L. P sold 1,300 shares of the stock in a transaction on Friday, August 30th. The shares were sold at an average price of $31.64, for a total transaction of $41,132.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, major shareholder Summit Partners L. P sold 1,300 shares of the firm’s stock in a transaction on Friday, August 30th. The shares were 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Allen Chaves sold 130,000 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $31.59, for a total transaction of $4,106,700.00. The disclosure for this sale can be found here. Insiders sold 871,477 shares of company stock valued at $27,610,861 over the last quarter. Corporate insiders own 53.24% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its position 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 acquiring an additional 2,406,973 shares during the period. Glynn Capital Management LLC grew its position 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 acquiring an additional 848,152 shares during the period. Millennium Management LLC grew its position in shares of Klaviyo by 53.6% in the 2nd quarter. Millennium Management LLC now owns 1,120,485 shares of the company’s stock valued at $27,889,000 after acquiring an additional 390,849 shares during the period. Claro Advisors LLC grew its position in shares of Klaviyo by 38.7% in the 2nd quarter. Claro Advisors LLC now owns 1,280,035 shares of the company’s stock valued at $31,860,000 after acquiring an additional 357,355 shares during the period. Finally, Whale Rock Capital Management LLC grew its position in shares of Klaviyo by 122.0% in the 1st quarter. Whale Rock Capital Management LLC now owns 579,113 shares of the company’s stock valued at $14,756,000 after acquiring an additional 318,217 shares during the period. Institutional investors own 45.43% 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.