Pier 88 Investment Partners LLC Takes Position in Klaviyo, Inc. (NYSE:KVYO)

Pier 88 Investment Partners LLC purchased a new position in Klaviyo, Inc. (NYSE:KVYO) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 27,300 shares of the company’s stock, valued at approximately $966,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in KVYO. Bank of New York Mellon Corp grew its holdings in Klaviyo by 677.7% during 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 purchasing an additional 2,406,973 shares during the period. SpiderRock Advisors LLC grew its stake in shares of Klaviyo by 1,571.7% during the 3rd quarter. SpiderRock Advisors LLC now owns 501,500 shares of the company’s stock worth $17,743,000 after acquiring an additional 471,500 shares during the period. Mayflower Financial Advisors LLC increased its holdings in Klaviyo by 181.4% in the 3rd quarter. Mayflower Financial Advisors LLC now owns 684,948 shares of the company’s stock worth $24,233,000 after acquiring an additional 441,500 shares during the last quarter. Millennium Management LLC increased its holdings in Klaviyo by 53.6% in the 2nd 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. Finally, Claro Advisors LLC raised its stake in 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. 45.43% of the stock is owned by hedge funds and other institutional investors.

Klaviyo Trading Up 0.4 %

Shares of Klaviyo stock opened at $36.67 on Thursday. The company has a 50 day simple moving average of $35.40 and a two-hundred day simple moving average of $28.92. Klaviyo, Inc. has a 1 year low of $21.26 and a 1 year high of $41.00.

Klaviyo (NYSE:KVYO) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.04. Klaviyo had a negative net margin of 5.23% and a positive return on equity of 0.86%. The company had revenue of $235.09 million during the quarter, compared to the consensus estimate of $226.33 million. During the same period in the previous year, the firm posted ($1.24) EPS. The firm’s revenue was up 33.7% compared to the same quarter last year. As a group, equities research analysts expect that Klaviyo, Inc. will post -0.01 EPS for the current year.

Insider Activity

In related news, CFO Amanda Whalen sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $29.72, for a total value of $297,200.00. Following the completion of the sale, the chief financial officer now owns 422,813 shares in the company, valued at $12,566,002.36. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, President Stephen Eric Rowland sold 18,114 shares of Klaviyo 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 transaction, the president now owns 192,488 shares in the company, valued at approximately $6,096,094.96. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Amanda Whalen sold 10,000 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $29.72, for a total value of $297,200.00. Following the completion of the sale, the chief financial officer now directly owns 422,813 shares of the company’s stock, valued at approximately $12,566,002.36. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 659,711 shares of company stock worth $21,036,946. 53.24% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

KVYO has been the subject of a number of research reports. Benchmark cut their target price on shares of Klaviyo from $42.00 to $40.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Robert W. Baird raised their price objective on shares of Klaviyo from $42.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Canaccord Genuity Group lifted their price objective on shares of Klaviyo from $32.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Piper Sandler increased their target price on Klaviyo from $34.00 to $45.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. Finally, Cantor Fitzgerald raised their price target on Klaviyo from $33.00 to $47.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $39.00.

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.