Klaviyo (NYSE:KVYO) Stock Price Down 2.5% on Analyst Downgrade

Klaviyo, Inc. (NYSE:KVYO)’s share price was down 2.5% on Tuesday after Wells Fargo & Company lowered their price target on the stock from $45.00 to $26.00. Wells Fargo & Company currently has an equal weight rating on the stock. Klaviyo traded as low as $23.92 and last traded at $24.04. Approximately 322,168 shares traded hands during trading, a decline of 75% from the average daily volume of 1,298,317 shares. The stock had previously closed at $24.67.

Other equities research analysts also recently issued reports about the company. Citigroup increased their price target on Klaviyo from $39.00 to $48.00 and gave the stock a “neutral” rating in a report on Tuesday, February 11th. Needham & Company LLC lifted their target price on shares of Klaviyo from $46.00 to $56.00 and gave the company a “buy” rating in a report on Thursday, February 20th. Piper Sandler boosted their price target on shares of Klaviyo from $50.00 to $53.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. Stephens initiated coverage on shares of Klaviyo in a research report on Wednesday, March 19th. They issued an “overweight” rating and a $43.00 price objective for the company. Finally, Cantor Fitzgerald boosted their target price on Klaviyo from $47.00 to $54.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $46.05.

Insider Transactions at Klaviyo

In other news, President Stephen Eric Rowland sold 7,060 shares of the stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $26.66, for a total value of $188,219.60. Following the completion of the sale, the president now owns 447,310 shares of the company’s stock, valued at $11,925,284.60. This represents a 1.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Summit Partners L. P sold 2,000,000 shares of Klaviyo stock in a transaction on Friday, March 14th. The shares were sold at an average price of $32.44, for a total transaction of $64,880,000.00. The disclosure for this sale can be found here. Insiders sold a total of 2,088,770 shares of company stock worth $67,947,356 in the last ninety days. Insiders own 53.24% of the company’s stock.

Institutional Investors Weigh In On Klaviyo

Hedge funds have recently modified their holdings of the stock. CIBC Private Wealth Group LLC increased its stake in Klaviyo by 169.5% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,752 shares of the company’s stock worth $72,000 after buying an additional 1,102 shares during the period. Tower Research Capital LLC TRC lifted its stake in shares of Klaviyo by 77.5% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,874 shares of the company’s stock worth $77,000 after acquiring an additional 818 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Klaviyo in the fourth quarter worth about $196,000. US Bancorp DE purchased a new position in Klaviyo in the fourth quarter valued at about $199,000. Finally, Bank Julius Baer & Co. Ltd Zurich grew its stake in Klaviyo by 8.0% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 4,836 shares of the company’s stock valued at $220,000 after purchasing an additional 359 shares in the last quarter. 45.43% of the stock is currently owned by hedge funds and other institutional investors.

Klaviyo Stock Performance

The firm has a fifty day simple moving average of $33.51 and a 200-day simple moving average of $37.90. The company has a market capitalization of $6.67 billion, a PE ratio of -135.68 and a beta of 1.39.

Klaviyo (NYSE:KVYO) last posted its quarterly earnings results on Wednesday, February 19th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.12). Klaviyo had a negative net margin of 4.92% and a positive return on equity of 0.89%. The company had revenue of $270.16 million during the quarter, compared to analyst estimates of $257.24 million. As a group, research analysts anticipate that Klaviyo, Inc. will post 0.04 EPS for the current fiscal 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.