Needham & Company LLC Cuts Klaviyo (NYSE:KVYO) Price Target to $45.00

Klaviyo (NYSE:KVYO) had its target price lowered by Needham & Company LLC from $56.00 to $45.00 in a report released on Wednesday morning, MarketBeat reports. The brokerage currently has a buy rating on the stock.

A number of other analysts have also commented on the company. Barclays dropped their price target on Klaviyo from $51.00 to $35.00 and set an “overweight” rating for the company in a research note on Monday, April 21st. Stephens began coverage on Klaviyo in a research report on Wednesday, March 19th. They set an “overweight” rating and a $43.00 price objective for the company. Wells Fargo & Company lifted their target price on Klaviyo from $26.00 to $32.00 and gave the stock an “equal weight” rating in a report on Monday, May 5th. Citigroup upped their target price on shares of Klaviyo from $39.00 to $48.00 and gave the company a “neutral” rating in a research note on Tuesday, February 11th. Finally, The Goldman Sachs Group boosted their price objective on shares of Klaviyo from $45.00 to $51.00 and gave the company a “buy” rating in a report on Thursday, February 20th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.11.

Klaviyo Stock Up 0.4 %

NYSE:KVYO opened at $33.38 on Wednesday. The firm has a market capitalization of $9.12 billion, a P/E ratio of -185.44 and a beta of 1.35. The company has a fifty day moving average of $30.54 and a 200 day moving average of $37.38. Klaviyo has a 52 week low of $21.26 and a 52 week high of $49.55.

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

Insider Buying and Selling at Klaviyo

In other news, President Stephen Eric Rowland sold 7,060 shares of the business’s stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $26.66, for a total transaction of $188,219.60. Following the transaction, the president now directly owns 447,310 shares in the company, valued at $11,925,284.60. The trade was a 1.55 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Jeff Fagnan purchased 3,900 shares of the business’s stock in a transaction that occurred on Wednesday, April 9th. The stock was bought at an average cost of $25.77 per share, with a total value of $100,503.00. Following the acquisition, the insider now owns 3,900 shares of the company’s stock, valued at approximately $100,503. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders sold 2,073,770 shares of company stock valued at $67,259,606 over the last quarter. 53.24% of the stock is currently owned by insiders.

Institutional Trading of Klaviyo

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Klaviyo by 9.7% in the 1st quarter. Vanguard Group Inc. now owns 8,467,933 shares of the company’s stock valued at $256,240,000 after buying an additional 746,078 shares during the period. Whale Rock Capital Management LLC boosted its position in shares of Klaviyo by 7.4% during the 4th quarter. Whale Rock Capital Management LLC now owns 3,868,451 shares of the company’s stock worth $159,535,000 after purchasing an additional 267,845 shares during the period. Bank of New York Mellon Corp increased its holdings in Klaviyo by 5.0% in the 4th quarter. Bank of New York Mellon Corp now owns 2,926,187 shares of the company’s stock valued at $120,676,000 after purchasing an additional 140,127 shares during the last quarter. Clearbridge Investments LLC increased its holdings in Klaviyo by 0.9% in the 4th quarter. Clearbridge Investments LLC now owns 2,168,336 shares of the company’s stock valued at $89,422,000 after purchasing an additional 19,567 shares during the last quarter. Finally, Franklin Resources Inc. lifted its stake in Klaviyo by 48.6% during the fourth quarter. Franklin Resources Inc. now owns 1,943,523 shares of the company’s stock worth $80,151,000 after purchasing an additional 635,962 shares in the last quarter. 45.43% of the stock is owned by institutional investors and hedge funds.

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.