Klaviyo (NYSE:KVYO) Shares Down 6.6% After Analyst Downgrade

Klaviyo, Inc. (NYSE:KVYO) dropped 6.6% on Friday after Wells Fargo & Company lowered their price target on the stock from $48.00 to $45.00. Wells Fargo & Company currently has an equal weight rating on the stock. Klaviyo traded as low as $41.53 and last traded at $41.36. Approximately 401,674 shares changed hands during trading, a decline of 68% from the average daily volume of 1,238,106 shares. The stock had previously closed at $44.26.

Several other equities research analysts also recently weighed in on the company. Benchmark upped their price target on Klaviyo from $40.00 to $51.00 and gave the stock a “buy” rating in a report on Wednesday. Macquarie reiterated a “neutral” rating and issued a $36.00 price objective on shares of Klaviyo in a report on Friday, November 8th. Robert W. Baird increased their price objective on Klaviyo from $42.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. Loop Capital increased their price objective on Klaviyo from $45.00 to $60.00 and gave the company a “buy” rating in a report on Monday, December 23rd. Finally, William Blair reiterated an “outperform” rating on shares of Klaviyo in a report on Thursday, December 19th. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $49.44.

Insiders Place Their Bets

In other Klaviyo news, insider Landon Edmond sold 40,000 shares of the firm’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $41.80, for a total transaction of $1,672,000.00. Following the completion of the transaction, the insider now owns 298,607 shares of the company’s stock, valued at approximately $12,481,772.60. This trade represents a 11.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Amanda Whalen sold 15,000 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $45.85, for a total value of $687,750.00. Following the transaction, the chief financial officer now directly owns 376,820 shares of the company’s stock, valued at $17,277,197. The trade was a 3.83 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 114,536 shares of company stock valued at $4,720,953. Corporate insiders own 53.24% of the company’s stock.

Institutional Investors Weigh In On Klaviyo

A number of hedge funds and other institutional investors have recently made changes to their positions in KVYO. Whale Rock Capital Management LLC grew its position in shares of Klaviyo by 608.9% in the third quarter. Whale Rock Capital Management LLC now owns 3,600,606 shares of the company’s stock valued at $127,389,000 after purchasing an additional 3,092,725 shares during the period. Focus Partners Wealth purchased a new stake in shares of Klaviyo in the fourth quarter valued at $38,870,000. D. E. Shaw & Co. Inc. grew its position in shares of Klaviyo by 195.4% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,310,227 shares of the company’s stock valued at $54,034,000 after purchasing an additional 866,749 shares during the period. Lord Abbett & CO. LLC purchased a new stake in shares of Klaviyo in the fourth quarter valued at $30,851,000. Finally, Ameriprise Financial Inc. grew its position in shares of Klaviyo by 229.5% in the fourth quarter. Ameriprise Financial Inc. now owns 982,134 shares of the company’s stock valued at $40,507,000 after purchasing an additional 684,026 shares during the period. Hedge funds and other institutional investors own 45.43% of the company’s stock.

Klaviyo Price Performance

The firm has a market cap of $11.16 billion, a PE ratio of -229.57 and a beta of 0.60. The stock has a 50-day moving average price of $43.66 and a 200 day moving average price of $37.80.

Klaviyo (NYSE:KVYO) last announced its quarterly earnings data on Wednesday, February 19th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.12). Klaviyo had a negative net margin of 4.92% and a positive return on equity of 0.90%. The business had revenue of $270.16 million during the quarter, compared to analysts’ expectations of $257.24 million. As a group, equities research analysts anticipate that Klaviyo, Inc. will post 0.04 earnings per share for the current year.

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.