Sierra Summit Advisors LLC Takes $7.95 Million Position in Klaviyo, Inc. (NYSE:KVYO)

Sierra Summit Advisors LLC bought a new position in shares of Klaviyo, Inc. (NYSE:KVYO) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor bought 192,816 shares of the company’s stock, valued at approximately $7,952,000. Klaviyo accounts for about 1.6% of Sierra Summit Advisors LLC’s holdings, making the stock its 29th largest position. Sierra Summit Advisors LLC owned about 0.07% of Klaviyo at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Bank Julius Baer & Co. Ltd Zurich increased its position in shares of Klaviyo by 8.0% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 4,836 shares of the company’s stock worth $220,000 after acquiring an additional 359 shares during the period. Victory Capital Management Inc. grew its stake in Klaviyo by 10.3% during the 4th quarter. Victory Capital Management Inc. now owns 6,469 shares of the company’s stock worth $267,000 after purchasing an additional 604 shares in the last quarter. Arizona State Retirement System increased its holdings in Klaviyo by 4.0% during the 4th quarter. Arizona State Retirement System now owns 16,854 shares of the company’s stock worth $695,000 after purchasing an additional 648 shares during the period. CIBC Private Wealth Group LLC raised its position in Klaviyo by 169.5% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,752 shares of the company’s stock valued at $72,000 after purchasing an additional 1,102 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of Klaviyo by 45.2% in the 4th quarter. Wells Fargo & Company MN now owns 6,171 shares of the company’s stock valued at $254,000 after buying an additional 1,920 shares during the period. 45.43% of the stock is currently owned by institutional investors and hedge funds.

Klaviyo Price Performance

Shares of Klaviyo stock opened at $25.71 on Monday. The stock has a market capitalization of $7.02 billion, a price-to-earnings ratio of -142.85 and a beta of 1.39. The firm’s fifty day simple moving average is $39.26 and its 200-day simple moving average is $38.76. Klaviyo, Inc. has a 12 month low of $21.26 and a 12 month high of $49.55.

Klaviyo (NYSE:KVYO) last announced its earnings results 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 0.89%. The business had revenue of $270.16 million during the quarter, compared to analysts’ expectations of $257.24 million. Analysts anticipate that Klaviyo, Inc. will post 0.04 earnings per share for the current year.

Wall Street Analyst Weigh In

KVYO has been the topic of several analyst reports. Barclays raised their target price on shares of Klaviyo from $47.00 to $51.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Scotiabank raised their price objective on shares of Klaviyo from $35.00 to $45.00 and gave the company a “sector perform” rating in a report on Wednesday, January 29th. Mizuho boosted their target price on shares of Klaviyo from $42.00 to $52.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. Stephens initiated coverage on Klaviyo in a research note on Wednesday, March 19th. They issued an “overweight” rating and a $43.00 price target on the stock. Finally, Citigroup lifted 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. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $49.89.

Insider Buying and Selling at Klaviyo

In related news, President Stephen Eric Rowland sold 4,536 shares of the stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $40.04, for a total transaction of $181,621.44. Following the completion of the transaction, the president now directly owns 260,403 shares of the company’s stock, valued at $10,426,536.12. This represents a 1.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Summit Partners L. P sold 2,000,000 shares of Klaviyo stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $32.44, for a total value of $64,880,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,126,246 shares of company stock worth $69,799,958. 53.24% of the stock is currently owned by insiders.

Klaviyo 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.