Klaviyo (NYSE:KVYO) Given New $56.00 Price Target at Needham & Company LLC

Klaviyo (NYSE:KVYO) had its target price lifted by research analysts at Needham & Company LLC from $46.00 to $56.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price target would suggest a potential upside of 19.30% from the company’s current price.

Other research analysts have also issued reports about the company. Benchmark increased their price objective on Klaviyo from $40.00 to $51.00 and gave the company a “buy” rating in a research report on Wednesday. Loop Capital increased their price target on shares of Klaviyo from $45.00 to $60.00 and gave the company a “buy” rating in a report on Monday, December 23rd. Wells Fargo & Company boosted their price objective on shares of Klaviyo from $41.00 to $48.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 12th. Scotiabank increased their target price on shares of Klaviyo from $35.00 to $45.00 and gave the company a “sector perform” rating in a research note on Wednesday, January 29th. Finally, Canaccord Genuity Group boosted their price target on Klaviyo from $32.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $45.53.

Klaviyo Stock Performance

Shares of KVYO opened at $46.94 on Thursday. Klaviyo has a 52 week low of $21.26 and a 52 week high of $49.55. The company’s 50 day moving average price is $43.56 and its 200 day moving average price is $37.75. The company has a market capitalization of $12.66 billion, a PE ratio of -260.76 and a beta of 0.60.

Klaviyo (NYSE:KVYO) last announced its quarterly earnings results on Wednesday, February 19th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of $0.06 by ($0.12). Klaviyo had a negative net margin of 5.23% and a positive return on equity of 0.86%. On average, equities analysts forecast that Klaviyo will post 0.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Landon Edmond sold 40,000 shares of Klaviyo stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $41.80, for a total value of $1,672,000.00. Following the completion of the sale, the insider now directly 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Amanda Whalen sold 15,000 shares of the business’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $39.18, for a total value of $587,700.00. Following the sale, the chief financial officer now owns 391,820 shares of the company’s stock, valued at approximately $15,351,507.60. The trade was a 3.69 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 114,536 shares of company stock valued at $4,720,953. Insiders own 53.24% of the company’s stock.

Institutional Trading of Klaviyo

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Advisors Asset Management Inc. lifted its position in Klaviyo by 145.6% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,363 shares of the company’s stock valued at $48,000 after purchasing an additional 808 shares during the period. CIBC Private Wealth Group LLC lifted its holdings in Klaviyo by 169.5% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,752 shares of the company’s stock valued at $72,000 after buying an additional 1,102 shares during the period. Tower Research Capital LLC TRC boosted its stake in Klaviyo by 77.5% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,874 shares of the company’s stock valued at $77,000 after acquiring an additional 818 shares during the last quarter. West Tower Group LLC acquired a new stake in Klaviyo during the 3rd quarter worth $177,000. Finally, SBI Securities Co. Ltd. bought a new stake in shares of Klaviyo during the 4th quarter valued at $196,000. 45.43% of the stock is currently 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.