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

Klaviyo, Inc. (NYSE:KVYO)’s share price fell 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. 401,674 shares were traded during mid-day trading, a decline of 68% from the average session volume of 1,238,106 shares. The stock had previously closed at $44.26.

A number of other brokerages have also recently weighed in on KVYO. Canaccord Genuity Group lifted their target price on Klaviyo from $32.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Piper Sandler boosted their price objective on Klaviyo from $50.00 to $53.00 and gave the stock an “overweight” rating in a research note on Thursday. William Blair restated an “outperform” rating on shares of Klaviyo in a research note on Thursday, December 19th. KeyCorp boosted their price objective on Klaviyo from $42.00 to $45.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Finally, Needham & Company LLC boosted their price objective on Klaviyo from $46.00 to $56.00 and gave the stock a “buy” rating in a research note on Thursday. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Klaviyo currently has an average rating of “Moderate Buy” and a consensus target price of $49.44.

Insider Transactions at Klaviyo

In related news, President Stephen Eric Rowland sold 4,536 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $40.04, for a total value of $181,621.44. Following the completion of the sale, the president now directly owns 260,403 shares of the company’s stock, valued at $10,426,536.12. The trade was a 1.71 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Amanda Whalen sold 23,950 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $40.04, for a total value of $958,958.00. Following the completion of the sale, the chief financial officer now directly owns 395,616 shares of the company’s stock, valued at approximately $15,840,464.64. This represents a 5.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 114,536 shares of company stock valued at $4,720,953. 53.24% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Klaviyo

Several institutional investors have recently made changes to their positions in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Klaviyo by 76.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 105,178 shares of the company’s stock valued at $4,338,000 after purchasing an additional 45,523 shares during the last quarter. Voloridge Investment Management LLC grew its holdings in shares of Klaviyo by 15.7% during the fourth quarter. Voloridge Investment Management LLC now owns 922,832 shares of the company’s stock valued at $38,058,000 after purchasing an additional 125,352 shares during the last quarter. Washington Harbour Partners LP bought a new position in shares of Klaviyo during the fourth quarter valued at approximately $1,794,000. Whale Rock Capital Management LLC grew its holdings in shares of Klaviyo by 7.4% during the fourth quarter. Whale Rock Capital Management LLC now owns 3,868,451 shares of the company’s stock valued at $159,535,000 after purchasing an additional 267,845 shares during the last quarter. Finally, Squarepoint Ops LLC bought a new position in shares of Klaviyo during the fourth quarter valued at approximately $2,099,000. 45.43% of the stock is owned by institutional investors.

Klaviyo Price Performance

The company has a market capitalization of $11.16 billion, a P/E ratio of -229.57 and a beta of 0.60. The company has a fifty day moving average price of $43.66 and a 200 day moving average price of $37.80.

Klaviyo (NYSE:KVYO) last issued its quarterly earnings data 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). The business had revenue of $270.16 million for the quarter, compared to analyst estimates of $257.24 million. Klaviyo had a positive return on equity of 0.90% and a negative net margin of 4.92%. On average, equities research analysts predict that Klaviyo, Inc. will post 0.04 earnings per share 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.