State Street Corp Acquires 32,034 Shares of Klaviyo, Inc. (NYSE:KVYO)

State Street Corp increased its position in Klaviyo, Inc. (NYSE:KVYO) by 7.9% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 435,448 shares of the company’s stock after buying an additional 32,034 shares during the period. State Street Corp owned about 0.16% of Klaviyo worth $15,406,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in KVYO. Integrated Wealth Concepts LLC purchased a new stake in shares of Klaviyo during the 3rd quarter worth approximately $5,113,000. Alkeon Capital Management LLC purchased a new stake in Klaviyo during the 3rd quarter valued at $10,614,000. FORA Capital LLC purchased a new stake in Klaviyo in the 3rd quarter worth about $977,000. Cynosure Group LLC boosted its holdings in Klaviyo by 268.9% during the 3rd quarter. Cynosure Group LLC now owns 194,643 shares of the company’s stock valued at $6,886,000 after acquiring an additional 141,884 shares during the period. Finally, FMR LLC increased its stake in Klaviyo by 428.1% in the 3rd quarter. FMR LLC now owns 100,982 shares of the company’s stock worth $3,573,000 after buying an additional 81,861 shares during the period. Institutional investors own 45.43% of the company’s stock.

Klaviyo Price Performance

Shares of KVYO opened at $43.53 on Wednesday. Klaviyo, Inc. has a 12-month low of $21.26 and a 12-month high of $44.77. The business’s fifty day moving average price is $38.21 and its 200 day moving average price is $32.02. The stock has a market capitalization of $11.74 billion, a PE ratio of -241.82 and a beta of 0.97.

Klaviyo (NYSE:KVYO) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.04. The firm had revenue of $235.09 million for the quarter, compared to the consensus estimate of $226.33 million. Klaviyo had a negative net margin of 5.23% and a positive return on equity of 0.86%. Klaviyo’s quarterly revenue was up 33.7% compared to the same quarter last year. During the same period last year, the firm posted ($1.24) EPS. As a group, research analysts anticipate that Klaviyo, Inc. will post 0.03 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Stifel Nicolaus began coverage on Klaviyo in a research note on Tuesday, October 22nd. They issued a “buy” rating and a $45.00 price target for the company. Benchmark lowered their price target on shares of Klaviyo from $42.00 to $40.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Barclays lifted their price target on shares of Klaviyo from $32.00 to $41.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Canaccord Genuity Group increased their price objective on Klaviyo from $32.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, Cantor Fitzgerald increased their price target on Klaviyo from $33.00 to $47.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Three 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, Klaviyo has a consensus rating of “Moderate Buy” and an average price target of $40.88.

Insider Activity at Klaviyo

In related news, insider Landon Edmond sold 40,000 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $34.56, for a total value of $1,382,400.00. Following the completion of the transaction, the insider now directly owns 236,621 shares of the company’s stock, valued at approximately $8,177,621.76. This trade represents a 14.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Amanda Whalen sold 10,000 shares of the firm’s stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $35.36, for a total transaction of $353,600.00. Following the transaction, the chief financial officer now directly owns 422,813 shares in the company, valued at approximately $14,950,667.68. This represents a 2.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 127,650 shares of company stock worth $4,676,705 in the last 90 days. 53.24% of the stock is owned by company insiders.

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.