Klaviyo (NYSE:KVYO) Shares Gap Up on Better-Than-Expected Earnings

Klaviyo, Inc. (NYSE:KVYO) shares gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $30.70, but opened at $35.47. Klaviyo shares last traded at $35.39, with a volume of 870,850 shares.

The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.03. The company had revenue of $293.12 million for the quarter, compared to analysts’ expectations of $275.97 million. Klaviyo had a negative return on equity of 1.13% and a negative net margin of 6.19%. Klaviyo’s revenue for the quarter was up 31.9% compared to the same quarter last year. During the same period last year, the firm posted $0.15 EPS.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on KVYO shares. Mizuho decreased their price objective on Klaviyo from $52.00 to $40.00 and set an “outperform” rating on the stock in a report on Tuesday, April 15th. Morgan Stanley decreased their price objective on Klaviyo from $50.00 to $34.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 16th. TD Cowen raised their price objective on Klaviyo from $45.00 to $46.00 and gave the company a “buy” rating in a report on Wednesday. Wells Fargo & Company raised Klaviyo from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $32.00 to $40.00 in a report on Friday, June 13th. Finally, Truist Financial reduced their price target on Klaviyo from $55.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Four research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $43.55.

Insider Transactions at Klaviyo

In related news, President Stephen Eric Rowland sold 7,079 shares of Klaviyo stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $31.56, for a total transaction of $223,413.24. Following the sale, the president directly owned 435,845 shares in the company, valued at $13,755,268.20. The trade was a 1.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Landon Edmond sold 9,965 shares of Klaviyo stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $34.85, for a total value of $347,280.25. Following the sale, the insider owned 404,744 shares in the company, valued at $14,105,328.40. This represents a 2.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 8,094,418 shares of company stock worth $268,580,202. Corporate insiders own 49.92% of the company’s stock.

Institutional Investors Weigh In On Klaviyo

Hedge funds have recently made changes to their positions in the company. TFC Financial Management Inc. purchased a new position in Klaviyo during the first quarter valued at $27,000. CWM LLC raised its stake in Klaviyo by 227.5% during the first quarter. CWM LLC now owns 930 shares of the company’s stock valued at $28,000 after buying an additional 646 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in Klaviyo during the second quarter valued at $31,000. First Horizon Advisors Inc. purchased a new position in Klaviyo during the second quarter valued at $37,000. Finally, State of Wyoming purchased a new position in Klaviyo during the first quarter valued at $42,000. 45.43% of the stock is currently owned by institutional investors.

Klaviyo Price Performance

The stock has a 50 day simple moving average of $33.08 and a 200-day simple moving average of $34.83. The firm has a market cap of $10.48 billion, a PE ratio of -141.10 and a beta of 1.36.

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.