Piper Sandler Lowers Klaviyo (NYSE:KVYO) Price Target to $35.00

Klaviyo (NYSE:KVYO) had its price objective cut by Piper Sandler from $53.00 to $35.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other research firms have also recently commented on KVYO. Needham & Company LLC increased their target price on Klaviyo from $46.00 to $56.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. Barclays decreased their price objective on shares of Klaviyo from $51.00 to $35.00 and set an “overweight” rating for the company in a report on Monday. Citigroup upped their target price on shares of Klaviyo from $39.00 to $48.00 and gave the company a “neutral” rating in a research note on Tuesday, February 11th. Robert W. Baird decreased their price target on Klaviyo from $54.00 to $37.00 and set an “outperform” rating for the company in a research note on Wednesday. Finally, The Goldman Sachs Group upped their price objective on Klaviyo from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, Klaviyo currently has a consensus rating of “Moderate Buy” and an average price target of $44.21.

Klaviyo Price Performance

Klaviyo stock opened at $26.23 on Wednesday. Klaviyo has a 12-month low of $21.26 and a 12-month high of $49.55. The company has a market capitalization of $7.16 billion, a price-to-earnings ratio of -145.72 and a beta of 1.39. The firm’s fifty day moving average price is $33.09 and its 200 day moving average price is $37.82.

Klaviyo (NYSE:KVYO) last announced its earnings results on Wednesday, February 19th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.12). The business had revenue of $270.16 million for the quarter, compared to analysts’ expectations of $257.24 million. Klaviyo had a positive return on equity of 0.89% and a negative net margin of 4.92%. Analysts forecast that Klaviyo will post 0.04 earnings per share for the current fiscal year.

Insider Activity

In related news, President Stephen Eric Rowland sold 36,710 shares of the stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $35.08, for a total value of $1,287,786.80. Following the completion of the transaction, the president now owns 246,254 shares in the company, valued at $8,638,590.32. This represents a 12.97 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Summit Partners L. P sold 2,000,000 shares of the business’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $32.44, for a total transaction of $64,880,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,088,770 shares of company stock valued at $67,947,356. Insiders own 53.24% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in KVYO. State Street Corp boosted its stake in Klaviyo by 7.9% during the 3rd quarter. State Street Corp now owns 435,448 shares of the company’s stock valued at $15,406,000 after purchasing an additional 32,034 shares in the last quarter. Barclays PLC boosted its stake in Klaviyo by 1,202.0% during the third quarter. Barclays PLC now owns 12,825 shares of the company’s stock valued at $453,000 after buying an additional 11,840 shares in the last quarter. Geode Capital Management LLC grew its holdings in Klaviyo by 45.1% during the third quarter. Geode Capital Management LLC now owns 786,186 shares of the company’s stock worth $27,827,000 after acquiring an additional 244,447 shares during the period. Capital Investment Advisors LLC bought a new stake in Klaviyo in the fourth quarter worth about $621,000. Finally, Oak Ridge Investments LLC bought a new stake in Klaviyo in the fourth quarter worth about $1,646,000. Institutional investors and hedge funds own 45.43% of the company’s stock.

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.