Klaviyo (NYSE:KVYO) Sees Large Volume Increase After Strong Earnings

Shares of Klaviyo, Inc. (NYSE:KVYO) saw unusually-high trading volume on Thursday following a stronger than expected earnings report. Approximately 5,338,177 shares changed hands during mid-day trading, an increase of 145% from the previous session’s volume of 2,177,940 shares.The stock last traded at $27.7120 and had previously closed at $26.88.

The company reported $0.16 EPS for the quarter. The firm had revenue of $293.12 million during the quarter. Klaviyo had a negative return on equity of 1.12% and a negative net margin of 6.19%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on KVYO shares. Morgan Stanley raised Klaviyo from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $40.00 to $50.00 in a research report on Friday, September 19th. Macquarie reissued a “neutral” rating and issued a $37.00 price objective on shares of Klaviyo in a research report on Wednesday, August 6th. Wall Street Zen cut Klaviyo from a “buy” rating to a “hold” rating in a research report on Sunday, August 17th. TD Cowen boosted their price objective on Klaviyo from $45.00 to $46.00 and gave the stock a “buy” rating in a research report on Wednesday, August 6th. Finally, Benchmark reissued a “buy” rating on shares of Klaviyo in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.10.

Insider Buying and Selling

In other news, Director Ed Hallen sold 89,748 shares of Klaviyo stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $31.71, for a total value of $2,845,909.08. Following the sale, the director directly owned 177,776 shares in the company, valued at approximately $5,637,276.96. This trade represents a 33.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Andrew Bialecki sold 226,702 shares of Klaviyo stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $31.50, for a total value of $7,141,113.00. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 5,741,781 shares of company stock worth $180,719,288 in the last ninety days. 49.92% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. raised its stake in shares of Klaviyo by 466.5% in the third quarter. SBI Securities Co. Ltd. now owns 4,906 shares of the company’s stock worth $136,000 after purchasing an additional 4,040 shares during the last quarter. AlphaQuest LLC raised its stake in shares of Klaviyo by 413.8% in the third quarter. AlphaQuest LLC now owns 19,144 shares of the company’s stock worth $530,000 after purchasing an additional 15,418 shares during the last quarter. Arizona State Retirement System raised its stake in shares of Klaviyo by 9.3% in the third quarter. Arizona State Retirement System now owns 30,329 shares of the company’s stock worth $840,000 after purchasing an additional 2,580 shares during the last quarter. New York State Common Retirement Fund raised its stake in shares of Klaviyo by 8.3% in the third quarter. New York State Common Retirement Fund now owns 349,135 shares of the company’s stock worth $9,668,000 after purchasing an additional 26,767 shares during the last quarter. Finally, Pier 88 Investment Partners LLC grew its holdings in shares of Klaviyo by 11.7% in the third quarter. Pier 88 Investment Partners LLC now owns 45,760 shares of the company’s stock worth $1,267,000 after acquiring an additional 4,780 shares during the period. Hedge funds and other institutional investors own 45.43% of the company’s stock.

Klaviyo Stock Up 3.9%

The company has a fifty day moving average of $28.84 and a 200 day moving average of $31.27. The company has a market cap of $8.37 billion, a P/E ratio of -111.43 and a beta of 1.26.

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.