Klaviyo (NYSE:KVYO) Shares Gap Up After Earnings Beat

Klaviyo, Inc. (NYSE:KVYO)’s share price gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $21.53, but opened at $24.10. Klaviyo shares last traded at $23.74, with a volume of 255,893 shares trading hands.

The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.03. The company had revenue of $210.00 million during the quarter, compared to analyst estimates of $202.08 million. Klaviyo’s quarterly revenue was up 34.5% on a year-over-year basis.

Analysts Set New Price Targets

Several brokerages recently issued reports on KVYO. William Blair restated an “outperform” rating on shares of Klaviyo in a report on Wednesday, February 28th. KeyCorp began coverage on shares of Klaviyo in a report on Thursday, March 21st. They issued a “sector weight” rating on the stock. Barclays reduced their price objective on shares of Klaviyo from $32.00 to $25.00 and set an “equal weight” rating on the stock in a report on Thursday. Piper Sandler reiterated an “overweight” rating and set a $38.00 price target on shares of Klaviyo in a research note on Wednesday, February 28th. Finally, FBN Securities initiated coverage on shares of Klaviyo in a report on Wednesday, March 20th. They set an “outperform” rating and a $35.00 target price on the stock. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Klaviyo currently has an average rating of “Moderate Buy” and an average price target of $35.50.

Insider Activity

In related news, insider Landon Edmond sold 3,545 shares of the business’s stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $24.15, for a total value of $85,611.75. Following the completion of the sale, the insider now directly owns 167,127 shares in the company, valued at $4,036,117.05. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Institutional Investors Weigh In On Klaviyo

Several institutional investors have recently bought and sold shares of KVYO. Clearbridge Investments LLC boosted its stake in shares of Klaviyo by 16.6% in the fourth quarter. Clearbridge Investments LLC now owns 2,174,097 shares of the company’s stock valued at $60,396,000 after purchasing an additional 309,864 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Klaviyo by 243.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,472,140 shares of the company’s stock valued at $40,896,000 after purchasing an additional 1,042,902 shares during the period. Vanguard Group Inc. purchased a new position in shares of Klaviyo in the third quarter valued at $49,833,000. Franklin Resources Inc. boosted its stake in shares of Klaviyo by 95.4% in the fourth quarter. Franklin Resources Inc. now owns 1,380,515 shares of the company’s stock valued at $38,351,000 after purchasing an additional 673,929 shares during the period. Finally, Glynn Capital Management LLC boosted its stake in shares of Klaviyo by 291.3% in the first quarter. Glynn Capital Management LLC now owns 1,139,307 shares of the company’s stock valued at $29,030,000 after purchasing an additional 848,152 shares during the period. 45.43% of the stock is currently owned by hedge funds and other institutional investors.

Klaviyo Stock Up 11.3 %

The firm’s 50 day moving average price is $24.40 and its two-hundred day moving average price is $26.82.

Klaviyo Company Profile

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.