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

Klaviyo, Inc. (NYSE:KVYO)’s stock price gapped up before the market opened on Thursday following a stronger than expected earnings report. 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 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.03. The business had revenue of $210.00 million during the quarter, compared to analyst estimates of $202.08 million. Klaviyo’s revenue for the quarter was up 34.5% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on KVYO. Mizuho reduced their target price on shares of Klaviyo from $40.00 to $35.00 and set a “buy” rating on the stock in a report on Thursday. Scotiabank began coverage on shares of Klaviyo in a report on Tuesday, April 2nd. They issued a “sector perform” rating and a $30.00 target price on the stock. The Goldman Sachs Group upgraded shares of Klaviyo from a “neutral” rating to a “buy” rating and set a $36.00 target price on the stock in a report on Monday, February 5th. Piper Sandler restated an “overweight” rating and issued a $38.00 target price on shares of Klaviyo in a report on Wednesday, February 28th. Finally, Needham & Company LLC restated a “buy” rating and issued a $40.00 target price on shares of Klaviyo in a report on Wednesday, February 28th. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $36.25.

Insider Buying and Selling at Klaviyo

In other news, insider Landon Edmond sold 3,545 shares of the firm’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 transaction of $85,611.75. Following the completion of the sale, the insider now owns 167,127 shares of the company’s stock, valued at $4,036,117.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Institutional Trading of Klaviyo

Hedge funds have recently made changes to their positions in the stock. Salem Investment Counselors Inc. bought a new position in Klaviyo during the fourth quarter worth $25,000. New York State Common Retirement Fund acquired a new stake in shares of Klaviyo in the 3rd quarter worth about $65,000. Skylands Capital LLC bought a new stake in Klaviyo in the 3rd quarter valued at about $172,000. Moody National Bank Trust Division grew its position in Klaviyo by 87.9% in the 1st quarter. Moody National Bank Trust Division now owns 15,639 shares of the company’s stock worth $398,000 after purchasing an additional 7,316 shares during the last quarter. Finally, Alberta Investment Management Corp acquired a new stake in shares of Klaviyo in the third quarter valued at approximately $391,000. Institutional investors and hedge funds own 45.43% of the company’s stock.

Klaviyo Trading Up 10.3 %

The stock has a fifty day moving average price of $24.52 and a two-hundred day moving average price of $26.85.

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.