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BOSTON - Summit Partners, a major shareholder in Klaviyo, Inc. (NYSE:KVYO), announced Wednesday it plans to sell 6.5 million shares of Series A common stock in an underwritten public offering. The announcement comes as Klaviyo’s stock has declined 14% in the past week and 37% over the last six months, according to InvestingPro data.
The selling stockholders, identified as entities affiliated with Summit Partners, L.P., also expect to grant the underwriter a 30-day option to purchase up to an additional 975,000 shares. Klaviyo will not receive any proceeds from the sale.
Barclays is serving as the sole underwriter for the offering. The investment bank may offer the shares through various channels including the New York Stock Exchange, over-the-counter market, or negotiated transactions at prevailing market prices.
The offering is subject to market conditions, with no guarantee regarding completion timing or final terms. A registration statement for the shares was filed with the Securities and Exchange Commission on February 19, 2025, and became effective immediately.
Klaviyo, which describes itself as a customer relationship management platform built for business-to-consumer brands, serves clients including Mattel, Glossier, and CorePower Yoga. The company went public in 2023 and currently trades on the New York Stock Exchange.
The announcement comes as part of a regulatory disclosure based on a press release statement from Klaviyo. The offering represents a significant move by one of the company’s major investors to reduce its stake in the business.
In other recent news, Klaviyo Inc reported a robust second-quarter performance with a 32% increase in revenue, surpassing Wall Street’s expectations of 26%. This strong growth has led management to raise its fiscal year 2025 growth guidance to 27-28%. Following these results, several analyst firms have adjusted their price targets for the company. TD Cowen and Benchmark both raised their price targets to $46, maintaining a Buy rating. Piper Sandler increased its price target significantly to $55, citing robust international growth of 42% year-over-year. Stifel also raised its price target to $42, noting stronger-than-expected results and raised guidance. Cantor Fitzgerald reiterated its Overweight rating with a $48 price target, highlighting better-than-expected new customer additions. These developments reflect a positive outlook from analysts on Klaviyo’s recent performance and future prospects.
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