Victory Capital Management Inc. significantly expanded its holdings in Yext, Inc. (NYSE: YEXT) by an impressive 88.2% during the first quarter of 2023. According to data from Holdings Channel, the firm acquired an additional 60,544 shares, bringing its total ownership to 129,163 shares valued at approximately $796,000 as reported in its latest filing with the Securities and Exchange Commission.
Other notable institutional investors have also adjusted their positions in Yext. The Bank of New York Mellon Corp increased its stake by 0.9%, owning 329,329 shares worth $2,029,000 after acquiring an additional 2,776 shares. Meanwhile, Summit Trail Advisors LLC raised its holdings by 2.8%, totaling 193,259 shares valued at $1,190,000 following an additional purchase of 5,220 shares.
The Teacher Retirement System of Texas also increased its investment in Yext by 19.5%, now holding 37,026 shares valued at $228,000 after purchasing an additional 6,039 shares. Additionally, MetLife Investment Management LLC boosted its position by 10.7%, owning 63,967 shares worth $407,000, and Rhumbline Advisers increased its stake by 4.7% with 155,596 shares valued at $958,000. Collectively, hedge funds and institutional investors now own approximately 70.98% of Yext’s stock.
Yext’s Market Performance
As of the latest trading session, Yext’s stock opened at $7.76. The company has a 50-day simple moving average of $8.09 and a 200-day simple moving average of $6.99. Over the past year, Yext has seen a low of $4.69 and a high of $9.15. Currently, the company boasts a market capitalization of $949.82 million, with a price-to-earnings ratio of -43.11 and a beta of 1.06.
About Yext
Yext, Inc. specializes in organizing business information to provide answers to consumer inquiries across North America and globally. It operates the Yext platform, a cloud-based solution that enables clients to manage their business facts, control content on landing pages, and oversee consumer reviews. The platform allows customers to update their information through a broad publisher network that includes maps, applications, search engines, and social media outlets.
As institutional interest in Yext continues to grow, market observers will be keen to see how these changes in investor sentiment impact the company’s stock performance in the coming months.
