Victory Capital Management Inc. has significantly increased its investment in Yext, Inc. (NYSE:YEXT), raising its holdings by an impressive **88.2%** during the first quarter of 2023. This development saw the firm acquiring 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**.
This surge in investment comes as part of a broader trend among large institutional investors adjusting their positions in Yext. For instance, **Bank of New York Mellon Corp** raised its stake by **0.9%**, resulting in ownership of **329,329 shares** now valued at **$2,029,000** after purchasing **2,776 shares** in the last quarter. Similarly, **Summit Trail Advisors LLC** increased its holdings by **2.8%**, owning **193,259 shares** worth **$1,190,000** following an acquisition of **5,220 shares**.
The **Teacher Retirement System of Texas** also showed confidence in Yext, raising its holdings by **19.5%** to **37,026 shares**, now valued at **$228,000** after acquiring an additional **6,039 shares**. Furthermore, **MetLife Investment Management LLC** improved its position by **10.7%**, increasing its total to **63,967 shares**, valued at **$407,000**. Finally, **Rhumbline Advisers** boosted its holdings by **4.7%**, now owning **155,596 shares** worth **$958,000** after acquiring **7,047 shares** during the same period.
Currently, institutional investors, including hedge funds, own approximately **70.98%** of Yext’s stock, indicating strong institutional confidence in the company.
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 experienced a low of **$4.69** and a high of **$9.15**, reflecting its volatility in the market. The company’s market capitalization stands at approximately **$949.82 million**, with a **price-to-earnings (PE) ratio** of **-43.11** and a **beta** of **1.06**, indicating a higher level of risk compared to the overall market.
Yext operates a cloud-based platform that enables businesses to manage their online presence and provide accurate answers to consumer inquiries. This platform allows customers to control their business information across various digital channels, including maps, apps, and social networks, enhancing their visibility and engagement with potential clients.
As Yext continues to evolve and expand its platform, the increased investment from major institutional players could signify confidence in its growth potential and market strategy. For those interested in following the ongoing developments regarding Yext, regular updates on institutional holdings and market performance can be accessed through platforms like HoldingsChannel.com.