Yext (YEXT) Stock Price Down 9.2% on Insider Selling
Shares of Yext Inc (NYSE:YEXT) dropped 9.2% on Monday after an insider sold shares in the company. The stock traded as low as $16.03 and last traded at $16.09. Approximately 969,325 shares changed hands during mid-day trading, a decline of 3% from the average daily volume of 997,635 shares. The stock had previously closed at $17.72.
Specifically, CFO Steven Cakebread sold 20,000 shares of the firm’s stock in a transaction on Thursday, August 23rd. The stock was sold at an average price of $24.82, for a total value of $496,400.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Howard Lerman sold 63,294 shares of the firm’s stock in a transaction on Friday, September 21st. The shares were sold at an average price of $25.04, for a total value of $1,584,881.76. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 951,894 shares of company stock valued at $21,022,206. 20.80% of the stock is currently owned by corporate insiders.
Several equities analysts recently issued reports on YEXT shares. DA Davidson started coverage on Yext in a report on Monday, October 8th. They issued a “buy” rating and a $28.00 price target on the stock. SunTrust Banks started coverage on Yext in a report on Monday, August 13th. They issued a “buy” rating on the stock. Morgan Stanley reiterated a “hold” rating and issued a $26.00 price target (up previously from $15.00) on shares of Yext in a report on Tuesday, September 18th. KeyCorp reiterated a “hold” rating on shares of Yext in a report on Thursday, August 30th. Finally, Zacks Investment Research cut Yext from a “buy” rating to a “hold” rating in a report on Wednesday, August 1st. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $24.20.
Yext (NYSE:YEXT) last issued its earnings results on Thursday, August 30th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.11) by $0.01. Yext had a negative return on equity of 91.20% and a negative net margin of 36.92%. The firm had revenue of $55.10 million for the quarter, compared to analysts’ expectations of $53.67 million. On average, sell-side analysts expect that Yext Inc will post -0.79 earnings per share for the current year.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Morgan Stanley boosted its holdings in Yext by 185.2% during the third quarter. Morgan Stanley now owns 1,009,392 shares of the company’s stock worth $23,922,000 after buying an additional 655,428 shares during the last quarter. Legal & General Group Plc boosted its holdings in Yext by 130.1% during the third quarter. Legal & General Group Plc now owns 29,849 shares of the company’s stock worth $707,000 after buying an additional 16,879 shares during the last quarter. Teachers Advisors LLC boosted its holdings in Yext by 1.9% during the third quarter. Teachers Advisors LLC now owns 161,394 shares of the company’s stock worth $3,825,000 after buying an additional 2,950 shares during the last quarter. AQR Capital Management LLC bought a new position in Yext during the third quarter worth about $1,872,000. Finally, MetLife Investment Advisors LLC boosted its holdings in Yext by 55.2% during the third quarter. MetLife Investment Advisors LLC now owns 58,005 shares of the company’s stock worth $1,375,000 after buying an additional 20,620 shares during the last quarter. Hedge funds and other institutional investors own 47.15% of the company’s stock.
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About Yext (NYSE:YEXT)
Yext, Inc provides a knowledge engine platform that lets businesses manage their digital knowledge in the cloud in North America and Europe. The company offers Yext Knowledge Engine, a cloud-based global platform that enables businesses to control and manage their digital knowledge and make it available through its PowerListings Network of approximately 150 third-party maps, apps, search engines, intelligent GPS systems, digital assistants, vertical directories, and social networks.
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