Royce & Associates LP Trims Holdings in Yext Inc (YEXT)
Royce & Associates LP reduced its holdings in shares of Yext Inc (NYSE:YEXT) by 56.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 47,000 shares of the company’s stock after selling 62,000 shares during the period. Royce & Associates LP’s holdings in Yext were worth $698,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in the business. Edge Wealth Management LLC purchased a new stake in shares of Yext in the fourth quarter worth $92,000. FMR LLC purchased a new stake in shares of Yext in the third quarter worth $203,000. Cim Investment Mangement Inc. purchased a new stake in shares of Yext in the fourth quarter worth $165,000. Diversified Trust Co purchased a new stake in shares of Yext in the fourth quarter worth $185,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Yext in the fourth quarter worth $187,000. 54.06% of the stock is owned by institutional investors and hedge funds.
In other Yext news, CEO Howard Lerman sold 30,000 shares of the stock in a transaction on Monday, March 11th. The shares were sold at an average price of $23.04, for a total transaction of $691,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael Walrath acquired 100,000 shares of the stock in a transaction on Friday, December 21st. The shares were acquired at an average price of $13.35 per share, with a total value of $1,335,000.00. The disclosure for this purchase can be found here. Insiders have sold 572,067 shares of company stock valued at $9,801,062 over the last ninety days. 20.80% of the stock is currently owned by corporate insiders.
Yext (NYSE:YEXT) last posted its earnings results on Wednesday, March 6th. The company reported ($0.03) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.09) by $0.06. The company had revenue of $63.80 million during the quarter, compared to analysts’ expectations of $62.77 million. Yext had a negative net margin of 34.74% and a negative return on equity of 104.67%. Yext’s quarterly revenue was up 32.9% on a year-over-year basis. During the same period last year, the company posted ($0.10) earnings per share. As a group, equities analysts predict that Yext Inc will post -0.84 EPS for the current fiscal year.
YEXT has been the subject of a number of analyst reports. Morgan Stanley increased their price objective on shares of Yext from $15.00 to $16.00 and gave the stock an “underweight” rating in a research note on Thursday, March 7th. SunTrust Banks reaffirmed a “buy” rating and set a $28.00 target price on shares of Yext in a research note on Friday, December 14th. KeyCorp reaffirmed a “hold” rating on shares of Yext in a research note on Thursday, November 29th. Berenberg Bank initiated coverage on shares of Yext in a research note on Friday, November 16th. They set a “buy” rating and a $25.00 target price for the company. Finally, Oppenheimer initiated coverage on shares of Yext in a research note on Thursday, January 24th. They set an “outperform” rating and a $23.00 target price for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $22.71.
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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