Exploring Kaltura, Inc. (KLTR) Investor Profile: Who’s Buying and Why?

You're looking at Kaltura, Inc. (KLTR) and asking the right question: why is this stock moving, and who's driving the action? Honestly, the investor profile is a fascinating mix of institutional confidence and strategic moves that just hit the tape. We saw institutional ownership-firms like BlackRock, Inc. and Vanguard Group Inc.-holding around 40.41% of the float as of late 2025, but the real story is the recent financial pivot: the company reported a record adjusted EBITDA of $4.2 million in Q3 2025, marking their ninth consecutive quarter of adjusted EBITDA profitability, which is defintely a huge signal for a growth stock. Plus, management signaled their own conviction by repurchasing 14.4 million shares from Goldman Sachs Group Inc. for $16.6 million, a clear anti-dilutive move. So, are the big funds buying because of the raised full-year 2025 Adjusted EBITDA guidance of $16.6 million to $17.6 million, or are they more focused on the $27 million acquisition of eSelf.ai to jump-start their GenAI capabilities? Let's break down the key players, the Q3 financials that sent the stock up 24%, and what their buying-and selective selling-tells us about Kaltura's near-term trajectory.

Who Invests in Kaltura, Inc. (KLTR) and Why?

You're looking at Kaltura, Inc. (KLTR) and trying to figure out who the major players are and what their game plan is. It's a smart move. In a company like Kaltura, where the stock has seen volatility, understanding the investor base-the 'who'-is the first step to understanding the 'why' and mapping the risk. The direct takeaway is this: institutional money is the dominant force, betting on the long-term shift to video-centric enterprise and education, even as the company works toward consistent GAAP net profitability.

As of late 2025, institutional investors hold the most significant sway, controlling approximately 42.49% of the shares outstanding. This is where the big money lives-firms like BlackRock, Inc., Vanguard Group Inc., and Goldman Sachs Group Inc. The general public, or retail investors, holds a substantial but less influential stake of about 21%. Insiders, including executives and board members, also maintain a strong position, owning around 13.5% of the stock, which is a good sign for management's alignment with shareholder interests.

Investment Motivations: The SaaS Growth Story

So, what's the draw? Institutional investors aren't buying Kaltura for dividends-it doesn't pay one. They are buying a growth-equity story centered on the company's strategic positioning in the video technology sector. The core motivation is a bet on the continued, sticky nature of its Software-as-a-Service (SaaS) model, especially in the Enterprise, Education, and Technology (EE&T) segment, which drives the majority of revenue.

The company's financial trajectory, while still showing a GAAP net loss of -$2.63 million in Q3 2025, is demonstrating operational leverage. They hit a record adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of $4.2 million in Q3 2025, marking their ninth consecutive profitable quarter on that non-GAAP basis. This shift to positive adjusted EBITDA is what the market's been watching. Plus, the recent acquisition of eSelf.ai for $27 million is a clear signal that management is doubling down on GenAI capabilities to drive future growth. That's a strong narrative for a tech-focused portfolio manager.

• Betting on video-centric SaaS market expansion.
• Focus on adjusted EBITDA profitability, not net income yet.
• Valuation looks cheap with a P/S ratio of 1.22.

Strategies: Long-Term Growth vs. Value Play

The investment strategies here are a mix, but the dominant theme among the largest holders is a long-term, growth-equity perspective, often with a value tilt. Venture Capital firms like 406 Ventures and Avalon Ventures, who still hold significant stakes, are inherently long-term holders from the company's earlier days. They're waiting for the full realization of the platform's potential.

The recent corporate action provides a clear example of a value-focused strategy. In Q3 2025, Kaltura repurchased 14.4 million shares from Goldman Sachs for $16.6 million, a move that signals management's strong confidence in the company's long-term value. When a company buys back its own stock at a discount, it's defintely a value play. On the other hand, the stock's high Beta of 1.74 means it's more volatile than the overall market, which attracts short-term traders looking to capitalize on price swings, but that's a smaller, more tactical group.

Here's the quick math on the 2025 outlook: The company forecasts full-year 2025 Total Revenue between $180.3 million and $181.0 million, with Adjusted EBITDA projected to be between $16.6 million and $17.6 million. This is a story of margin expansion and controlled growth, not hyper-growth, so the investment horizon is measured. If you want to dive deeper into the operational numbers that support this investment thesis, you should check out Breaking Down Kaltura, Inc. (KLTR) Financial Health: Key Insights for Investors.

Next Step: Review the Q4 2025 guidance for any shifts in the Adjusted EBITDA forecast to confirm the margin expansion trend.

Institutional Ownership and Major Shareholders of Kaltura, Inc. (KLTR)

Kaltura, Inc.'s investor profile is dominated by institutional money, with large investment firms holding a significant stake, which suggests a high degree of professional scrutiny and influence over the company's direction. As of November 2025, institutional ownership accounts for approximately 42.58% of the stock, a substantial portion that gives these entities considerable sway.

The total value of institutional holdings reached $97 million as of the September 30, 2025, filings, representing 65,682,359 total shares held by 115 institutional holders. This concentration means their collective buying and selling decisions can move the stock price defintely.

Top Institutional Investors and Shareholdings

The top institutional investors in Kaltura, Inc. (KLTR) include a mix of venture capital firms that backed the company pre-IPO and major index fund managers, plus active asset managers. These are the players whose moves you need to track.

Here is a snapshot of the largest institutional holdings based on the most recent filings for the quarter ending September 30, 2025:

Note that while the Vanguard Group Inc. and Blackrock, Inc. are major holders, their positions are often driven by index-tracking strategies, which means their trades reflect the stock's inclusion in an index rather than a dedicated view on Kaltura, Inc.'s fundamentals.

Recent Shifts in Institutional Ownership

Looking at the activity in the third quarter of 2025, the institutional money has been dynamic, signaling ongoing re-evaluation of Kaltura, Inc.'s prospects. We saw a slight net decrease in shares held across all institutional filings. Specifically, there were 39 institutions that increased their positions, but 52 that decreased their stakes, with 24 holding their positions steady.

Here's the quick math on some key movers:

• Gagnon Securities Llc. significantly boosted its holding by over 32.6%, acquiring an additional 709,598 shares during the third quarter.
• Acadian Asset Management LLC also showed strong conviction, having boosted its position by 170.6% in the first quarter, now owning 1,483,536 shares.
• Conversely, Blackrock, Inc. reduced its position by -56,287 shares, a small but notable trim from a major passive holder.

This mixed activity-new money coming in, but more institutions reducing their exposure-suggests a divergence of opinion on the near-term valuation, especially with the company's Q3 2025 revenue of $43.87 million beating consensus.

Impact of Institutional Investors on Strategy and Price

Institutional investors are not just passive holders; their large positions give them a powerful voice in corporate governance and strategy. Their substantial holdings imply they have significant influence over Kaltura, Inc.'s share price.

A concrete example of this influence came in Q3 2025 when Kaltura, Inc. executed a significant strategic move: the repurchase of 14.4 million shares from Goldman Sachs Group Inc. for $16.6 million. This action, effectively a private transaction with a major institutional shareholder, indicates a strong confidence in the company's future prospects by management and a strategic realignment of a large institutional stake. This kind of move can reduce overhang (excess supply of shares) and is a clear signal of capital allocation strategy.

What this estimate hides is the potential for volatility. If two or three of the largest institutional holders decide to sell out simultaneously, the stock price would face immense downward pressure, regardless of the company's fundamental performance. You can read more about the company's foundational structure and market position here: Kaltura, Inc. (KLTR): History, Ownership, Mission, How It Works & Makes Money. The fact that a total of seven investors hold a majority stake of 53% ownership, including venture funds and insiders, means a few key relationships drive the company's long-term direction.

Next step: Focus your due diligence on the motivations of the active managers like Gagnon Securities Llc. and Acadian Asset Management LLC to understand their bullish thesis.

Key Investors and Their Impact on Kaltura, Inc. (KLTR)

You're looking at Kaltura, Inc. (KLTR) and trying to figure out who the big players are and what their moves mean for the stock. The direct takeaway here is that Kaltura's investor base is dominated by a few major venture capital and institutional funds, and their recent activity shows a split narrative: some are aggressively increasing their stake, betting on the turnaround, while a key early investor is exiting a large position.

It's a classic small-cap story where a few institutional holders have outsized influence, so understanding their positions is defintely crucial.

The Institutional Heavyweights: Who Owns the Largest Slice?

Kaltura's ownership structure is heavily weighted toward institutional investors, who collectively hold around 37% of the company's stock, giving them significant sway over major decisions and the share price. These aren't just passive index funds; the top holders are venture capital firms and investment banks that were involved early on and still command large blocks of shares. The concentration of ownership means that any large-scale buying or selling by these entities can move the stock more dramatically than in a larger-cap company.

The top three institutional holders, based on filings from the 2025 fiscal year, are the ones to watch closely:

• 406 Ventures Management, L.P.: Holds approximately 10.87% of shares outstanding.
• Nexus India Capital II, L.P.: Owns roughly 10.39% of the company.
• The Goldman Sachs Group, Inc.: Held a significant stake of 9.35% as of mid-2025.

Plus, don't forget the insiders. Co-Founder, Chairman, President, and CEO Ron Yekutiel directly holds a substantial 6.7% of the total shares outstanding. That level of direct skin in the game is a strong signal, but it also means his personal strategy is deeply tied to the company's long-term health. For a deeper dive into the company's foundational story and business model, you can check out Kaltura, Inc. (KLTR): History, Ownership, Mission, How It Works & Makes Money.

Recent Moves: Buying the Dip vs. Strategic Exit

The most compelling recent action is the clear divergence in investor sentiment, especially in the first three quarters of 2025. Some funds are clearly buying into the company's push toward profitability, which saw Q3 2025 Adjusted EBITDA hit a record $4.2 million.

Here's the quick math on who's been adding and who's been trimming their positions:

The share repurchase from Goldman Sachs for $16.6 million, representing 9.2% of outstanding shares, is a major event. It's a direct negotiation that signals Goldman Sachs, an early investor, is taking a large chunk of capital off the table. But, to be fair, the company buying back its own shares at that price also shows management's confidence in the intrinsic value, especially with full-year 2025 revenue guidance set between $180.3 million and $181.0 million.

Investor Influence and Actionable Risk

The influence of these investors is most clearly seen in the company's strategic direction. When a major holder like Goldman Sachs agrees to sell 14.4 million shares back to the company, it frees up the float (the number of shares available to the public) and reduces the overhang risk from a potential market sale. This is a decision that directly impacts the capital structure. The collective weight of institutions (over 30% ownership) means they have the power to push for operational efficiencies and strategic shifts, especially as the company works to reduce its net loss, which was $2.63 million in Q3 2025.

What this mix of buying and selling hides is the risk of insider selling. Insiders, including CFO John N. Doherty and Director Eyal Manor, have been consistently selling shares in the latter half of 2025. For instance, Director Eyal Manor sold 27,956 shares on November 13, 2025, for a total of $50,879.92. While these sales are often pre-arranged (Rule 10b5-1 plans), a pattern of insider selling while the stock is trying to find its footing can dampen investor enthusiasm. It suggests that those closest to the business are taking profits or managing personal liquidity, which is a near-term risk you should monitor.

The clear action for you is to watch the next 13F filings to see if the aggressive buyers, like Acadian and Gagnon, continue to add to their positions in Q4 2025. Finance: monitor institutional ownership changes for any fund crossing the 15% threshold by the next filing date.

Market Impact and Investor Sentiment

You're looking at Kaltura, Inc. (KLTR) and trying to figure out if the big players are buying or running. The short answer is that major shareholders currently hold a Neutral to cautiously Positive sentiment, which is a key signal in a stock with a relatively small market capitalization of around $247.00 million as of late November 2025.

Institutional investors, who collectively own approximately 30.79% of the stock, are not showing a unified front, but the overall conviction leans toward a 'Hold' consensus. For instance, Blackrock, Inc. held 5,657,065 shares as of the Q3 2025 reporting period, a slight reduction from the previous quarter, which shows a measured, not aggressive, stance. This isn't a BlackRock-style conviction buy, but it's not a panic sale either. The largest institutional holders are primarily passive funds and early-stage investors, including Vanguard Group Inc. and Gagnon Securities LLC.

• Institutional Ownership: 30.79% of shares
• Blackrock, Inc. Holding: 5,657,065 shares (as of 9/30/2025)
• Insider Sales (3-month total): $136,631.00

Recent Market Reactions to Key Ownership Moves

The stock market's reaction to major ownership changes in Kaltura, Inc. (KLTR) has been swift, particularly around corporate actions. The most notable recent move was the company's repurchase of 14.4 million shares from Goldman Sachs Group, Inc. for $16.6 million on November 10, 2025. This immediately signals management's belief that the stock is undervalued, providing a solid, concrete floor for the share price near the time of the transaction.

On the flip side, insider selling has been a consistent headwind. Over the past three months, insiders have sold a total of $136,631.00 in company stock, with CFO John N. Doherty and Director Eyal Manor being key sellers. To be fair, this is often planned selling (Rule 10b5-1 plans), but investors defintely watch it. Still, the stock's Q3 2025 earnings beat-reporting an EPS of $0.01 against an expected loss of ($0.0050) and revenue of $43.87 million-drove a positive market reaction, proving that operational performance trumps ownership noise in the near term.

Analyst Perspectives on Key Investors' Impact

The analyst community views the current investor mix as a reflection of Kaltura, Inc.'s (KLTR) transition from a high-growth, venture-backed company to a public, profitability-focused entity. The consensus analyst rating is a 'Hold' or 'Reduce,' with an average price target hovering around $3.00.

Here's the quick math: with the stock trading near $1.58 in late November 2025, the average target suggests a potential upside of over 90%. What this estimate hides is the underlying skepticism from some corners, like Wells Fargo, which recently trimmed its price target to $1.00 while maintaining an 'Underweight' rating. The presence of large, long-term holders like Vanguard and Blackrock, Inc. provides a crucial layer of stability, forcing analysts to consider the long-term value proposition of the Video Experience Cloud (PaaS/SaaS) platform, which you can read more about here: Kaltura, Inc. (KLTR): History, Ownership, Mission, How It Works & Makes Money.

The table below summarizes the mixed analyst sentiment and the implied opportunity:

The key takeaway is that while the institutional base provides ballast, the stock needs to convert its Q3 2025 EPS beat into a consistent trend to shift the consensus rating from 'Hold' to 'Buy.'