Exploring Thryv Holdings, Inc. (THRY) Investor Profile: Who’s Buying and Why?

You're looking at Thryv Holdings, Inc. (THRY) and wondering why the stock price is sitting at around $5.88 per share as of November 2025, a significant drop from a year prior, but still attracting the biggest names in finance-so what gives? The investor profile for Thryv is a fascinating study in a classic transition play, with institutional ownership nearing 96.38%, meaning giants like BlackRock, Inc. and Vanguard Group Inc. are the primary buyers, holding millions of shares to bet on the long-term shift from legacy marketing to Software as a Service (SaaS). Here's the quick math: while total revenue for Q3 2025 was around $201.56 million, the core SaaS revenue is the real story, jumping by 47.8% to hit $115 million in Q2 2025 alone, which defintely shows their strategy is working. Are these institutions simply accumulating a deep-value play, or are they seeing a clear path to profitability that the market is currently missing, especially after the company posted a Q2 2025 net income of $13.93 million? We need to dig into the 13F filings to understand the conviction behind those massive institutional positions and map the near-term risks to their digital transformation.

Who Invests in Thryv Holdings, Inc. (THRY) and Why?

You're looking at Thryv Holdings, Inc. (THRY) and want to know who else is at the table, and more importantly, why they're buying in. The direct takeaway is that Thryv Holdings, Inc. is primarily a battleground stock for institutional investors, with a clear split between passive, long-term holders and active funds betting on the successful execution of a complex, high-margin software transition.

The investor base is overwhelmingly institutional. As of the most recent filings, institutional investors and hedge funds collectively own around 96.38% of the total stock. This isn't a stock driven by the retail crowd; it's a professional's play. The largest holders are the behemoths of the asset management world, which tells you a lot about the core investment strategy at play.

• BlackRock, Inc.: Holds the largest stake at 15.27%, or 6,656,067 shares.
• FMR LLC: A significant holder with 11.28% ownership.
• The Vanguard Group, Inc.: Owns 6.91% of the company.

Seeing BlackRock, Inc. and The Vanguard Group, Inc. near the top means a large chunk of the stock is held passively in index funds (like the iShares Core S&P Small-Cap ETF, a top mutual fund holder). They are in because Thryv Holdings, Inc. is an included component of a small-cap index, so they are long-term, structural holders, defintely not short-term traders.

Investment Motivations: The SaaS Turnaround Story

The primary attraction to Thryv Holdings, Inc. is a classic turnaround narrative: a legacy media business shedding its old skin to become a high-growth Software-as-a-Service (SaaS) company. The numbers from the 2025 fiscal year clearly map this transition, which is what active managers are focused on.

The investment thesis hinges on the rapid growth and higher margins of the SaaS segment, specifically the Thryv® software platform for small businesses. Here's the quick math from the second quarter of 2025:

The consolidated total revenue is still declining because the legacy Marketing Services segment is shrinking faster than the SaaS segment is growing. But, the 48% year-over-year SaaS revenue growth is the engine. Investors are buying the future earnings power of the software business, which is forecast to drive annual earnings growth of 32.6% per year, even as total revenue is expected to decline by 13.6% per annum over the next few years. This is a pure growth-at-a-discount opportunity.

For a deeper dive into how this transition impacts the balance sheet, you should look at Breaking Down Thryv Holdings, Inc. (THRY) Financial Health: Key Insights for Investors.

Investment Strategies: Value, Growth, and Insider Confidence

The strategies used to invest in Thryv Holdings, Inc. are a mix of passive, long-term holding and aggressive, active value investing.

• Passive Long-Term Holding: This is the strategy of the index funds. They hold Thryv Holdings, Inc. simply because it's a component of a benchmark index, and they have to. They are not making an active bet on the company's fundamentals, but their size provides a stable floor for the stock.
• Active Value Investing (The Turnaround Play): This is the strategy of the hedge funds and active asset managers. They see a company whose stock price has fallen sharply-down 56.64% from November 2024 to November 2025-but whose core software business is growing rapidly and becoming more profitable. They are betting the market is mispricing the value of the high-growth SaaS segment against the shrinking legacy business. The average analyst price target is around $17.40, suggesting a significant upside from the current price, which reinforces the value thesis.
• Insider Confidence as a Catalyst: A key signal for value investors is insider buying. Over the last year, insiders have purchased $801.5K worth of stock in high-impact open-market transactions, with CEO Joe Walsh notably purchasing 8,000 shares at a higher price point of $12.90. That kind of conviction from the top brass is a powerful sign that management believes the stock is undervalued.

What this estimate hides is the execution risk: if SaaS client growth slows or the legacy business decline accelerates too fast, the whole thesis falls apart. But for now, the smart money is betting on the SaaS growth rate holding up.

Institutional Ownership and Major Shareholders of Thryv Holdings, Inc. (THRY)

You want to know who is buying Thryv Holdings, Inc. (THRY) and why, and the short answer is that the big institutional money still holds a significant stake, but their conviction is mixed, especially with the stock trading near its 52-week low of $6.21 as of November 2025. The total institutional ownership for Thryv Holdings, Inc. involves 421 institutional owners who collectively hold over 54.9 million shares.

This is not a retail-driven stock; it's a battleground for large funds. You can see the institutional presence clearly in the top holders, which include the world's largest asset managers. These funds are not just passive investors; their collective actions dictate the stock's volatility and often pressure management on strategy, particularly the pivot toward the Software as a Service (SaaS) business. For a deeper look at the company's strategic direction, you should check out the Mission Statement, Vision, & Core Values of Thryv Holdings, Inc. (THRY).

Top Institutional Investors: Who Holds the Largest Stakes?

The largest institutional investors in Thryv Holdings, Inc. are dominated by the index fund giants and a few active managers. These firms own millions of shares, giving them a powerful voice in shareholder votes and corporate governance. Here's the quick math on the top holders based on filings for the period ending June 30, 2025, which provides a clear snapshot of the major players and their positions.

Notice that BlackRock, Inc. and Vanguard Group Inc. are on the list; they're often the largest holders in any company simply due to their vast index fund portfolios. Their sheer size means they are defintely a permanent fixture, but their minor selling or buying can still send a signal. Paulson & Co. Inc. maintaining its position is also a noteworthy sign of a steady, conviction-based stake.

Changes in Ownership: A Mixed Signal of Institutional Movement

The recent ownership changes are giving off mixed signals, which is typical for a stock undergoing a strategic transition. Overall, institutional holdings showed a significant year-over-year decrease of 98.68% by September 2025, with a quarter-over-quarter drop of -21.27%, indicating a substantial reduction in exposure by some investors. This overall institutional selling pressure is a major headwind for the stock price.

Still, when you look closer at the top funds, the picture is more nuanced:

• BlackRock, Inc. decreased its stake by -3.04% in the second quarter of 2025.
• FMR LLC and Vanguard Group Inc. actually increased their positions by 6.28% and 3.25%, respectively.
• On the insider front, Chairman and CEO Joe Walsh showed confidence, purchasing 25,000 shares on November 7, 2025, for $162,750, a move that often signals a belief that the stock is undervalued.

So, while some institutions are clearly reducing their risk exposure, others are either adding to their positions or maintaining them, suggesting a split view on the company's future value proposition. You have to weigh the mass exodus against the conviction of the buyers.

Impact of Institutional Investors: Driving Strategy and Price

Institutional investors play a crucial role in Thryv Holdings, Inc.'s stock price and strategy, especially in a period of transition. Their selling activity is a primary driver of the stock's recent decline of 56.5% over the past year. This is what happens when large holders lose confidence in the near-term growth narrative.

The institutional reaction is directly tied to the company's strategic pivot to its higher-margin SaaS (Software as a Service) segment. In Q3 2025, Thryv Holdings, Inc. reported a strong 33% year-over-year increase in SaaS revenue to $115.9 million, but this was overshadowed by analyst concerns about the segment's growth dynamics. This led to several downgrades in November 2025:

• William Blair downgraded the stock from Outperform to Market Perform.
• Craig-Hallum moved from Buy to Hold.
• Needham lowered its price target to $14.00 from $20.00.

These analyst actions, which reflect institutional sentiment, immediately impact the stock price. The market is punishing the deceleration in organic SaaS growth, which was 14% year-over-year, excluding the Keap acquisition. Institutional investors are essentially telling management: 'Show us faster, cleaner SaaS growth, or we'll keep selling.' What this estimate hides, however, is that management also raised the full-year SaaS adjusted EBITDA guidance to a midpoint of $74 million, suggesting improving profitability.

Next Action

You: Model a Discounted Cash Flow (DCF) valuation using the raised SaaS adjusted EBITDA guidance of $74 million for the full year 2025 to determine if the current stock price of approximately $5.88/share represents a deep value opportunity.

Key Investors and Their Impact on Thryv Holdings, Inc. (THRY)

You want to know who is betting big on Thryv Holdings, Inc. and why, especially with the stock trading at around $5.88 per share as of November 14, 2025, a significant drop from the prior year. The short answer is that the institutional heavyweights are still deeply invested, seeing the value in the company's Software-as-a-Service (SaaS) transformation despite the headwinds in the legacy Marketing Services division.

Institutional investors collectively hold over 100% of the company's shares outstanding, a figure that often reflects the complexity of reporting, but more importantly, signals a high level of institutional conviction in Thryv Holdings, Inc. This isn't a stock driven by retail chatter; it's a battleground for large funds.

The Institutional Heavyweights: Who's Buying?

The investor profile for Thryv Holdings, Inc. is dominated by some of the largest asset managers in the world, alongside a few key hedge funds and insiders. These firms are typically passive investors (filing a Schedule 13G), meaning they don't intend to force a change in management or strategy, but their sheer size gives them significant influence.

The largest institutional holders anchor the stock. Honestly, their presence provides a crucial floor for the valuation, even when the market is punishing the stock for the declining legacy business.

Here's a quick look at the top institutional stakes, based on the latest 2025 filings:

Note: Share and value data are approximations based on the latest available 2025 filings and the Nov 2025 share price.

Investor Influence and the SaaS Transformation

These large, passive stakes from firms like BlackRock, Inc. and Vanguard Group Inc matter because they signal long-term confidence in the management's strategic pivot. The core investment thesis is simple: the high-margin SaaS revenue will eventually eclipse the low-margin, declining Marketing Services revenue.

For the first two quarters of 2025, the SaaS division achieved a gross margin of 74%, a very strong number. Management is guiding for the SaaS business to generate about $460 million of revenue and $70 million in Adjusted EBITDA for the full year 2025. This is the future the big funds are buying. They are not buying the Q3 2025 consolidated revenue of $201.56 million, which still includes the drag from the legacy business.

You also have a significant insider presence, which is a different kind of influence. For example, Mudrick Capital Management LP, a hedge fund, is listed as a major insider holder with a 7.89% stake, and Chairman and CEO Joe Walsh holds a 5.13% stake. This alignment of interests-where key decision-makers and large investors have significant skin in the game-is defintely a positive signal for strategic stability.

Recent Moves and Clear Actions

The recent trading activity in 2025 shows a mixed, but generally stable, picture among the giants. Most of the largest holders made only minor adjustments, but some smaller, more active funds are making bigger bets.

• BlackRock, Inc. slightly reduced its position by 3.04% in the second quarter of 2025.
• Fmr Llc increased its holdings by 6.28% in the same quarter, suggesting a bullish conviction.
• Two Sigma Investments LP, a quantitative hedge fund, showed a massive increase in its stake, buying up an additional +205.5% of shares reported in November 2025.

This tells you that while the mega-funds are rebalancing their massive portfolios, the more nimble, quantitative players are seeing a deep value opportunity, especially with the stock price decline. The action here is a classic 'growth at a reasonable price' (GARP) play, where investors tolerate short-term revenue decline for the long-term, high-growth, high-margin SaaS story. If you want to dive deeper into the strategic rationale for this shift, you can review the Mission Statement, Vision, & Core Values of Thryv Holdings, Inc. (THRY).

Next Step: Review the Q4 2025 guidance of $189.6 million-$194.6 million in revenue, which management issued on October 30, 2025, to gauge the pace of the Marketing Services wind-down versus the SaaS growth.

Market Impact and Investor Sentiment

The investor sentiment toward Thryv Holdings, Inc. (THRY) is currently a study in dichotomy, reflecting the company's ongoing, painful transition from a legacy Marketing Services business to a pure-play Software as a Service (SaaS) provider. You see a consensus analyst rating of Hold from seven brokerages, but the underlying institutional action and insider buying suggest a more complex, value-oriented conviction.

The stock's performance tells a story of significant near-term risk. As of November 14, 2025, the share price was approximately $5.88, representing a sharp decline of 56.64% over the preceding year. That's a brutal haircut for any portfolio. Still, the CEO, Joe Walsh, showed his hand in November 2025, buying 25,000 shares for a total of $162,750.00, which is a clear signal of insider confidence in the stock being undervalued.

• SaaS growth is strong, but the legacy drag is real.
• Insider buying suggests a belief the stock is defintely oversold.

Recent Market Reactions and the SaaS Deceleration Concern

The market's reaction to the third-quarter 2025 earnings release on October 30, 2025, was swift and negative. Despite reporting a third-quarter revenue of $201.56 million, the stock fell more than 25% immediately following the announcement. The core issue wasn't the total revenue, but the missed guidance on the high-growth SaaS revenue segment and concerns about its deceleration.

Here's the quick math: The market is valuing the company on its SaaS potential, not its legacy cash flow. When the company reported Q2 2025 SaaS revenue of $115.0 million-a 48% year-over-year increase-the market liked it. But when Q3's outlook suggested a slowdown in that growth, investors panicked, fearing the transition is hitting a snag. The market is hypersensitive to the growth rate of the SaaS segment, which is the future of the business. You can read more about the strategic direction in the Mission Statement, Vision, & Core Values of Thryv Holdings, Inc. (THRY).

Key Institutional Investors and Their Conviction

The institutional ownership structure reveals who is betting big on the long-term success of the small-business management platform. As of recent filings, 421 institutional owners collectively hold a significant portion of the company, totaling approximately 54,932,067 shares. This level of institutional backing, including some of the world's largest asset managers, suggests a belief in the deep value proposition that the market is currently overlooking.

The largest institutional holders are a mix of passive index funds and active managers, indicating both structural demand and specific investment theses. For instance, BlackRock, Inc. is a top shareholder, holding a substantial position, though their activity in June 2025 showed a reduction of -3.04%. Conversely, Fmr LLC and The Vanguard Group, Inc. both increased their positions in the second quarter of 2025 by 6.28% and 3.25%, respectively. This mixed activity shows some managers are taking profits or reducing exposure, but others are using the low valuation as a buying opportunity.

The table below outlines the positions of the top institutional holders based on recent 2025 filings, showing where the smart money is positioned.

Analyst Perspectives on Investor Impact

Analysts are trying to reconcile the legacy decline with the SaaS growth, and the major holders' patience is key to this narrative. The consensus 12-month price target is $13.00, with recent targets ranging from $10.00 to $15.00. This implies a massive upside from the November 2025 price of $5.88, which is where the value thesis comes into play.

Needham's analysis, despite lowering its price target to $14.00, maintained a 'Buy' rating, arguing that the stock is trading at roughly 0.5x SaaS revenues. This low multiple is what attracts value-focused institutions like Paulson & Co. Inc., who are essentially buying the high-margin SaaS segment at a deep discount. The institutional presence acts as a floor, signaling that the stock is 'much too cheap for a profitable SaaS segment,' even with reduced growth expectations. The institutional conviction provides the necessary capital and stability for the company to complete its multi-year business model shift, even if the market gets nervous about quarterly dips.

The consensus for the full fiscal year 2025 revenue is approximately $800.34 million, with an anticipated Earnings Per Share (EPS) of -2.24, underscoring that the company is still in an investment phase for the SaaS segment. This means you need a multi-year horizon to see the payoff. Finance: Monitor the Seasoned Net Revenue Retention (NRR) and SaaS Adjusted EBITDA margin to confirm the transition is on track.