PDF SOLUTIONS INC PDFS
COM · Common Stock · CUSIP 693282105 · ISIN US6932821050
Company based in San Jose, California
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($357.5k this quarter). Holder counts are more reliable. Shares outstanding: 39.5m as of 2025-11-03, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $28.54. Options: 2 managers hold calls ($37.1k notional), 1 hold puts ($20.0k).
Trends to Q4 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 136 |
| Q4 2022 | 151 |
| Q1 2023 | 179 |
| Q2 2023 | 181 |
| Q3 2023 | 185 |
| Q4 2023 | 199 |
| Q1 2024 | 181 |
| Q2 2024 | 174 |
| Q3 2024 | 177 |
| Q4 2024 | 179 |
| Q1 2025 | 169 |
| Q2 2025 | 174 |
| Q3 2025 | 183 |
| Q4 2025 | 189 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q1 2024 | 73 | 110 |
| Q2 2024 | 84 | 90 |
| Q3 2024 | 85 | 84 |
| Q4 2024 | 82 | 87 |
| Q1 2025 | 88 | 87 |
| Q2 2025 | 104 | 66 |
| Q3 2025 | 104 | 82 |
| Q4 2025 | 97 | 84 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $126.1k | $49.7k | 0.39 |
| Q2 2025 | $8.6k | $0 | 0.00 |
| Q3 2025 | $485.4k | $0 | 0.00 |
| Q4 2025 | $37.1k | $20.0k | 0.54 |
Biggest buyers
| Ophir Asset Management Pty Ltd | New | +723.1k |
| SNYDER CAPITAL MANAGEMENT L P | Added | +155.1k |
| JANUS HENDERSON GROUP PLC | Added | +128.3k |
| BROWN CAPITAL MANAGEMENT LLC | New | +125.1k |
| Ranger Investment Management, L.P. | Added | +112.8k |
| Lisanti Capital Growth, LLC | New | +105.5k |
| LOOMIS SAYLES & CO L P | Added | +102.0k |
| Divisar Capital Management LLC | Added | +75.7k |
| TWO SIGMA INVESTMENTS, LP | Added | +54.2k |
| GOLDMAN SACHS GROUP INC | Added | +49.3k |
Biggest sellers
| CANNELL CAPITAL LLC | Sold out | -337.3k |
| CenterBook Partners LP | Reduced | -142.0k |
| ExodusPoint Capital Management, LP | Sold out | -105.8k |
| Penn Capital Management Company, LLC | Reduced | -97.5k |
| RENAISSANCE TECHNOLOGIES LLC | Sold out | -90.1k |
| ALGERT GLOBAL LLC | Sold out | -89.3k |
| VANGUARD GROUP INC | Reduced | -65.1k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Reduced | -59.3k |
| Qube Research & Technologies Ltd | Sold out | -57.9k |
| NEEDHAM INVESTMENT MANAGEMENT LLC | Reduced | -53.5k |
Biggest calls
| GROUP ONE TRADING LLC | Reduced | $28.5k1.0k shares |
| SIMPLEX TRADING, LLC | Reduced | $8.6k300 shares |
Biggest puts
| SIMPLEX TRADING, LLC | New | $20.0k700 shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| KIBARIAN JOHN KACHIG 13G · exempt (held before listing) no change · filed 2026-02-17 | 6.5% |
| WASATCH ADVISORS LP 13G · institution new · filed 2026-10-09 | 6.3% |
| NEEDHAM INVESTMENT MANAGEMENT LLC 13G · institution +0.2 pts · filed 2026-05-14 | 5.1% |
Fell to 5% or below in the last year: ADVANTEST CORP (0.0%, 2026-05-27), VANGUARD GROUP INC (0.0%, 2026-03-27)
Insider purchases and sales in Q4 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q1 2024 | 0 | — | 2 | $892.7k | — |
| Q2 2024 | 0 | — | 2 | $1.1m | — |
| Q3 2024 | 0 | — | 0 | — | — |
| Q4 2024 | 0 | — | 2 | $406.8k | — |
| Q1 2025 | 2 | $1.2m | 0 | — | — |
| Q2 2025 | 1 | $145.9k | 0 | — | — |
| Q3 2025 | 0 | — | 0 | — | — |
| Q4 2025 | 0 | — | 0 | — | — |
None reported in Q4 2025.
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.00% of their portfolio | 4.9m $139.4m | Added +22.0k |
| VANGUARD GROUP INC 0.00% of their portfolio | 3.1m $88.1m | Reduced -65.1k |
| NEEDHAM INVESTMENT MANAGEMENT LLC 3.54% of their portfolio | 2.0m $56.1m | Reduced -53.5k |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 0.11% of their portfolio | 1.4m $38.8m | Added +9.0k |
| Ranger Investment Management, L.P. 2.29% of their portfolio | 1.2m $33.4m | Added +112.8k |
| STATE STREET CORP 0.00% of their portfolio | 1.2m $32.9m | Added +5.6k |
| Samjo Management, LLC 12.69% of their portfolio | 1.2m $32.8m | Added +30.3k |
| SNYDER CAPITAL MANAGEMENT L P 0.51% of their portfolio | 955.4k $27.3m | Added +155.1k |
| EMERALD ADVISERS, LLC 0.83% of their portfolio | 943.4k $26.9m | Added +717 |
| JANUS HENDERSON GROUP PLC 0.01% of their portfolio | 912.1k $26.0m | Added +128.3k |
| DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio | 801.0k $22.9m | Reduced -10.3k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 770.2k $22.0m | Added +4.4k |
| Divisar Capital Management LLC 6.09% of their portfolio | 759.8k $21.7m | Added +75.7k |
| Ophir Asset Management Pty Ltd 2.31% of their portfolio | 723.1k $20.6m | New |
| EMERALD MUTUAL FUND ADVISERS TRUST 0.83% of their portfolio | 594.6k $17.0m | Unchanged |
| WASATCH ADVISORS LP 0.09% of their portfolio | 522.3k $14.9m | Reduced -25.5k |
| ArrowMark Colorado Holdings LLC 0.31% of their portfolio | 493.3k $14.1m | Added +41.6k |
| Silverberg Bernstein Capital Management LLC 7.81% of their portfolio | 473.9k $13.5m | Added +15.1k |
| LOOMIS SAYLES & CO L P 0.02% of their portfolio | 465.2k $13.3m | Added +102.0k |
| Russell Investments Group, Ltd. 0.01% of their portfolio | 407.4k $11.6m | Added +33.1k |
| MORGAN STANLEY 0.00% of their portfolio | 399.2k $11.4m | Added +42.0k |
| Connor, Clark & Lunn Investment Management Ltd. 0.03% of their portfolio | 388.3k $11.1m | Reduced -6.8k |
| Pillsbury Lake Capital LLC 4.37% of their portfolio | 376.1k $10.7m | First filing |
| NORTHERN TRUST CORP 0.00% of their portfolio | 347.9k $9.9m | Reduced -15.9k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 306.8k $8.8m | Added +8.3k |
| FMR LLC 0.00% of their portfolio | 267.1k $7.6m | Added +28.8k |
| HERALD INVESTMENT MANAGEMENT Ltd 0.84% of their portfolio | 225.0k $6.4m | Added +25.0k |
| Roubaix Capital, LLC 2.68% of their portfolio | 220.0k $6.3m | Added +13.7k |
| Squarepoint Ops LLC 0.01% of their portfolio | 217.6k $6.2m | Reduced -37.0k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 197.8k $5.6m | Reduced -7.1k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 189.8k $5.4m | Added +49.3k |
| PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio | 153.0k $4.4m | Reduced -1.6k |
| RICE HALL JAMES & ASSOCIATES, LLC 0.23% of their portfolio | 147.7k $4.2m | Reduced -12.6k |
| Invesco Ltd. 0.00% of their portfolio | 136.1k $3.9m | Added +28.6k |
| BROWN CAPITAL MANAGEMENT LLC 0.29% of their portfolio | 125.1k $3.6m | New |
| PRELUDE CAPITAL MANAGEMENT, LLC 0.24% of their portfolio | 116.5k $3.3m | Added +15.4k |
| Public Sector Pension Investment Board 0.01% of their portfolio | 110.7k $3.2m | Reduced -13.9k |
| Nuveen, LLC 0.00% of their portfolio | 110.6k $3.2m | Added +30.2k |
| MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC 0.03% of their portfolio | 107.6k $3.1m | Reduced -555 |
| Lisanti Capital Growth, LLC 0.71% of their portfolio | 105.5k $3.0m | New |
| Gem Investment Advisors, LLC 2.85% of their portfolio | 105.5k $3.0m | First filing |
| Bridge City Capital, LLC 0.86% of their portfolio | 102.3k $2.9m | Reduced -14.5k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 82.5k $2.4m | Reduced -4.4k |
| Legal & General Group Plc 0.00% of their portfolio | 81.4k $2.3m | Reduced -5.5k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 80.7k $2.3m | Added +15.1k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 79.9k $2.3m | Added +3.6k |
| TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio | 65.0k $1.9m | Added +54.2k |
| UBS Group AG 0.00% of their portfolio | 63.1k $1.8m | Reduced -36.6k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 62.8k $1.8m | Added +99 |
| Swiss National Bank 0.00% of their portfolio | 62.4k $1.8m | Added +2.3k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 58.8k $1.7m | Reduced -4.4k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 57.9k $1.7m | Added +8.9k |
| BOOTHBAY FUND MANAGEMENT, LLC 0.04% of their portfolio | 55.4k $1.6m | Reduced -2.0k |
| Dana Investment Advisors, Inc. 0.05% of their portfolio | 55.3k $1.6m | Reduced -30.1k |
| DARK FOREST CAPITAL MANAGEMENT LP 0.07% of their portfolio | 55.1k $1.6m | Added +3.7k |
| Legato Capital Management LLC 0.13% of their portfolio | 53.5k $1.5m | Added +26.3k |
| ACADIAN ASSET MANAGEMENT LLC 0.00% of their portfolio | 53.2k $1.5m | Reduced -36.5k |
| VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio | 52.8k $1.5m | Added +934 |
| BARCLAYS PLC 0.00% of their portfolio | 50.6k $1.4m | Added +925 |
| JANE STREET GROUP, LLC 0.00% of their portfolio | 49.2k $1.4m | Added +33.4k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio | 48.6k $1.4m | Reduced -59.3k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 48.5k $1.4m | Added +14.8k |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 46.2k $1.3m | Reduced -19.6k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 43.8k $1.2m | Added +10.4k |
| SEI INVESTMENTS CO 0.00% of their portfolio | 42.2k $1.2m | New |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 42.1k $1.2m | Reduced -4.2k |
| Fisher Asset Management, LLC 0.00% of their portfolio | 40.6k $1.2m | Added +2.5k |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 39.9k $1.1m | Added +2.6k |
| Creative Planning 0.00% of their portfolio | 37.6k $1.1m | Reduced -1.4k |
| Verition Fund Management LLC 0.01% of their portfolio | 37.5k $1.1m | Added +23.6k |
| VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio | 36.3k $1.0m | Reduced -1.3k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio | 35.4k $1.0m | Unchanged |
| CenterBook Partners LP 0.05% of their portfolio | 34.5k $983.6k | Reduced -142.0k |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.03% of their portfolio | 32.2k $919.5k | Added +809 |
| Williams Jones Wealth Management, LLC. 0.01% of their portfolio | 32.0k $913.0k | Unchanged |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 30.9k $882.9k | Added +2.2k |
| TWO SIGMA ADVISERS, LP 0.00% of their portfolio | 30.9k $881.6k | New |
| PRUDENTIAL FINANCIAL INC 0.00% of their portfolio | 30.5k $869.9k | Reduced -2.5k |
| GSA CAPITAL PARTNERS LLP 0.07% of their portfolio | 26.8k $763.0k | Reduced -40.4k |
| CANADA LIFE ASSURANCE Co 0.00% of their portfolio | 25.0k $714.0k | Reduced -15.2k |
| Kings Path Partners LLC 0.24% of their portfolio | 24.5k $699.0k | Unchanged |
| Thrivent Financial for Lutherans 0.00% of their portfolio | 22.0k $627.0k | Reduced -1.1k |
| Assenagon Asset Management S.A. 0.00% of their portfolio | 21.3k $608.5k | Added +826 |
| M&T Bank Corp 0.00% of their portfolio | 20.2k $575.1k | Added +4.5k |
| Prescott Group Capital Management, L.L.C. 0.05% of their portfolio | 20.0k $570.6k | Unchanged |
| Penn Capital Management Company, LLC 0.05% of their portfolio | 20.0k $569.9k | Reduced -97.5k |
| NANO CAP NEW MILLENNIUM GROWTH FUND L P 0.47% of their portfolio | 19.5k $556.3k | First filing |
| FEDERATED HERMES, INC. 0.00% of their portfolio | 19.3k $550.6k | New |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 19.2k $547.0k | Added +2.3k |
| SG Americas Securities, LLC 0.00% of their portfolio | 19.0k $541.0k | Added +5.0k |
| MetLife Investment Management, LLC 0.00% of their portfolio | 18.7k $533.3k | Unchanged |
| Quantinno Capital Management LP 0.00% of their portfolio | 18.4k $526.0k | Added +3.9k |
| CVA Family Office, LLC 0.06% of their portfolio | 17.8k $507.1k | New |
| State of Alaska, Department of Revenue 0.01% of their portfolio | 17.6k $501.0k | Added +188 |
| Inspire Investing, LLC 0.04% of their portfolio | 16.3k $464.2k | Reduced -1.5k |
| NATIXIS ADVISORS, LLC 0.00% of their portfolio | 16.1k $458.0k | Added +3.4k |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio | 16.0k $515.4k | Reduced -43 |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 15.7k $448.0k | Reduced -5.7k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio | 14.8k $422.3k | Reduced -169 |
| Louisiana State Employees Retirement System 0.01% of their portfolio | 14.7k $419.4k | Unchanged |