Vault-13

USERTESTING INC

COM · CUSIP 91734E101

116 institutional holders +53 vs Q3 2022
97,148,27397.1m shares reported held*
$729.1mreported value*
62 new 27 added 11 reduced 12 sold out net bought ≈ $188.6m (+25.2m shares)

* 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 ($1.9m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $7.50. Options: 16 managers hold calls ($30.3m notional), 8 hold puts ($4.1m).

Trends to Q4 2022

Institutional holders

Managers reporting a position, each quarter

050100150Q3 22: 63Q4 22: 116116Q3 22Q4 22
Numbers
QuarterHolders
Q3 202263
Q4 2022116

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$10m$20m$30m$40mQ3 22 calls: $1.0kQ3 22 puts: $29.0kQ3 22P/C 29.00Q4 22 calls: $30.3mQ4 22 puts: $4.1mQ4 22P/C 0.14
Numbers
QuarterCallsPutsP/C
Q3 2022$1.0k$29.0k29.00
Q4 2022$30.3m$4.1m0.14

Biggest buyers

FIL Ltd New +5,874,363+5.9m
KRYGER CAPITAL Ltd New +5,595,971+5.6m
WATER ISLAND CAPITAL LLC New +3,157,503+3.2m
ALPINE ASSOCIATES MANAGEMENT INC. New +2,176,316+2.2m
NEXPOINT ASSET MANAGEMENT, L.P. New +2,023,136+2.0m
JANUS HENDERSON GROUP PLC New +1,629,345+1.6m
Woodline Partners LP New +1,552,642+1.6m
GABELLI FUNDS LLC New +1,279,972+1.3m
Polar Asset Management Partners Inc. New +1,121,875+1.1m
Magnetar Financial LLC New +1,028,602+1.0m

Biggest sellers

OpenView Management, LLC Sold out -9,159,154-9.2m
StepStone Group LP Reduced -2,187,565-2.2m
Conestoga Capital Advisors, LLC Sold out -259,925-259.9k
Invesco Ltd. Reduced -174,288-174.3k
Artemis Investment Management LLP Reduced -141,935-141.9k
WESTWOOD MANAGEMENT CORP /IL/ Sold out -120,000-120.0k
Truepoint, Inc. Sold out -106,876-106.9k
HighTower Advisors, LLC Sold out -78,973-79.0k
272 Capital LP Sold out -35,200-35.2k
Douglass Winthrop Advisors, LLC Sold out -29,024-29.0k

Biggest calls

Weiss Asset Management LP New $14.9m2.0m shares
Parallax Volatility Advisers, L.P. New $4.4m580.6k shares
WOLVERINE TRADING, LLC New $3.5m463.8k shares
GROUP ONE TRADING LLC New $2.6m350.9k shares
TIG Advisors, LLC New $1.4m180.0k shares
WATER ISLAND CAPITAL LLC New $1.3m175.9k shares
Balyasny Asset Management L.P. New $1.1m143.6k shares
MILLENNIUM MANAGEMENT LLC New $432.0k57.5k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP New $320.7k42.7k shares
Verition Fund Management LLC New $147.9k19.7k shares

Biggest puts

BARCLAYS PLC First filing $1.6m208.8k shares
CAPSTONE INVESTMENT ADVISORS, LLC New $950.8k126.6k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP New $862.9k114.9k shares
TIG Advisors, LLC New $723.2k96.3k shares
GROUP ONE TRADING LLC New $10.5k1.4k shares
BARDIN HILL MANAGEMENT PARTNERS LP New $2.0k459 shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares
SIMPLEX TRADING, LLC Added $032.1k 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.

Holders, Q4 2022

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Insight Holdings Group, LLC 3.98% of their portfolio NEW YORK, NY 25,252,70425.3m $189.6m $189.6m 3.98% Unchanged
2 StepStone Group LP 22.55% of their portfolio La Jolla, CA 22,680,90622.7m $170.3m $170.3m 22.55% Reduced -2.2m -2,187,565
3 FIL Ltd 0.05% of their portfolio HAMILTON, D0 5,874,3635.9m $44.1m $44.1m 0.05% New
4 KRYGER CAPITAL Ltd 6.36% of their portfolio LONDON, X0 5,595,9715.6m $42.0m $42.0m 6.36% New
5 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 3,579,1443.6m $26.9m $26.9m 0.00% Added +12.4k +12,352
6 BlackRock Inc. 0.00% of their portfolio New York, NY 3,163,6043.2m $23.8m $23.8m 0.00% Added +536.6k +536,637
7 WATER ISLAND CAPITAL LLC 2.01% of their portfolio NEW YORK, NY 3,157,5033.2m $23.7m $23.7m 2.01% New
8 Artemis Investment Management LLP 0.21% of their portfolio EDINBURGH, X0 2,454,4302.5m $18.5m $18.5m 0.21% Reduced -141.9k -141,935
9 ALPINE ASSOCIATES MANAGEMENT INC. 0.75% of their portfolio PALM BEACH, FL 2,176,3162.2m $16.3m $16.3m 0.75% New
10 NEXPOINT ASSET MANAGEMENT, L.P. 1.18% of their portfolio Dallas, TX 2,023,1362.0m $15.2m $15.2m 1.18% New
11 JANUS HENDERSON GROUP PLC 0.01% of their portfolio LONDON, X0 1,629,3451.6m $12.2m $12.2m 0.01% New
12 Woodline Partners LP 0.16% of their portfolio San Francisco, CA 1,552,6421.6m $11.7m $11.7m 0.16% New
13 GABELLI FUNDS LLC 0.07% of their portfolio Rye, NY 1,279,9721.3m $9.6m $9.6m 0.07% New
14 Polar Asset Management Partners Inc. 0.12% of their portfolio TORONTO, A6 1,121,8751.1m $8.4m $8.4m 0.12% New
15 Magnetar Financial LLC 0.13% of their portfolio EVANSTON, IL 1,028,6021.0m $7.7m $7.7m 0.13% New
16 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,027,4081.0m $7.7m $7.7m 0.00% Added +903.5k +903,533
17 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 965,027965.0k $7.2m $7.2m 0.00% Added +230.8k +230,835
18 AQR Arbitrage LLC 0.16% of their portfolio Greenwich, CT 851,230851.2k $6.4m $6.4m 0.16% New
19 GABELLI & Co INVESTMENT ADVISERS, INC. 1.35% of their portfolio Rye, NY 843,200843.2k $6.3m $6.3m 1.35% New
20 GARDNER LEWIS ASSET MANAGEMENT L P 2.20% of their portfolio CHADDS FORD, PA 827,220827.2k $6.2m $6.2m 2.20% New
21 TOKIO MARINE ASSET MANAGEMENT CO LTD 0.47% of their portfolio Tokyo, M0 800,533800.5k $6.0m $6.0m 0.47% New
22 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 777,406777.4k $5.8m $5.8m 0.00% Added +14.3k +14,335
23 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 614,431614.4k $4.6m $4.6m 0.00% Added +585.2k +585,237
24 NATIXIS 0.02% of their portfolio PARIS, I0 500,000500.0k $3.8m $3.8m 0.02% New
25 TIG Advisors, LLC 0.25% of their portfolio New York, NY 493,807493.8k $3.7m $3.7m 0.25% New
26 Vestcor Inc 0.12% of their portfolio FREDERICTON, A3 450,000450.0k $3.4m $3.4m 0.12% New
27 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 413,369413.4k $3.1m $3.1m 0.00% New
28 UBS Group AG 0.00% of their portfolio ZURICH, V8 392,475392.5k $2.9m $2.9m 0.00% Added +384.5k +384,532
29 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 384,302384.3k $2.9m $2.9m 0.00% Added +756 +756
30 PRELUDE CAPITAL MANAGEMENT, LLC 0.14% of their portfolio NEW YORK, NY 297,933297.9k $2.2m $2.2m 0.14% New
31 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 274,184274.2k $2.1m $2.1m 0.00% Added +273.9k +273,917
32 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.01% of their portfolio TORONTO, A6 266,000266.0k $2.0m $2.0m 0.01% New
33 Chicago Capital Management, LLC 1.75% of their portfolio CHICAGO, IL 257,360257.4k $1.9m $1.9m 1.75% New
34 WOLVERINE ASSET MANAGEMENT LLC 0.03% of their portfolio CHICAGO, IL 248,826248.8k $1.9m $1.9m 0.03% New
35 Public Sector Pension Investment Board 0.01% of their portfolio MONTREAL, A8 241,000241.0k $1.8m $1.8m 0.01% New
36 Dynamic Technology Lab Private Ltd 0.17% of their portfolio SINGAPORE, U0 230,070230.1k $1.7m $1.7m 0.17% New
37 New York Life Investment Management LLC 0.02% of their portfolio New York, NY 224,529224.5k $1.7m $1.7m 0.02% New
38 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 196,016196.0k $1.5m $1.5m 0.00% New
39 Nuveen Asset Management, LLC 0.00% of their portfolio CHICAGO, IL 152,085152.1k $1.1m $1.1m 0.00% Reduced -6.8k -6,751
40 PUTNAM INVESTMENTS LLC 0.00% of their portfolio BOSTON, MA 150,576150.6k $1.1m $1.1m 0.00% New
41 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 147,003147.0k $1.1m $1.1m 0.00% Added +15.1k +15,092
42 MARSHALL WACE, LLP 0.00% of their portfolio LONDON, X0 145,704145.7k $1.1m $1.1m 0.00% New
43 Calamos Advisors LLC 0.00% of their portfolio NAPERVILLE, IL 135,000135.0k $1.0m $1.0m 0.00% New
44 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 127,653127.7k $958.7k $958.7k 0.00% Added +1.4k +1,407
45 Capula Management Ltd 0.10% of their portfolio Grand Cayman, E9 122,570122.6k $920.5k $920.5k 0.10% New
46 GAMCO INVESTORS, INC. ET AL 0.01% of their portfolio GREENWICH, CT 114,724114.7k $861.6k $861.6k 0.01% New
47 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 114,000114.0k $856.0k $856.0k 0.00% Added +84.7k +84,693
48 Kellner Capital, LLC 0.93% of their portfolio NEW YORK, NY 106,431106.4k $799.0k $799.0k 0.93% New
49 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 106,194106.2k $797.5k $797.5k 0.00% New
50 Anson Funds Management LP 0.18% of their portfolio DALLAS, TX 100,000100.0k $751.0k $751.0k 0.18% New
51 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 90,81090.8k $682.0k $682.0k 0.00% Added +67.6k +67,592
52 BCK CAPITAL MANAGEMENT LP 0.69% of their portfolio STAMFORD, CT 89,50089.5k $672.1k $672.1k 0.69% New
53 Skandinaviska Enskilda Banken AB (publ) 0.00% of their portfolio STOCKHOLM, V7 80,00080.0k $601.0k $601.0k 0.00% New
54 ExodusPoint Capital Management, LP 0.01% of their portfolio NEW YORK, NY 71,01671.0k $533.0k $533.0k 0.01% New
55 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 70,10070.1k $526.5k $526.5k 0.00% Added +35.2k +35,200
56 PenderFund Capital Management Ltd. 0.21% of their portfolio VANCOUVER, A1 69,70069.7k $709 $709 0.21% New
57 GSA CAPITAL PARTNERS LLP 0.06% of their portfolio LONDON, X0 65,00165.0k $488.0k $488.0k 0.06% New
58 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 64,67964.7k $485.7k $485.7k 0.00% First filing
59 ZACKS INVESTMENT MANAGEMENT 0.01% of their portfolio Chicago, IL 62,79062.8k $471.6k $471.6k 0.01% New
60 CIBC Private Wealth Group LLC 0.00% of their portfolio ATLANTA, GA 59,89059.9k $449.8k $449.8k 0.00% Unchanged
61 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 59,47659.5k $447.0k $447.0k 0.00% Added +2.1k +2,056
62 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 59,12559.1k $444.0k $444.0k 0.00% New
63 Crystalline Management Inc. 0.22% of their portfolio Montreal, Quebec, Z4 58,00458.0k $435.6k $435.6k 0.22% First filing
64 GROUP ONE TRADING LLC 0.01% of their portfolio CHICAGO, IL 53,40053.4k $401.0k $401.0k 0.01% New
65 JFG Wealth Management, LLC 0.12% of their portfolio Denver, CO 50,00050.0k $375.5k $375.5k 0.12% Unchanged
66 Cornerstone Capital, Inc. 0.05% of their portfolio Palo Alto, CA 47,19747.2k $354.4k $354.4k 0.05% Unchanged
67 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 47,02547.0k $353.0k $353.0k 0.00% Added +21.2k +21,171
68 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 44,38244.4k $333.0k $333.0k 0.00% Unchanged
69 BOOTHBAY FUND MANAGEMENT, LLC 0.01% of their portfolio NEW YORK, NY 40,60040.6k $304.9k $304.9k 0.01% New
70 QUADRANT CAPITAL GROUP LLC 0.03% of their portfolio CINCINNATI, OH 39,75239.8k $298.5k $298.5k 0.03% Reduced -146 -146
71 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 33,79433.8k $253.8k $253.8k 0.00% Reduced -31 -31
72 Mirae Asset Global Investments Co., Ltd. 0.00% of their portfolio SEOUL, M5 31,78831.8k $238.7k $238.7k 0.00% Unchanged
73 MetLife Investment Management, LLC 0.00% of their portfolio Whippany, NJ 26,56526.6k $199.5k $199.5k 0.00% New
74 Telemetry Investments, L.L.C. 0.42% of their portfolio NEW YORK, NY 24,00024.0k $180.0k $180.0k 0.42% New
75 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 23,63123.6k $177.5k $177.5k 0.00% Added +3.0k +3,024
76 AMERICAN INTERNATIONAL GROUP, INC. 0.00% of their portfolio New York, NY 22,67022.7k $170.3k $170.3k 0.00% Added +208 +208
77 TUDOR INVESTMENT CORP ET AL 0.00% of their portfolio STAMFORD, CT 21,47121.5k $161.0k $161.0k 0.00% Added +2.3k +2,331
78 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio Toronto, A6 20,27420.3k $152.3k $152.3k 0.00% Added +1.5k +1,475
79 SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.00% of their portfolio BALA CYNWYD, PA 20,16820.2k $151.5k $151.5k 0.00% New
80 XTX Topco Ltd 0.03% of their portfolio LONDON, X0 19,33619.3k $145.2k $145.2k 0.03% New
81 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio WEST SACRAMENTO, CA 19,13219.1k $143.7k $143.7k 0.00% Added +457 +457
82 VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio ATLANTA, GA 18,14718.1k $136.3k $136.3k 0.00% Unchanged
83 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 17,38417.4k $130.6k $130.6k 0.00% Reduced -174.3k -174,288
84 Cubist Systematic Strategies, LLC 0.00% of their portfolio STAMFORD, CT 15,65615.7k $117.6k $117.6k 0.00% New
85 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 14,71814.7k $110.5k $110.5k 0.00% New
86 Mitsubishi UFJ Asset Management Co., Ltd. 0.00% of their portfolio TOKYO, M0 14,32614.3k $107.4k $107.4k 0.00% New
87 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio BOSTON, MA 13,53213.5k $102.0k $102.0k 0.00% New
88 Squarepoint Ops LLC 0.00% of their portfolio NEW YORK, NY 12,95313.0k $97.3k $97.3k 0.00% New
89 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 12,78112.8k $95.0k $95.0k 0.00% Reduced -2.0k -1,969
90 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 12,30012.3k $92.4k $92.4k 0.00% New
91 Jump Financial, LLC 0.00% of their portfolio Chicago, IL 12,09212.1k $90.8k $90.8k 0.00% New
92 Balyasny Asset Management L.P. 0.00% of their portfolio Chicago, IL 11,02211.0k $82.8k $82.8k 0.00% New
93 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 10,63310.6k $79.9k $79.9k 0.00% Reduced -27.5k -27,510
94 Potrero Capital Research LLC 0.05% of their portfolio SAN FRANCISCO, CA 10,40710.4k $78.2k $78.2k 0.05% Unchanged
95 FIRST FINANCIAL BANK - TRUST DIVISION 0.01% of their portfolio HAMILTON, OH 10,00010.0k $75.0k $75.0k 0.01% Unchanged
96 IEQ CAPITAL, LLC 0.00% of their portfolio Foster City, CA 10,00010.0k $75.1k $75.1k 0.00% Unchanged
97 Quantbot Technologies LP 0.01% of their portfolio NEW YORK, NY 9,4299.4k $70.8k $70.8k 0.01% Added +8.5k +8,545
98 AMALGAMATED BANK 0.00% of their portfolio NEW YORK, NY 7,8607.9k $59.0k $59.0k 0.00% Unchanged
99 SIMPLEX TRADING, LLC 0.00% of their portfolio CHICAGO, IL 6,9056.9k $51.0k $51.0k 0.00% Reduced -2.4k -2,420
100 Legal & General Group Plc 0.00% of their portfolio London, X0 5,6545.7k $42.4k $42.4k 0.00% Added +533 +533