Thryv Holdings

THRY · NASDAQ

$1.19+$0.05 (+4.39%)TodayMarket closed · Oct 20, 4:18 PM ET

Prev close $1.14

THRY analyst rating

BuyConsensus of 4 analysts over the last 12 months. 50% rate it a buy.

Strong buy0
Buy2
Hold2
Underperform0
Sell0

12-month price target · 5 analysts

Average $4.08 (+242.9% upside)

Low: $3.03
Now: $1.19
High: $6.30

Upgrades and downgrades

The latest rating actions, newest first

THRY analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
RBC Capital	Aug 5, 2026	Maintains	Sector Perform	$4.00 → $3.00	32%
Needham	Feb 26, 2026	Maintains	Buy	$14.00 → $6.00	38%
RBC Capital	Feb 20, 2026	Maintains	Sector Perform	$13.00 → $7.00	32%
William Blair	Nov 4, 2025	Downgrade	Outperform → Market Perform	—	33%
B. Riley Securities	Oct 31, 2025	Maintains	Buy	$26.00 → $15.00	49%
RBC Capital	Oct 31, 2025	Maintains	Sector Perform	$16.00 → $13.00	32%
Needham	Oct 30, 2025	Maintains	Buy	$20.00 → $14.00	38%

The case for and against

Updated Apr 17, 2026

Bull case

Thryv Holdings Inc. demonstrates a positive financial outlook, evidenced by a significant 16% year-over-year increase in core Thryv SaaS monthly Average Revenue Per User (ARPU), reaching $355 in the third quarter of 2025, driven by a greater proportion of customers utilizing multiple paid SaaS products. The company's strategic acquisition of Keap is expected to enhance international growth prospects and bolster market share, particularly as small businesses expand and the demand for Thryv's solutions increases. Additionally, management's focus on executing its SaaS strategy, along with opportunities for upselling and cross-selling, positions Thryv to benefit from a favorable macro environment and maintain momentum in revenue and margin improvement.

Bear case

Thryv Holdings Inc. is experiencing a concerning trend, marked by a decline in SaaS subscribers for three consecutive quarters, resulting in approximately 90,000 core SaaS subscribers as of Q3 2025, a decrease of 6% year-over-year and 2% quarter-over-quarter. The company's seasoned net revenue retention (NRR) dropped to 94% in Q3 2025, down from 103% in the two previous quarters, indicating weakening client retention and revenue growth prospects. Additionally, Thryv faces increasing operating expenses related to sales and marketing, along with a potential decline in its marketing services segment, which may further jeopardize future revenue amidst an overall downturn in industry demand for print services.

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