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Instructure Holdings NYSE:INST Stock Report

Last Price


Market Cap







26 Sep, 2022


Company Financials +
INST fundamental analysis
Snowflake Score
Future Growth1/6
Past Performance0/6
Financial Health3/6

INST Stock Overview

Instructure Holdings, Inc. provides cloud-based learning, assessment, development, and engagement systems worldwide.

Instructure Holdings Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Instructure Holdings
Historical stock prices
Current Share PriceUS$22.47
52 Week HighUS$29.59
52 Week LowUS$15.68
1 Month Change-3.69%
3 Month Change0.99%
1 Year Change-2.73%
3 Year Changen/a
5 Year Changen/a
Change since IPO7.10%

Recent News & Updates

Aug 12

Instructure Holdings: Offering A Good Structure For A Profitable Investment

I will update my original article of March 2022. I will explain why I'm happy that the stock is up 26% since the original article and why I think it has more to offer in the future. Readers will have the opportunity to see the stellar revenue growth the company has produced over the span of 2018 to Mid-Year 2022. Public schools will start opening for the new school year in the coming weeks. In my area, students will arrive on Wednesday, August 10th, for the new year. Our schools are still seeking a massive number of classroom teachers to teach our young students. This need goes well beyond the need for classroom teachers. School cafeteria workers, maintenance, janitors, and school bus driver are still needed. In the state of Florida, they are resorting to former military members to fill their needs for staffing their classrooms -- "Qualifying veterans will have served at least four years in the military, with an honorable discharge. Candidates must also have at least 60 college credits under their belt and have attained a 2.5 GPA or higher. They must also have passed the Florida subject-area examination.” In Madison County, North Carolina, the local sheriff is stocking their schools with AR-15 rifles, ammunition, and other assorted items for teachers to use in the event of an active shooter entering one of their schools. A Texas state lawmaker is asking schools statewide to tell him whether they currently hold any of around 850 books on a list he has compiled, explaining that he is targeting materials that "might make students feel discomfort, guilt, anguish, or any other form of psychological distress because of their race or sex." Across our nation, school board meetings are turning into brawling arenas and shouting matches where invectives tinged with racism are the norm. In open and carry states individuals are showing up armed with handguns and AR rifles as a show of intimidation for those attending such meetings. The end result of all this chaos is simply a case of those working in our education system, they are seeking and obtaining employment in a new profession. With this action of teachers fleeing this profession, school districts are being forced into taking a radical change in how our students will be taught now and into the foreseeable future. It is my opinion that Instructure Holdings (INST) will offer an excellent investment opportunity by addressing the changing needs for how our students will be taught in our classrooms. March 30th, 2022: On this date, I submitted an article to SA titled— Instructure Holdings: A Foundational Technology System for Educating our Nation’s Students. As of today’s date, the article has garnered a mere 677 PVs and exactly one comment by a SA reader. The comment made by the poster totally disagreed with the premise and suggestions I made about Instructure. Considering one of the most brutal stock market corrections has occurred since my article was shared, my defense is very simple. Suggesting that my readers consider Instructure as an investment based on my premise that it would become the default solution for how our students will be taught in the future, the stock is up 26.37% since my article was published and ignored by SA readers. The comparator stock that I cited in my original article, PowerSchool Holdings (PWSC), has seen its shares decline in value. Good investors don’t necessarily make their “killings in the market” by buying the "stock of the day" undergoing unsustainable trading without a valid supporting thesis. Finding the good stock before it becomes the front-page story and waiting for the stock to be discovered is in my opinion a good investing philosophy. Therefore, SA is currently running a special contest for contributors— Top Stock With a Catalyst and I’ve decided to update and support with more data, on why I think Instructure is gaining momentum for growing and turning into a profitable investment vehicle for investors. Recap of Main Points from March 30th, 2022: The Future for How We Will Educate Our Students: The point of this new SA article is to introduce my readers to an investment opportunity found in a company known as Instructure Holdings, Inc., listed on the NYSE. Instructure is a Salt Lake City, Utah-based company, created by two graduate students in 2008. The company is a technology-based company that provides clients and their students (K-12 and higher education institutions) the following platforms for 7,000 global customers located in more than 100 countries: Learning Management System Assessment for Learning Actionable Analytics Engaging Content Online Programs - Professional Development Basically, what Instructure provides its clients is a structure that is an all-inclusive system where the instructor/teacher/student has the delivery tools for introducing the concept, modeling the concept, practicing the concept, and eventually assessing if the student has gained proficiency with the concept. There is also a platform option (Professional Development) that allows a school district or a company to organize and manage their staff development needs for their new hires or new elements of their job for existing employees. Each aspect of Instructure’s platforms is readily available to be retrieved from where it is stored on a cloud storage system. Their system has near flawless results for users being able to successfully complete their tasks in a timely manner. The point is that without an educated citizenry we are putting our nation at risk. The most recent national test scores in reading and math reflect the following dismal assessment achievements of our 13-year-old students: The reading and mathematics scores of 13-year-old students fell between 2012 and 2020—the first time in the almost 50-year history of the National Assessment of Educational Progress (NAEP) long-term trend (LTT) assessment—according to results released today by the National Center for Education Statistics (NCES). The performance of 9-year-olds remained the same in both subjects compared to 2012.” Update: Since the original article, the 2021-2022 school year has ended and the normal district/state assessment has been done. The growing issue of students not meeting national standards continues to expand and much of this can be attributed to the massive dropout from the long-term ranks of the better-qualified teachers. In recent months I have been asking individuals (mostly men) in random conversations about whether they had a male teacher during their K-5 education. In my case, I never had a male teacher during these grades, the only males in the building were the principal and the janitor. I haven’t been surprised by the responses I’m now getting from asking others about this question. Just over the weekend, I posed the question to three individuals and two of the three were like me. The other initially said he had two, however, he changed it because one had been his teacher in the 7th grade and had been his science teacher. My point is, that in my day, elementary teachers who taught us the basic and fundamental skills, were all well-educated females, and they were disciplinarians. In my era, the options women had for professional careers were either nursing or teaching. As my memory serves me, all my elementary teachers had taught for decades. Today the latest drop-out rate is around 50%, on a yearly basis. With the current unemployment number reflecting that this metric is sitting at 3.5%, will there be any qualified and trained teachers left in consideration for teaching jobs? Each year Instructure issues a report on the Status of Teaching and Learning in K-12. The latest report was issued on June 27, 2022. This report is well worth the time for parents who had K-12 students enrolled in our nation’s classrooms. One of the more striking issues this report address is the one about parents and their perception of their student’s performance.

Aug 04
Earnings Update: Instructure Holdings, Inc. (NYSE:INST) Just Reported Its Second-Quarter Results And Analysts Are Updating Their Forecasts

Earnings Update: Instructure Holdings, Inc. (NYSE:INST) Just Reported Its Second-Quarter Results And Analysts Are Updating Their Forecasts

As you might know, Instructure Holdings, Inc. ( NYSE:INST ) recently reported its second-quarter numbers. The results...

Shareholder Returns

INSTUS SoftwareUS Market

Return vs Industry: INST exceeded the US Software industry which returned -35.4% over the past year.

Return vs Market: INST exceeded the US Market which returned -23% over the past year.

Price Volatility

Is INST's price volatile compared to industry and market?
INST volatility
INST Average Weekly Movement4.6%
Software Industry Average Movement9.0%
Market Average Movement6.9%
10% most volatile stocks in US Market15.8%
10% least volatile stocks in US Market2.8%

Stable Share Price: INST is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: INST's weekly volatility (5%) has been stable over the past year.

About the Company

20081,283Steve Daly

Instructure Holdings, Inc. provides cloud-based learning, assessment, development, and engagement systems worldwide. It offers Canvas Learning Management System that includes assessments, analytics, and learning content for K-12 and higher education institutions; Canvas Studio, an online video platform; Canvas Catalog, a course catalog and registration system; Canvas Assessment, a solution for assessments that include MasteryConnect, a robust student assessment management system, and Certica, which provides assessment content solutions and analytics to inform daily instruction in the classroom and data; Canvas Network that allows access to open online courses; Impact that helps K-12 and higher education institutions to improve technology adoption and evaluate impact of educational technology; and Elevate Data Sync, a solution that allows edtech vendors to share learning data between K-12 and higher education applications. The company was founded in 2008 and is headquartered in Salt Lake City, Utah.

Instructure Holdings Fundamentals Summary

How do Instructure Holdings's earnings and revenue compare to its market cap?
INST fundamental statistics
Market CapUS$3.19b
Earnings (TTM)-US$52.38m
Revenue (TTM)US$445.85m


P/S Ratio


P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
INST income statement (TTM)
Cost of RevenueUS$166.31m
Gross ProfitUS$279.54m
Other ExpensesUS$331.92m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date


Earnings per share (EPS)-0.37
Gross Margin62.70%
Net Profit Margin-11.75%
Debt/Equity Ratio38.6%

How did INST perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.


Is INST undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 4/6

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for INST?

Other financial metrics that can be useful for relative valuation.

INST key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue8.1x
Enterprise Value/EBITDA28.7x
PEG Ration/a

Price to Sales Ratio vs Peers

How does INST's PS Ratio compare to its peers?

INST PS Ratio vs Peers
The above table shows the PS ratio for INST vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPSEstimated GrowthMarket Cap
Peer Average8.5x
ALRM Holdings
WK Workiva
SPT Sprout Social
APPF AppFolio
INST Instructure Holdings

Price-To-Sales vs Peers: INST is good value based on its Price-To-Sales Ratio (7.2x) compared to the peer average (8.5x).

Price to Earnings Ratio vs Industry

How does INST's PE Ratio compare vs other companies in the US Software Industry?

Price-To-Sales vs Industry: INST is expensive based on its Price-To-Sales Ratio (7.2x) compared to the US Software industry average (4.3x)

Price to Sales Ratio vs Fair Ratio

What is INST's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

INST PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio7.2x
Fair PS Ratio4.7x

Price-To-Sales vs Fair Ratio: INST is expensive based on its Price-To-Sales Ratio (7.2x) compared to the estimated Fair Price-To-Sales Ratio (4.7x).

Share Price vs Fair Value

What is the Fair Price of INST when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: INST ($22.47) is trading below our estimate of fair value ($40.73)

Significantly Below Fair Value: INST is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Future Growth

How is Instructure Holdings forecast to perform in the next 1 to 3 years based on estimates from 10 analysts?

Future Growth Score


Future Growth Score 1/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: INST is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: INST is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: INST is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: INST's revenue (11.1% per year) is forecast to grow faster than the US market (7.6% per year).

High Growth Revenue: INST's revenue (11.1% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: INST's Return on Equity is forecast to be low in 3 years time (14.6%).

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Past Performance

How has Instructure Holdings performed over the past 5 years?

Past Performance Score


Past Performance Score 0/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: INST is currently unprofitable.

Growing Profit Margin: INST is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: INST is unprofitable, and losses have increased over the past 5 years at a rate of 21.3% per year.

Accelerating Growth: Unable to compare INST's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: INST is unprofitable, making it difficult to compare its past year earnings growth to the Software industry (18.3%).

Return on Equity

High ROE: INST has a negative Return on Equity (-4.11%), as it is currently unprofitable.

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Financial Health

How is Instructure Holdings's financial position?

Financial Health Score


Financial Health Score 3/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Stable Cash Runway

  • Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: INST's short term assets ($304.1M) do not cover its short term liabilities ($320.0M).

Long Term Liabilities: INST's short term assets ($304.1M) do not cover its long term liabilities ($550.7M).

Debt to Equity History and Analysis

Debt Level: INST's net debt to equity ratio (32.1%) is considered satisfactory.

Reducing Debt: Insufficient data to determine if INST's debt to equity ratio has reduced over the past 5 years.

Balance Sheet

Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: Whilst unprofitable INST has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.

Forecast Cash Runway: INST is unprofitable but has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 49.2% per year.

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What is Instructure Holdings's current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate INST's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate INST's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if INST's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if INST's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as INST has not reported any payouts.

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How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Steve Daly (58 yo)





Mr. Stephen M. Daly, also known as Steve, is Chief Executive Officer of Instructure Holdings, Inc. since July 2020 and also serves as its Director since March 2020. Mr. Daly serves as Chief Executive Offic...

CEO Compensation Analysis

Steve Daly's Compensation vs Instructure Holdings Earnings
How has Steve Daly's remuneration changed compared to Instructure Holdings's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a


Mar 31 2022n/an/a


Dec 31 2021US$6mUS$450k


Sep 30 2021n/an/a


Jun 30 2021n/an/a


Mar 31 2021n/an/a


Dec 31 2020US$12mUS$220k


Compensation vs Market: Steve's total compensation ($USD5.60M) is about average for companies of similar size in the US market ($USD6.92M).

Compensation vs Earnings: Steve's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: INST's management team is considered experienced (2.2 years average tenure).

Board Members

Experienced Board: INST's board of directors are not considered experienced ( 2.5 years average tenure), which suggests a new board.


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: INST insiders have only sold shares in the past 3 months.

Recent Insider Transactions

NYSE:INST Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
07 Sep 22SellUS$22,034Melissa LobleIndividual958US$23.00
30 Aug 22SellUS$1,290,613Mitch BensonIndividual56,581US$22.81
24 May 22BuyUS$200,013Lloyd WaterhouseIndividual12,122US$16.50
16 Mar 22SellUS$30,167Melissa LobleIndividual1,468US$20.55
02 Dec 21SellUS$62,742Melissa LobleIndividual2,898US$21.65

Ownership Breakdown

What is the ownership structure of INST?
Owner TypeNumber of SharesOwnership Percentage
General Public140,4790.1%
Individual Insiders3,734,6982.6%
VC/PE Firms122,065,80486.0%

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2.5%.

Top Shareholders

Top 25 shareholders own 98.46% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
Thoma Bravo, L.P.
Lead Edge Capital Management, LLC
Skye Global Management LP
Stephen Daly
1,983,166$44.6m74.76%no data
Indaba Capital Management, L.P.
Maverick Capital, Ltd.
Darlington Partners Capital Management, LP
Allspring Global Investments, LLC
BlackRock, Inc.
805,617$18.1m42.92%no data
Summit Creek Advisors, LLC
Crescent Park Management, L.P.
Dale Bowen
529,832$11.9m-2.01%no data
Macquarie Investment Management Business Trust
Credit Suisse Asset Management (Switzerland)
Lisanti Capital Growth, LLC
Matthew Kaminer
353,846$8.0m66.83%no data
Amundi Asset Management
276,906$6.2m-0.95%no data
Frank Maylett
264,524$5.9m-2.19%no data
Invesco Capital Management LLC
258,105$5.8m0%no data
Mitch Benson
201,645$4.5m-23.44%no data
State Street Global Advisors, Inc.
191,172$4.3m21.04%no data
Sycomore Asset Management SA
Melissa Loble
171,545$3.9m-1.71%no data
Charles Goodman
145,824$3.3m41.97%no data
Geode Capital Management, LLC
144,006$3.2m42.14%no data

Company Information

Instructure Holdings, Inc.'s employee growth, exchange listings and data sources

Key Information

  • Name: Instructure Holdings, Inc.
  • Ticker: INST
  • Exchange: NYSE
  • Founded: 2008
  • Industry: Application Software
  • Sector: Software
  • Implied Market Cap: US$3.189b
  • Shares outstanding: 141.91m
  • Website:

Number of Employees


  • Instructure Holdings, Inc.
  • 6330 South 3000 East
  • Suite 700
  • Salt Lake City
  • Utah
  • 84121
  • United States


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
INSTNYSE (New York Stock Exchange)YesCommon StockUSUSDJul 2021

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/26 00:00
End of Day Share Price2022/09/26 00:00
Annual Earnings2021/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.