SCHEDULE: Vanguard Group Reduces LiveRamp Holdings Stake to Zero

The Vanguard Group has reported a 0% beneficial ownership in LiveRamp Holdings Inc. following an internal realignment that disaggregated reporting responsibilities.

Summary

• The Vanguard Group filed an Amendment No. 16 to Schedule 13G for LiveRamp Holdings Inc. common stock.
• As of March 13, 2026, The Vanguard Group reports 0% beneficial ownership of LiveRamp Holdings Inc. common stock.
• This change is attributed to an internal realignment within The Vanguard Group, which became effective on January 12, 2026.
• Following the realignment, certain subsidiaries and business divisions of The Vanguard Group will now report their beneficial ownership separately (on a disaggregated basis).
• The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by these disaggregated subsidiaries and/or business divisions.
• The filing certifies that the securities were acquired and held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event for LiveRamp Holdings Inc. as it primarily reflects an internal organizational change within The Vanguard Group rather than a direct investment decision regarding the issuer.

Positives

• The filing clarifies that the reduction in reported beneficial ownership by The Vanguard Group is due to an internal restructuring and disaggregated reporting, rather than a complete divestment by all Vanguard-affiliated entities, implying continued investment by subsidiaries.

Negatives

• The Vanguard Group, as the primary reporting entity, no longer directly holds beneficial ownership in LiveRamp Holdings Inc., which could be misinterpreted by some investors.

Risks

• A significant reduction in reported beneficial ownership by a major institutional investor like Vanguard, even if due to internal restructuring, could be misinterpreted by the market as a loss of confidence, potentially impacting investor sentiment for LiveRamp Holdings Inc.

Future Outlook

The filing does not provide specific forward-looking statements or guidance regarding LiveRamp Holdings Inc.'s future performance or The Vanguard Group's future investment intentions beyond the current reporting structure.

Management Comments

• "The Vanguard Group, Inc. went through an internal realignment."
• "Certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that formerly had, or were deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release."
• "The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by such subsidiaries and/or business divisions."
• "Securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer."

Industry Context

StockSavvy.ai notes that institutional investors like The Vanguard Group frequently adjust their internal reporting structures, which can lead to changes in beneficial ownership filings without necessarily indicating a change in overall investment strategy across all affiliated funds. This realignment reflects a common practice among large asset managers to comply with regulatory guidance on disaggregated reporting.

Corporate Governance

Stakeholder Impact

• Shareholders: May initially perceive a reduction in institutional ownership, but understanding the internal realignment context is crucial to avoid misinterpretation of The Vanguard Group's overall investment in LiveRamp Holdings Inc.
• Regulatory Authorities: The filing ensures compliance with SEC reporting requirements for large institutional investors regarding changes in beneficial ownership reporting structures.

Next Steps

• Subsidiaries or business divisions of The Vanguard Group, Inc. will report their beneficial ownership of LiveRamp Holdings Inc. separately in future filings.

Key Dates

Keywords

LiveRamp Holdings Inc, Vanguard Group, Schedule 13G, Beneficial Ownership, Institutional Investor, SEC Filing, Common Stock, Investment Adviser, Corporate Governance