Summit Global Investments Invests $511,000 in SPS Commerce, Inc. $SPSC
Summit Global Investments acquired 3,757 shares of SPS Commerce, Inc. for $511,000 in Q2. Other investors like Prudential Financial and American Century Companies also increased their stakes. Analysts have mixed ratings on SPS Commerce, with a consensus 'Hold' rating and an average price target of $106.80. SPS Commerce reported Q3 earnings of $1.13 per share, exceeding expectations, with revenue up 16% year-over-year.
Summit Global Investments purchased a new stake in shares of SPS Commerce, Inc. (NASDAQ:SPSC - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,757 shares of the software maker's stock, valued at approximately $511,000.
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Other hedge funds have also added to or reduced their stakes in the company. Prudential Financial Inc. raised its holdings in SPS Commerce by 3.9% during the 2nd quarter. Prudential Financial Inc. now owns 59,086 shares of the software maker's stock worth $8,041,000 after purchasing an additional 2,228 shares during the last quarter. Cynosure Group LLC grew its position in shares of SPS Commerce by 15.9% during the 2nd quarter. Cynosure Group LLC now owns 2,988 shares of the software maker's stock worth $407,000 after buying an additional 410 shares during the period. American Century Companies Inc. raised its stake in shares of SPS Commerce by 487.9% during the second quarter. American Century Companies Inc. now owns 33,162 shares of the software maker's stock worth $4,513,000 after buying an additional 27,521 shares during the last quarter. Rhumbline Advisers lifted its holdings in SPS Commerce by 2.9% in the second quarter. Rhumbline Advisers now owns 107,500 shares of the software maker's stock valued at $14,630,000 after buying an additional 3,013 shares during the period. Finally, Legal & General Group Plc boosted its stake in SPS Commerce by 0.5% in the second quarter. Legal & General Group Plc now owns 134,338 shares of the software maker's stock valued at $18,282,000 after acquiring an additional 665 shares during the last quarter. Institutional investors own 98.96% of the company's stock.
Analyst Upgrades and Downgrades
A number of research firms have recently weighed in on SPSC. Stifel Nicolaus reissued a "hold" rating and issued a $80.00 price target (down previously from $150.00) on shares of SPS Commerce in a research note on Friday, October 31st. Citigroup cut their target price on SPS Commerce from $145.00 to $110.00 and set a "buy" rating on the stock in a research note on Friday, October 31st. Wall Street Zen lowered SPS Commerce from a "buy" rating to a "hold" rating in a research report on Tuesday, October 14th. DA Davidson cut their price target on shares of SPS Commerce from $125.00 to $80.00 and set a "neutral" rating on the stock in a research report on Friday, October 31st. Finally, Loop Capital lowered shares of SPS Commerce from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $175.00 to $120.00 in a research note on Thursday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $106.80.
Check Out Our Latest Stock Report on SPSC
SPS Commerce Price Performance
NASDAQ:SPSC opened at $83.09 on Wednesday. The business's 50-day simple moving average is $98.19 and its 200-day simple moving average is $118.27. SPS Commerce, Inc. has a fifty-two week low of $73.05 and a fifty-two week high of $201.06. The stock has a market capitalization of $3.13 billion, a PE ratio of 38.11 and a beta of 0.71.
SPS Commerce (NASDAQ:SPSC - Get Free Report) last posted its earnings results on Thursday, October 30th. The software maker reported $1.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.99 by $0.14. SPS Commerce had a return on equity of 12.10% and a net margin of 11.79%.The business had revenue of $189.90 million during the quarter, compared to analysts' expectations of $192.68 million. During the same period in the prior year, the business earned $0.92 EPS. SPS Commerce's revenue for the quarter was up 16.0% compared to the same quarter last year. SPS Commerce has set its FY 2025 guidance at 4.100-4.15 EPS. Q4 2025 guidance at 0.980-1.020 EPS. On average, research analysts expect that SPS Commerce, Inc. will post 2.73 earnings per share for the current year.
SPS Commerce Profile
(Free Report)SPS Commerce, Inc provides cloud-based supply chain management solutions in the United States and internationally. It offers solutions through the SPS Commerce, a cloud-based platform that enhances the way retailers, grocers, suppliers, distributors, and logistics firms manage and fulfill omnichannel orders, optimize sell-through performance, and automate new trading relationships.
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