Envestnet Asset Management Inc. Reduces Stake in SPS Commerce, Inc. (SPSC)
Envestnet Asset Management Inc. lowered its stake in SPS Commerce, Inc. (NASDAQ:SPSC) by 12.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,821 shares of the software maker’s stock after selling 1,893 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.07% of SPS Commerce worth $726,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of SPSC. SG Americas Securities LLC bought a new position in shares of SPS Commerce in the third quarter worth about $125,000. Riverhead Capital Management LLC increased its stake in shares of SPS Commerce by 113.1% in the second quarter. Riverhead Capital Management LLC now owns 2,131 shares of the software maker’s stock valued at $136,000 after buying an additional 1,131 shares during the period. Pinebridge Investments L.P. increased its stake in shares of SPS Commerce by 1.1% in the second quarter. Pinebridge Investments L.P. now owns 2,265 shares of the software maker’s stock valued at $145,000 after buying an additional 24 shares during the period. Victory Capital Management Inc. increased its stake in shares of SPS Commerce by 17.7% in the second quarter. Victory Capital Management Inc. now owns 2,358 shares of the software maker’s stock valued at $150,000 after buying an additional 355 shares during the period. Finally, Bank of Montreal Can increased its stake in shares of SPS Commerce by 1.1% in the second quarter. Bank of Montreal Can now owns 3,668 shares of the software maker’s stock valued at $233,000 after buying an additional 41 shares during the period. 97.28% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have recently issued reports on SPSC shares. ValuEngine downgraded SPS Commerce from a “hold” rating to a “sell” rating in a research note on Thursday, September 7th. KeyCorp reaffirmed a “hold” rating on shares of SPS Commerce in a research note on Friday, August 25th. Benchmark reaffirmed a “sell” rating on shares of SPS Commerce in a research note on Monday, October 30th. Canaccord Genuity lowered their price objective on SPS Commerce from $65.00 to $62.00 and set a “hold” rating for the company in a research note on Friday, October 27th. Finally, Stifel Nicolaus lowered their price objective on SPS Commerce from $75.00 to $68.00 and set a “buy” rating for the company in a research note on Friday, October 27th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $68.00.
SPS Commerce (NASDAQ:SPSC) last released its earnings results on Thursday, October 26th. The software maker reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.03. The business had revenue of $56.15 million during the quarter, compared to the consensus estimate of $56.15 million. SPS Commerce had a net margin of 3.97% and a return on equity of 4.25%. The company’s revenue for the quarter was up 13.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.27 EPS. equities research analysts predict that SPS Commerce, Inc. will post 0.59 earnings per share for the current fiscal year.
SPS Commerce announced that its board has authorized a share repurchase plan on Thursday, November 2nd that permits the company to buyback $50.00 million in shares. This buyback authorization permits the software maker to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.
SPS Commerce Profile
SPS Commerce, Inc is a provider of cloud-based supply chain management solutions, providing network-proven fulfillment, sourcing and item assortment management solutions, along with retail performance analytics. The Company provides its solutions through the SPS Commerce platform, a cloud-based product suite that manages the way suppliers, retailers, distributors and logistics firms orchestrate the sourcing, set up of new vendors and items, and fulfillment of products that customers buy from retailers and suppliers.
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