PNC Financial Services Group Inc. Decreases Stake in SPS Commerce, Inc. (NASDAQ:SPSC)

PNC Financial Services Group Inc. lessened its stake in SPS Commerce, Inc. (NASDAQ:SPSC) by 7.2% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 6,215 shares of the software maker’s stock after selling 483 shares during the quarter. PNC Financial Services Group Inc.’s holdings in SPS Commerce were worth $1,205,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Norges Bank acquired a new stake in shares of SPS Commerce during the 4th quarter worth about $74,977,000. Wellington Management Group LLP raised its position in shares of SPS Commerce by 4,691.6% during the 3rd quarter. Wellington Management Group LLP now owns 277,913 shares of the software maker’s stock worth $47,415,000 after acquiring an additional 272,113 shares in the last quarter. Comerica Bank acquired a new stake in shares of SPS Commerce during the 3rd quarter worth about $23,356,000. Ameriprise Financial Inc. raised its position in shares of SPS Commerce by 27.6% during the 3rd quarter. Ameriprise Financial Inc. now owns 594,624 shares of the software maker’s stock worth $101,449,000 after acquiring an additional 128,788 shares in the last quarter. Finally, APG Asset Management US Inc. acquired a new stake in shares of SPS Commerce during the 4th quarter worth about $18,779,000. Hedge funds and other institutional investors own 98.96% of the company’s stock.

SPS Commerce Trading Up 2.3 %

Shares of SPSC stock opened at $186.13 on Friday. The business’s 50 day moving average is $184.32 and its two-hundred day moving average is $184.51. SPS Commerce, Inc. has a twelve month low of $151.96 and a twelve month high of $218.74. The company has a market capitalization of $6.89 billion, a P/E ratio of 101.71 and a beta of 0.83.

SPS Commerce (NASDAQ:SPSC) last posted its quarterly earnings results on Thursday, April 25th. The software maker reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.20. SPS Commerce had a return on equity of 12.06% and a net margin of 12.23%. The firm had revenue of $149.58 million for the quarter, compared to the consensus estimate of $146.50 million. As a group, equities analysts predict that SPS Commerce, Inc. will post 2.23 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SPSC. Citigroup raised their target price on SPS Commerce from $213.00 to $222.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. Needham & Company LLC reissued a “buy” rating and set a $205.00 target price on shares of SPS Commerce in a research report on Friday, May 10th. William Blair reaffirmed a “market perform” rating on shares of SPS Commerce in a research report on Thursday, April 25th. StockNews.com lowered SPS Commerce from a “buy” rating to a “hold” rating in a research report on Friday, March 15th. Finally, Redburn Atlantic initiated coverage on SPS Commerce in a research report on Tuesday, May 14th. They set a “buy” rating and a $220.00 price target on the stock. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $200.25.

Insider Activity at SPS Commerce

In related news, Director James Burr Ramsey sold 6,567 shares of SPS Commerce stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $193.90, for a total value of $1,273,341.30. Following the sale, the director now directly owns 14,728 shares in the company, valued at $2,855,759.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 1.00% of the company’s stock.

SPS Commerce Profile

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.