Engineers Gate Manager LP Lowers Stock Holdings in Q2 Holdings, Inc. $QTWO

Key Points

• Engineers Gate Manager LP reduced its Q2 Holdings stake by 56% in the second quarter, selling 42,520 shares and retaining 33,470 shares worth approximately $1.61 million.
• Q2 reported quarterly EPS of $0.70, exceeding estimates of $0.68, while revenue rose 12.6% year over year to $219.77 million. Shares opened at $59.59, with a 52-week range of $40.79 to $85.13.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $76.17; meanwhile, company insiders sold $5.74 million worth of shares over the past 90 days.

Engineers Gate Manager LP cut its holdings in shares of Q2 Holdings, Inc. (NYSE:QTWO - Free Report) by 56.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,470 shares of the technology company's stock after selling 42,520 shares during the period. Engineers Gate Manager LP owned about 0.05% of Q2 worth $1,610,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Allworth Financial LP lifted its holdings in Q2 by 48.1% during the 2nd quarter. Allworth Financial LP now owns 1,120 shares of the technology company's stock worth $54,000 after buying an additional 364 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Q2 by 6.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 6,195 shares of the technology company's stock worth $447,000 after acquiring an additional 374 shares in the last quarter. ProShare Advisors LLC increased its position in shares of Q2 by 3.4% during the fourth quarter. ProShare Advisors LLC now owns 12,210 shares of the technology company's stock worth $881,000 after acquiring an additional 402 shares during the period. Versant Capital Management Inc increased its position in shares of Q2 by 45.2% during the second quarter. Versant Capital Management Inc now owns 1,570 shares of the technology company's stock worth $76,000 after acquiring an additional 489 shares during the period. Finally, Pacer Advisors Inc. raised its stake in shares of Q2 by 42.6% in the first quarter. Pacer Advisors Inc. now owns 1,656 shares of the technology company's stock valued at $78,000 after acquiring an additional 495 shares in the last quarter.

Insider Activity at Q2

In other news, insider Kimberly Rutledge sold 10,000 shares of the company's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $63.07, for a total value of $630,700.00. Following the completion of the sale, the insider directly owned 113,913 shares of the company's stock, valued at approximately $7,184,492.91. This represents a 8.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Michael Kerr sold 636 shares of the business's stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $60.96, for a total value of $38,770.56. Following the completion of the transaction, the general counsel owned 80,739 shares in the company, valued at $4,921,849.44. This trade represents a 0.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 87,816 shares of company stock worth $5,740,968 in the last 90 days. 0.88% of the stock is owned by insiders.

Q2 Stock Performance

Shares of QTWO stock opened at $59.59 on Thursday. The stock's 50-day moving average is $60.47 and its two-hundred day moving average is $52.40. Q2 Holdings, Inc. has a 1 year low of $40.79 and a 1 year high of $85.13. The firm has a market cap of $3.72 billion, a price-to-earnings ratio of 42.57 and a beta of 1.33.

Q2 (NYSE:QTWO - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The technology company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.68 by $0.02. Q2 had a return on equity of 17.04% and a net margin of 10.87%.The company had revenue of $219.77 million for the quarter, compared to analyst estimates of $216.86 million. During the same quarter in the previous year, the company posted $0.18 earnings per share. The firm's revenue was up 12.6% compared to the same quarter last year. As a group, research analysts predict that Q2 Holdings, Inc. will post 1.8 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on QTWO shares. Weiss Ratings raised Q2 from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, July 31st. Zacks Research upgraded shares of Q2 from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 30th. Royal Bank Of Canada raised their target price on shares of Q2 from $67.00 to $73.00 and gave the company a "sector perform" rating in a report on Monday, August 31st. Needham & Company LLC lifted their price target on shares of Q2 from $70.00 to $75.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Finally, DA Davidson reiterated a "buy" rating and set a $82.00 price target on shares of Q2 in a report on Thursday, July 23rd. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $76.17.

Q2 Company Profile

Q2 Holdings, Inc provides digital transformation solutions for banks, credit unions, fintech companies and other financial institutions. Its cloud-based technology is designed to help these organizations deliver digital banking experiences across online and mobile channels while supporting customer engagement, account opening and financial product access.

The company's offerings include digital banking software, lending and loan-origination technology, financial data and analytics tools, and solutions for payment, fraud and financial crime management.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.