Fred Alger Management LLC Sells 171,403 Shares of Q2 Holdings, Inc. $QTWO

Key Points

• Fred Alger Management LLC reduced its stake in Q2 Holdings, Inc. by 24.3%, selling 171,403 shares and owning a total of 534,723 shares valued at approximately $42.78 million after the sale.
• Multiple institutional investors, including BNP Paribas Financial Markets and Deutsche Bank AG, significantly increased their holdings in Q2 during the fourth quarter, indicating strengthening institutional interest in the stock.
• Wall Street analysts have given Q2 shares a consensus rating of "Moderate Buy" with a target price of $102.25, reflecting a generally positive outlook on the company's future performance.

Fred Alger Management LLC reduced its stake in shares of Q2 Holdings, Inc. (NYSE:QTWO - Free Report) by 24.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 534,723 shares of the technology company's stock after selling 171,403 shares during the quarter. Fred Alger Management LLC owned 0.86% of Q2 worth $42,783,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of QTWO. BNP Paribas Financial Markets boosted its holdings in shares of Q2 by 364.4% during the fourth quarter. BNP Paribas Financial Markets now owns 142,666 shares of the technology company's stock worth $14,359,000 after purchasing an additional 111,946 shares during the period. Deutsche Bank AG boosted its holdings in shares of Q2 by 47.5% during the fourth quarter. Deutsche Bank AG now owns 57,009 shares of the technology company's stock worth $5,738,000 after purchasing an additional 18,346 shares during the period. Ensign Peak Advisors Inc boosted its holdings in shares of Q2 by 6.3% during the fourth quarter. Ensign Peak Advisors Inc now owns 31,213 shares of the technology company's stock worth $3,142,000 after purchasing an additional 1,845 shares during the period. Gotham Asset Management LLC boosted its holdings in shares of Q2 by 16.0% during the fourth quarter. Gotham Asset Management LLC now owns 39,277 shares of the technology company's stock worth $3,953,000 after purchasing an additional 5,428 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Q2 by 4.1% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 33,508 shares of the technology company's stock worth $3,373,000 after purchasing an additional 1,316 shares during the period.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on QTWO shares. JPMorgan Chase & Co. started coverage on shares of Q2 in a report on Wednesday, June 18th. They set an "overweight" rating and a $115.00 target price for the company. Zacks Research upgraded shares of Q2 to a "strong-buy" rating in a report on Friday, August 8th. Royal Bank Of Canada raised their price objective on shares of Q2 from $101.00 to $102.00 and gave the stock a "sector perform" rating in a report on Thursday, July 31st. Needham & Company LLC raised their price objective on shares of Q2 from $110.00 to $115.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Finally, Stifel Nicolaus raised their price objective on shares of Q2 from $105.00 to $110.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, Q2 has a consensus rating of "Moderate Buy" and a consensus target price of $102.25.

Q2 Stock Performance

QTWO stock opened at $78.91 on Monday. The firm has a 50 day moving average price of $83.47 and a 200-day moving average price of $83.05. Q2 Holdings, Inc. has a 52-week low of $63.61 and a 52-week high of $112.82. The firm has a market capitalization of $4.93 billion, a price-to-earnings ratio of 1,578.42 and a beta of 1.49.

Insider Activity

In related news, Director James Offerdahl sold 786 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $74.15, for a total transaction of $58,281.90. Following the completion of the sale, the director owned 17,792 shares of the company's stock, valued at $1,319,276.80. This trade represents a 4.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John E. Breeden sold 6,105 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $75.27, for a total transaction of $459,523.35. Following the sale, the insider directly owned 149,643 shares of the company's stock, valued at $11,263,628.61. This trade represents a 3.92% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,485 shares of company stock worth $750,307. Insiders own 3.00% of the company's stock.

About Q2

Q2 Holdings, Inc provides cloud-based digital solutions to regional and community financial institutions in the United States. The company offers Digital Banking Platform, an end-to-end digital banking platform supports its financial institution customers in their delivery of unified digital banking services across digital channels.

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