Q2 Holdings, Inc. $QTWO Shares Sold by Fred Alger Management LLC

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 cut its holdings in shares of Q2 Holdings, Inc. (NYSE:QTWO - Free Report) by 24.3% during the first quarter, according to its most recent disclosure 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 about 0.86% of Q2 worth $42,783,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Goldman Sachs Group Inc. boosted its position in Q2 by 21.6% during the first quarter. Goldman Sachs Group Inc. now owns 537,717 shares of the technology company's stock worth $43,023,000 after acquiring an additional 95,440 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Q2 by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,033 shares of the technology company's stock worth $2,803,000 after purchasing an additional 1,525 shares during the period. Curi RMB Capital LLC raised its stake in Q2 by 32.9% during the first quarter. Curi RMB Capital LLC now owns 104,503 shares of the technology company's stock worth $8,361,000 after purchasing an additional 25,847 shares during the period. Advisors Asset Management Inc. raised its stake in Q2 by 35.0% during the first quarter. Advisors Asset Management Inc. now owns 849 shares of the technology company's stock worth $68,000 after purchasing an additional 220 shares during the period. Finally, EP Wealth Advisors LLC raised its stake in Q2 by 27.7% during the first quarter. EP Wealth Advisors LLC now owns 9,219 shares of the technology company's stock worth $738,000 after purchasing an additional 2,000 shares during the period.

Q2 Price Performance

Shares of QTWO stock traded down $0.49 during trading on Friday, reaching $82.23. The company's stock had a trading volume of 890,214 shares, compared to its average volume of 914,892. The company has a market capitalization of $5.13 billion, a price-to-earnings ratio of 1,644.93 and a beta of 1.49. The stock's 50-day moving average price is $82.51 and its 200 day moving average price is $82.96. Q2 Holdings, Inc. has a 1-year low of $63.61 and a 1-year high of $112.82.

Analyst Upgrades and Downgrades

QTWO has been the topic of a number of analyst reports. JPMorgan Chase & Co. initiated coverage on shares of Q2 in a research note on Wednesday, June 18th. They set an "overweight" rating and a $115.00 target price on the stock. Wall Street Zen downgraded shares of Q2 from a "strong-buy" rating to a "buy" rating in a research note on Sunday, June 8th. Needham & Company LLC lifted their target price on shares of Q2 from $110.00 to $115.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Zacks Research raised shares of Q2 to a "strong-buy" rating in a research note on Friday, August 8th. Finally, Royal Bank Of Canada lifted their target price on shares of Q2 from $101.00 to $102.00 and gave the stock a "sector perform" rating in a research note on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $102.25.

Insider Buying and Selling

In related news, Director James Offerdahl sold 786 shares of Q2 stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $74.15, for a total value of $58,281.90. Following the completion of the transaction, the director owned 17,792 shares in the company, valued at approximately $1,319,276.80. The trade was a 4.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider John E. Breeden sold 6,105 shares of Q2 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 completion of the transaction, the insider 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. Insiders own 0.31% of the company's stock.

Q2 Profile

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.