SPS Commerce, Inc. $SPSC Shares Sold by Conestoga Capital Advisors LLC

Key Points

• Conestoga Capital Advisors cut its stake in SPS Commerce by 49.8%, selling 638,707 shares and now owning 642,804 shares (about 1.70% of the company) worth roughly $57.3 million.
• SPS Commerce beat Q1 EPS estimates and raised forward guidance (Q2 EPS $1.06–1.09; FY2026 EPS $4.73–4.76), signaling management confidence in profitability even as revenue was roughly in line with expectations.
• Insider selling has been notable recently: the CFO and CEO sold shares (total insider sales of 24,102 shares in the last 90 days, ~$1.43M), reducing their ownership and potentially weighing on sentiment.

Conestoga Capital Advisors LLC trimmed its holdings in shares of SPS Commerce, Inc. (NASDAQ:SPSC - Free Report) by 49.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 642,804 shares of the software maker's stock after selling 638,707 shares during the period. Conestoga Capital Advisors LLC owned 1.70% of SPS Commerce worth $57,293,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Van Berkom & Associates Inc. bought a new stake in shares of SPS Commerce during the 3rd quarter worth $51,878,000. Fenimore Asset Management Inc raised its stake in shares of SPS Commerce by 17.8% during the 3rd quarter. Fenimore Asset Management Inc now owns 145,888 shares of the software maker's stock worth $15,193,000 after purchasing an additional 22,036 shares during the period. Champlain Investment Partners LLC bought a new stake in shares of SPS Commerce during the 3rd quarter worth $36,735,000. Numerai GP LLC raised its stake in shares of SPS Commerce by 529.4% during the 3rd quarter. Numerai GP LLC now owns 59,244 shares of the software maker's stock worth $6,170,000 after purchasing an additional 49,831 shares during the period. Finally, Tudor Investment Corp ET AL raised its stake in shares of SPS Commerce by 161.5% during the 3rd quarter. Tudor Investment Corp ET AL now owns 70,389 shares of the software maker's stock worth $7,330,000 after purchasing an additional 43,476 shares during the period. 98.96% of the stock is owned by institutional investors and hedge funds.

More SPS Commerce News

Here are the key news stories impacting SPS Commerce this week:

• Positive Sentiment: Quarterly EPS topped consensus — SPS reported $1.10 EPS for Q1, beating Zacks/consensus estimates (~$0.97–$0.98), which supports the stock’s upside reaction. SPS Commerce (SPSC) Tops Q1 Earnings Estimates
• Positive Sentiment: Management raised forward EPS guidance — Q2 EPS guidance of $1.060–1.090 (above consensus ~$1.04) and FY2026 EPS guidance of $4.73–4.76 (well above consensus ~$4.24) indicate confidence in profitability going forward. Investors typically reward stronger FY EPS outlooks. SPS Commerce Q1 Press Release / Guidance (PDF)
• Neutral Sentiment: Revenue roughly in-line but slightly below some estimates — Q1 revenue was ~$192.1M (growth ~6% YoY) which was near or a touch under certain analyst models, so top-line momentum is steady but not accelerating. SPS Commerce Reports First Quarter 2026 Financial Results
• Neutral Sentiment: Analyst targets and valuation are mixed — recent median price target sits near $65 (range ~$60–$100), implying upside from current levels for some analysts but showing dispersion in views. SPS Commerce (SPSC) Stock Falls on Q1 2026 Earnings (Quiver)
• Negative Sentiment: Some reports highlight weaker profitability and mixed metrics — a third‑party summary flagged declines in operating profit and net income, a reported lower diluted EPS measure, and heavy insider selling over recent months, which can weigh on sentiment despite the headline EPS beat. SPS Commerce (SPSC) Stock Falls on Q1 2026 Earnings (Quiver)

Insider Buying and Selling

In other news, CFO Kimberly K. Nelson sold 6,300 shares of the company's stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $58.66, for a total transaction of $369,558.00. Following the sale, the chief financial officer directly owned 145,452 shares in the company, valued at $8,532,214.32. This represents a 4.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Chadwick Collins sold 13,384 shares of the company's stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $58.66, for a total value of $785,105.44. Following the sale, the chief executive officer owned 72,241 shares in the company, valued at approximately $4,237,657.06. This represents a 15.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 24,102 shares of company stock valued at $1,425,328. Corporate insiders own 0.98% of the company's stock.

Wall Street Analyst Weigh In

SPSC has been the topic of a number of recent analyst reports. Citigroup reiterated a "buy" rating and set a $84.00 target price (down from $110.00) on shares of SPS Commerce in a research note on Friday, February 13th. Rothschild & Co Redburn set a $60.00 target price on SPS Commerce and gave the stock a "neutral" rating in a research note on Thursday, April 16th. Robert W. Baird set a $86.00 target price on SPS Commerce in a research note on Friday, February 13th. DA Davidson lowered their target price on SPS Commerce from $80.00 to $65.00 and set a "neutral" rating on the stock in a research note on Tuesday, February 17th. Finally, Cantor Fitzgerald set a $70.00 price objective on SPS Commerce in a research note on Friday, February 13th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $84.91.

SPS Commerce Stock Performance

Shares of SPS Commerce stock opened at $56.12 on Friday. SPS Commerce, Inc. has a 52-week low of $50.55 and a 52-week high of $153.16. The stock's 50-day simple moving average is $57.17 and its 200 day simple moving average is $77.21. The stock has a market capitalization of $2.07 billion, a P/E ratio of 22.91 and a beta of 0.62.

SPS Commerce (NASDAQ:SPSC - Get Free Report) last announced its quarterly earnings data on Thursday, February 12th. The software maker reported $1.14 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.00 by $0.14. SPS Commerce had a return on equity of 12.73% and a net margin of 12.42%.The business had revenue of $192.65 million for the quarter, compared to analysts' expectations of $193.60 million. During the same period in the previous year, the business posted $0.89 EPS. The firm's quarterly revenue was up 12.7% compared to the same quarter last year. SPS Commerce has set its FY 2026 guidance at 4.420-4.500 EPS and its Q1 2026 guidance at 0.950-0.990 EPS. Equities research analysts forecast that SPS Commerce, Inc. will post 3.25 EPS for the current fiscal year.

About SPS Commerce

SPS Commerce, Inc is a leading provider of cloud-based supply chain management solutions that enable seamless collaboration between retailers, suppliers and logistics providers. Through its robust network, SPS Commerce connects trading partners with electronic data interchange (EDI) capabilities, helping businesses automate order processing, inventory management and fulfillment workflows. The company's platform ensures data accuracy, accelerates order-to-cash cycles and reduces manual intervention, supporting a wide range of industries including retail, grocery, consumer goods and automotive.

The company offers a suite of services encompassing EDI, retail-ready compliance, order management and data analytics.

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