Summit Creek Advisors LLC Sells 30,703 Shares of Q2 Holdings, Inc. $QTWO

Key Points

• Summit Creek Advisors cut its Q2 Holdings stake by 30.2% in the third quarter, selling 30,703 shares and retaining 70,998 shares valued at about $3.94 million.
• Q2 reported quarterly earnings of $0.74 per share, topping the $0.72 consensus, while revenue of $225.77 million exceeded expectations and rose 11.9% year over year.
• Analysts have a “Moderate Buy” consensus on the stock, with an average price target of $78.33; 10 analysts rate it Buy or Strong Buy, and four rate it Hold.

Summit Creek Advisors LLC lowered its holdings in Q2 Holdings, Inc. (NYSE:QTWO - Free Report) by 30.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 70,998 shares of the technology company's stock after selling 30,703 shares during the quarter. Summit Creek Advisors LLC owned 0.11% of Q2 worth $3,936,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Ashton Thomas Private Wealth LLC acquired a new position in Q2 during the third quarter valued at $292,000. Covestor Ltd boosted its holdings in Q2 by 177.5% in the third quarter. Covestor Ltd now owns 1,157 shares of the technology company's stock valued at $64,000 after purchasing an additional 740 shares during the last quarter. Vise Technologies Inc. acquired a new stake in Q2 during the 3rd quarter worth about $262,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Q2 during the 3rd quarter worth about $305,000. Finally, D.A. Davidson & CO. acquired a new stake in Q2 during the 3rd quarter worth about $249,000.

Q2 Stock Performance

Shares of Q2 stock opened at $73.66 on Friday. The firm has a 50-day simple moving average of $62.29 and a two-hundred day simple moving average of $54.91. Q2 Holdings, Inc. has a fifty-two week low of $40.79 and a fifty-two week high of $76.37. The company has a market cap of $4.55 billion, a P/E ratio of 43.59 and a beta of 1.36.

Q2 (NYSE:QTWO - Get Free Report) last posted its earnings results on Wednesday, October 28th. The technology company reported $0.74 EPS for the quarter, beating analysts' consensus estimates of $0.72 by $0.02. The firm had revenue of $225.77 million for the quarter, compared to analysts' expectations of $221.23 million. Q2 had a return on equity of 17.85% and a net margin of 12.66%. The company's quarterly revenue was up 11.9% on a year-over-year basis. During the same period last year, the firm earned $0.23 EPS. Equities research analysts forecast that Q2 Holdings, Inc. will post 1.88 EPS for the current year.

Wall Street Analyst Weigh In

QTWO has been the subject of several analyst reports. Stifel Nicolaus boosted their price objective on Q2 from $75.00 to $85.00 and gave the company a "buy" rating in a report on Thursday, October 29th. UBS Group restated a "buy" rating on shares of Q2 in a research note on Thursday, October 29th. Piper Sandler raised their target price on Q2 from $82.00 to $84.00 and gave the stock an "overweight" rating in a report on Thursday, October 29th. Weiss Ratings reiterated a "hold (c)" rating on shares of Q2 in a research report on Thursday, October 29th. Finally, Zacks Research lowered Q2 from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 28th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $78.33.

Insider Buying and Selling at Q2

In other news, General Counsel Michael S. Kerr sold 636 shares of the company's stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $60.96, for a total transaction of $38,770.56. Following the completion of the transaction, the general counsel directly owned 80,739 shares of the company's stock, valued at $4,921,849.44. This represents a 0.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jonathan Price sold 77,180 shares of the company's stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $65.71, for a total value of $5,071,497.80. Following the transaction, the chief financial officer directly owned 207,633 shares of the company's stock, valued at approximately $13,643,564.43. The trade was a 27.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 87,816 shares of company stock valued at $5,740,968. Company insiders own 0.88% of the company's stock.

Q2 Profile

Q2 Holdings, Inc is a financial technology company that provides cloud-based software to banks, credit unions and other financial institutions. Its platform is designed to help these organizations deliver digital banking experiences, manage customer relationships and expand access to financial services through online and mobile channels.

The company's products and services include digital banking, account opening, lending and loan origination, payments, data and analytics, financial crime prevention, and tools for managing customer engagement.

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