VELA Investment Management LLC Purchases New Holdings in SPS Commerce, Inc. $SPSC

Key Points

• VELA Investment Management initiated a new stake in SPS Commerce, acquiring 20,171 shares worth about $1.80 million (roughly 0.05% ownership) amid very high institutional ownership (≈98.96%).
• Q1 beat and raised guidance: SPS reported $1.10 EPS versus $0.97 consensus and revenue of $192.1M (up ~5.8% y/y), and lifted FY2026 EPS guidance to $4.73–4.76 and Q2 to $1.06–1.09, both above street expectations.
• Market sentiment is mixed — several analysts trimmed targets (e.g., Needham to $75, DA Davidson to $55), third‑party notes flagged weaker GAAP metrics, and insiders sold about 24,102 shares (~$1.43M) in the past 90 days, presenting near‑term risks to the stock.

VELA Investment Management LLC purchased a new stake in SPS Commerce, Inc. (NASDAQ:SPSC - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 20,171 shares of the software maker's stock, valued at approximately $1,798,000. VELA Investment Management LLC owned 0.05% of SPS Commerce as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in SPSC. Van Berkom & Associates Inc. purchased a new stake in SPS Commerce during the third quarter valued at about $51,878,000. Champlain Investment Partners LLC purchased a new stake in shares of SPS Commerce in the 3rd quarter valued at approximately $36,735,000. Numerai GP LLC lifted its position in shares of SPS Commerce by 529.4% in the 3rd quarter. Numerai GP LLC now owns 59,244 shares of the software maker's stock valued at $6,170,000 after acquiring an additional 49,831 shares in the last quarter. Tudor Investment Corp ET AL lifted its position in shares of SPS Commerce by 161.5% in the 3rd quarter. Tudor Investment Corp ET AL now owns 70,389 shares of the software maker's stock valued at $7,330,000 after acquiring an additional 43,476 shares in the last quarter. Finally, Lightrock Netherlands B.V. purchased a new stake in shares of SPS Commerce in the 4th quarter valued at approximately $7,389,000. Institutional investors and hedge funds own 98.96% of the company's stock.

Key Stories Impacting SPS Commerce

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

• Positive Sentiment: Company Q1 results showed revenue and recurring revenue growth (~6% and ~7% yoy) and an adjusted EPS beat (reported $1.10 vs. consensus ~$0.97); management emphasized subscription strength. SPS Commerce Reports First Quarter 2026 Financial Results
• Positive Sentiment: Company raised EPS guidance: FY2026 EPS guide of $4.73–4.76 and Q2 EPS guide of $1.060–1.090 both sit above consensus, supporting forward earnings expectations. Earnings Release / Guidance Details
• Neutral Sentiment: Needham trimmed its price target to $75 (from $110) but kept a Buy rating, highlighting continued upside vs. the current price—this is supportive but reflects tempered expectations. Needham Lowers Price Target to $75
• Neutral Sentiment: Analyst coverage remains mixed: William Blair reiterated a Hold, and several write-ups (earnings transcript and presentation) provide detail for investors to parse adjusted vs. GAAP results. Q1 2026 Earnings Call Transcript
• Negative Sentiment: DA Davidson cut its price target to $55 and moved to Neutral, signaling near-term downside risk and adding selling pressure for more cautious investors. DA Davidson Lowers PT to $55
• Negative Sentiment: Some third-party reports flagged weaker GAAP operating profit and a below-expectations revenue/EPS reconciliation (Quiver noted a GAAP EPS shortfall and declines in operating profit), plus recent insider selling—items that could weigh on sentiment. Quiver: Stock Reaction & GAAP Metrics
• Negative Sentiment: Revenue guidance ranges were slightly below some revenue consensus points (Q2 and FY revenue bands came in marginally under certain street estimates), which could cap upside despite stronger EPS guides. MarketBeat: Guidance and Results Summary

Insider Transactions at SPS Commerce

In related news, EVP Jamie Thingelstad sold 2,418 shares of SPS Commerce stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $54.94, for a total transaction of $132,844.92. Following the completion of the sale, the executive vice president owned 56,344 shares of the company's stock, valued at approximately $3,095,539.36. This trade represents a 4.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Marty M. Reaume sold 1,000 shares of SPS Commerce stock in a transaction on Tuesday, April 7th. The shares were sold at an average price of $57.90, for a total value of $57,900.00. Following the sale, the director directly owned 9,158 shares of the company's stock, valued at approximately $530,248.20. The trade was a 9.84% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 24,102 shares of company stock worth $1,425,328 in the last ninety days. Company insiders own 0.98% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on SPSC shares. Weiss Ratings raised shares of SPS Commerce from a "sell (d)" rating to a "sell (d+)" rating in a research note on Wednesday. Wall Street Zen raised SPS Commerce from a "hold" rating to a "buy" rating in a research report on Sunday, April 26th. Citigroup reaffirmed a "buy" rating and issued a $84.00 target price (down from $110.00) on shares of SPS Commerce in a research report on Friday, February 13th. Stifel Nicolaus set a $60.00 target price on SPS Commerce in a research report on Friday. Finally, DA Davidson decreased their target price on SPS Commerce from $65.00 to $55.00 and set a "neutral" rating for the company in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, SPS Commerce currently has an average rating of "Hold" and a consensus price target of $77.18.

SPS Commerce Stock Up 5.0%

SPS Commerce stock opened at $58.92 on Friday. The company's fifty day simple moving average is $57.17 and its 200-day simple moving average is $76.99. SPS Commerce, Inc. has a 12 month low of $50.55 and a 12 month high of $153.16. The stock has a market cap of $2.18 billion, a P/E ratio of 24.55 and a beta of 0.58.

SPS Commerce (NASDAQ:SPSC - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The software maker reported $1.10 earnings per share for the quarter, topping analysts' consensus estimates of $0.97 by $0.13. The business had revenue of $192.12 million for the quarter, compared to the consensus estimate of $192.51 million. SPS Commerce had a net margin of 11.92% and a return on equity of 12.44%. SPS Commerce's revenue for the quarter was up 5.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.00 earnings per share. SPS Commerce has set its FY 2026 guidance at 4.730-4.760 EPS and its Q2 2026 guidance at 1.060-1.090 EPS. On average, equities research analysts expect that SPS Commerce, Inc. will post 3.29 earnings per share 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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