SPS Commerce (NASDAQ:SPSC) Price Target Lowered to $170.00 at Morgan Stanley

Key Points

• Morgan Stanley has reduced its price target for SPS Commerce from $180.00 to $170.00, indicating a potential upside of 50.56% from the current price despite maintaining an "overweight" rating.
• Several other research firms have also adjusted their ratings and price targets, with Needham lowering its target to $160.00, while Wall Street Zen upgraded it from "hold" to "buy."
• SPS Commerce's stock has seen a significant decline, trading down 19.1% to $112.91, amid concerns and mixed signals from analysts about its future performance.

SPS Commerce (NASDAQ:SPSC - Free Report) had its price target lowered by Morgan Stanley from $180.00 to $170.00 in a research report released on Thursday,Benzinga reports. The firm currently has an overweight rating on the software maker's stock.

A number of other equities research analysts have also recently commented on SPSC. Needham & Company LLC reduced their price target on shares of SPS Commerce from $210.00 to $160.00 and set a "buy" rating for the company in a report on Thursday. Wall Street Zen upgraded shares of SPS Commerce from a "hold" rating to a "buy" rating in a report on Friday, July 18th. Stifel Nicolaus reduced their price target on shares of SPS Commerce from $175.00 to $165.00 and set a "buy" rating for the company in a report on Thursday. Cantor Fitzgerald started coverage on shares of SPS Commerce in a report on Tuesday, June 3rd. They set an "overweight" rating and a $170.00 price objective for the company. Finally, DA Davidson reduced their price objective on shares of SPS Commerce from $245.00 to $175.00 and set a "buy" rating for the company in a report on Monday, April 14th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $165.80.

SPS Commerce Price Performance

Shares of SPSC traded down $0.63 during trading hours on Thursday, hitting $103.25. 62,248 shares of the stock were exchanged, compared to its average volume of 336,728. SPS Commerce has a fifty-two week low of $102.05 and a fifty-two week high of $204.20. The business has a 50-day moving average of $137.36 and a 200-day moving average of $143.05. The firm has a market capitalization of $3.91 billion, a P/E ratio of 47.47 and a beta of 0.71.

SPS Commerce (NASDAQ:SPSC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The software maker reported $1.00 EPS for the quarter, topping analysts' consensus estimates of $0.90 by $0.10. The business had revenue of $187.40 million during the quarter, compared to analysts' expectations of $185.88 million. SPS Commerce had a net margin of 11.79% and a return on equity of 12.10%. The business's quarterly revenue was up 22.0% on a year-over-year basis. During the same period last year, the company posted $0.80 earnings per share. As a group, analysts forecast that SPS Commerce will post 2.73 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SPSC. Commonwealth Equity Services LLC lifted its position in shares of SPS Commerce by 36.5% during the fourth quarter. Commonwealth Equity Services LLC now owns 3,615 shares of the software maker's stock valued at $665,000 after purchasing an additional 966 shares in the last quarter. LPL Financial LLC lifted its position in shares of SPS Commerce by 13.0% during the fourth quarter. LPL Financial LLC now owns 46,561 shares of the software maker's stock valued at $8,674,000 after purchasing an additional 5,353 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of SPS Commerce by 99.3% during the fourth quarter. JPMorgan Chase & Co. now owns 507,014 shares of the software maker's stock valued at $93,286,000 after purchasing an additional 252,575 shares in the last quarter. Norges Bank bought a new position in shares of SPS Commerce during the fourth quarter valued at about $81,543,000. Finally, Pictet Asset Management Holding SA lifted its position in shares of SPS Commerce by 260.9% during the fourth quarter. Pictet Asset Management Holding SA now owns 37,575 shares of the software maker's stock valued at $6,913,000 after purchasing an additional 27,164 shares in the last quarter. 98.96% of the stock is owned by institutional investors.

About SPS Commerce

SPS Commerce, Inc provides cloud-based supply chain management solutions in the United States and internationally. It offers solutions through the SPS Commerce, a cloud-based platform that enhances the way retailers, grocers, suppliers, distributors, and logistics firms manage and fulfill omnichannel orders, optimize sell-through performance, and automate new trading relationships.