SPS Commerce (NASDAQ:SPSC) Given New $160.00 Price Target at Needham & Company LLC

Key Points

• Needham & Company LLC has reduced its price target for SPS Commerce from $210.00 to $160.00 while maintaining a "buy" rating, indicating a potential upside of 14.65% from its current price.
• Recent earnings revealed that SPS Commerce beat expectations with earnings per share of $1.00 for the quarter, surpassing analyst forecasts by $0.10, alongside a year-over-year revenue increase of 22.0%.
• Institutional investors hold approximately 98.96% of SPS Commerce's stock, reflecting strong interest from major financial entities in the company's performance.

SPS Commerce (NASDAQ:SPSC - Free Report) had its target price trimmed by Needham & Company LLC from $210.00 to $160.00 in a research report released on Thursday,Benzinga reports. The brokerage currently has a buy rating on the software maker's stock.

Several other analysts have also weighed in on the company. Wall Street Zen raised SPS Commerce from a "hold" rating to a "buy" rating in a report on Friday, July 18th. DA Davidson lowered their target price on SPS Commerce from $245.00 to $175.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Morgan Stanley initiated coverage on SPS Commerce in a report on Monday, July 14th. They issued an "overweight" rating and a $180.00 target price on the stock. Loop Capital downgraded SPS Commerce from a "buy" rating to a "hold" rating and reduced their price objective for the company from $175.00 to $120.00 in a research report on Thursday. Finally, Robert W. Baird upped their price objective on SPS Commerce from $154.00 to $159.00 and gave the company a "neutral" rating in a research report on Friday, April 25th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $165.80.

SPS Commerce Stock Down 4.6%

SPSC stock traded down $4.98 on Thursday, reaching $103.88. 817,312 shares of the company's stock were exchanged, compared to its average volume of 365,464. The stock has a fifty day moving average of $137.36 and a 200-day moving average of $143.69. SPS Commerce has a twelve month low of $103.18 and a twelve month high of $204.21. The firm has a market cap of $3.95 billion, a PE ratio of 47.65 and a beta of 0.71.

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

Hedge Funds Weigh In On SPS Commerce

Large investors have recently added to or reduced their stakes in the business. UMB Bank n.a. lifted its position in SPS Commerce by 60.6% during the second quarter. UMB Bank n.a. now owns 212 shares of the software maker's stock worth $29,000 after buying an additional 80 shares during the period. MassMutual Private Wealth & Trust FSB lifted its position in SPS Commerce by 126.3% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 224 shares of the software maker's stock worth $30,000 after buying an additional 125 shares during the period. NewEdge Advisors LLC lifted its position in SPS Commerce by 545.7% during the first quarter. NewEdge Advisors LLC now owns 226 shares of the software maker's stock worth $30,000 after buying an additional 191 shares during the period. Allworth Financial LP lifted its position in SPS Commerce by 296.6% during the first quarter. Allworth Financial LP now owns 234 shares of the software maker's stock worth $33,000 after buying an additional 175 shares during the period. Finally, Caitong International Asset Management Co. Ltd lifted its position in SPS Commerce by 105.4% during the first quarter. Caitong International Asset Management Co. Ltd now owns 302 shares of the software maker's stock worth $40,000 after buying an additional 155 shares during the period. 98.96% of the stock is currently owned by hedge funds and other institutional investors.

SPS Commerce Company Profile

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.