SPS Commerce (NASDAQ:SPSC) Stock Price Down 3.6% - Here's What Happened

SPS Commerce, Inc. (NASDAQ:SPSC - Get Free Report) fell 3.6% during mid-day trading on Wednesday . The stock traded as low as $139.10 and last traded at $139.28. 92,664 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 249,932 shares. The stock had previously closed at $144.50.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SPSC. Needham & Company LLC reissued a "buy" rating and issued a $210.00 price target on shares of SPS Commerce in a report on Friday, April 25th. Cantor Fitzgerald initiated coverage on SPS Commerce in a research report on Tuesday, June 3rd. They issued an "overweight" rating and a $170.00 target price on the stock. 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 research report on Monday, April 14th. Finally, Robert W. Baird raised their target price on SPS Commerce from $154.00 to $159.00 and gave the company a "neutral" rating in a research report on Friday, April 25th. Four analysts have rated the stock with a hold rating and six have given a buy 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 $192.56.

SPS Commerce Trading Down 2.2%

The company has a market capitalization of $5.12 billion, a price-to-earnings ratio of 66.08 and a beta of 0.73. The firm has a 50-day moving average price of $140.03 and a 200-day moving average price of $156.37.

SPS Commerce (NASDAQ:SPSC - Get Free Report) last issued its earnings results on Thursday, April 24th. The software maker reported $1.00 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.85 by $0.15. The business had revenue of $181.55 million for the quarter, compared to analysts' expectations of $179.57 million. SPS Commerce had a return on equity of 12.27% and a net margin of 12.08%. The company's quarterly revenue was up 21.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.86 EPS. Equities research analysts predict that SPS Commerce, Inc. will post 2.73 EPS for the current fiscal year.

Hedge Funds Weigh In On SPS Commerce

A number of hedge funds have recently modified their holdings of the stock. MassMutual Private Wealth & Trust FSB boosted its position in shares of SPS Commerce by 126.3% in 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 boosted its position in shares of SPS Commerce by 545.7% in 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 boosted its position in shares of SPS Commerce by 296.6% in 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. SBI Securities Co. Ltd. acquired a new stake in shares of SPS Commerce in the fourth quarter worth $40,000. Finally, Caitong International Asset Management Co. Ltd boosted its position in shares of SPS Commerce by 105.4% in 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 institutional investors and hedge funds.

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.