Q2 Holdings, Inc. $QTWO Stock Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue trimmed its position in Q2 Holdings, Inc. (NYSE:QTWO) by 35.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,215 shares of the technology company’s stock after selling 7,401 shares during the quarter. State of Alaska Department of Revenue’s holdings in Q2 were worth $731,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Assenagon Asset Management S.A. increased its holdings in Q2 by 119.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 1,210,419 shares of the technology company’s stock valued at $57,253,000 after buying an additional 657,707 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Q2 by 34.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,009,773 shares of the technology company’s stock valued at $47,760,000 after buying an additional 259,912 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Q2 by 7.8% during the 1st quarter. The Manufacturers Life Insurance Company now owns 698,693 shares of the technology company’s stock worth $33,048,000 after acquiring an additional 50,473 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Q2 by 139.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 516,246 shares of the technology company’s stock worth $24,418,000 after acquiring an additional 300,375 shares during the period. Finally, Fort Washington Investment Advisors Inc. OH lifted its holdings in shares of Q2 by 73.0% during the 1st quarter. Fort Washington Investment Advisors Inc. OH now owns 488,080 shares of the technology company’s stock worth $23,086,000 after acquiring an additional 205,970 shares during the period.

Q2 Stock Up 4.2%

Shares of Q2 stock opened at $69.20 on Friday. The business has a fifty day simple moving average of $60.92 and a 200 day simple moving average of $54.26. The stock has a market cap of $4.31 billion, a PE ratio of 49.43 and a beta of 1.34. Q2 Holdings, Inc. has a 12 month low of $40.79 and a 12 month high of $76.24.

Q2 (NYSE:QTWO) last released its earnings results on Wednesday, July 29th. The technology company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.02. The firm had revenue of $219.77 million for the quarter, compared to analyst estimates of $216.86 million. Q2 had a return on equity of 17.04% and a net margin of 10.87%. The company’s quarterly revenue was up 12.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.18 earnings per share. Analysts expect that Q2 Holdings, Inc. will post 1.80 EPS for the current fiscal year.

Insider Buying and Selling

In related news, General Counsel Michael Kerr sold 636 shares of the business’s stock in a transaction that occurred on Friday, September 11th. The shares were 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 owned 80,739 shares in the company, valued at approximately $4,921,849.44. The trade was a 0.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 shares were sold at an average price of $65.71, for a total transaction of $5,071,497.80. Following the completion of the sale, the chief financial officer directly owned 207,633 shares of the company’s stock, valued at $13,643,564.43. The trade was a 27.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 87,816 shares of company stock valued at $5,740,968 in the last 90 days. 0.88% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Royal Bank Of Canada upped their target price on shares of Q2 from $67.00 to $73.00 and gave the company a “sector perform” rating in a research note on Monday, August 31st. Weiss Ratings raised Q2 from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, July 31st. Needham & Company LLC upped their price objective on Q2 from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. DA Davidson reissued a “buy” rating and issued a $82.00 target price on shares of Q2 in a report on Thursday, July 23rd. Finally, Piper Sandler restated an “overweight” rating and set a $82.00 target price on shares of Q2 in a research report on Tuesday, September 22nd. One research 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’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $74.83.

About Q2

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.