Fred Alger Management LLC Has $71.07 Million Stock Position in Q2 Holdings, Inc. (NYSE:QTWO)

Fred Alger Management LLC reduced its position in shares of Q2 Holdings, Inc. (NYSE:QTWO) by 14.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 706,126 shares of the technology company’s stock after selling 122,012 shares during the period. Fred Alger Management LLC’s holdings in Q2 were worth $71,072,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC acquired a new stake in Q2 in the 4th quarter valued at about $29,000. SBI Securities Co. Ltd. acquired a new position in Q2 during the 4th quarter worth $30,000. TCTC Holdings LLC bought a new position in Q2 in the 4th quarter valued at $30,000. Ameliora Wealth Management Ltd. acquired a new stake in shares of Q2 in the 4th quarter valued at $32,000. Finally, NewEdge Advisors LLC raised its position in shares of Q2 by 269.6% during the fourth quarter. NewEdge Advisors LLC now owns 377 shares of the technology company’s stock worth $38,000 after acquiring an additional 275 shares during the last quarter.

Analyst Ratings Changes

A number of analysts recently commented on QTWO shares. Stephens reiterated an “overweight” rating and issued a $115.00 price objective on shares of Q2 in a research report on Thursday, February 13th. Truist Financial reissued a “buy” rating and set a $110.00 price target (up from $100.00) on shares of Q2 in a research note on Thursday, February 13th. Morgan Stanley lowered their target price on shares of Q2 from $95.00 to $89.00 and set an “equal weight” rating for the company in a report on Tuesday, April 29th. Baird R W lowered Q2 from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 10th. Finally, Royal Bank of Canada upped their price objective on Q2 from $105.00 to $108.00 and gave the company a “sector perform” rating in a report on Thursday, February 13th. Eight investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, Q2 currently has an average rating of “Moderate Buy” and an average target price of $99.60.

Q2 Price Performance

QTWO stock opened at $80.35 on Thursday. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.58. The stock has a market cap of $5.01 billion, a PE ratio of -123.61 and a beta of 1.47. Q2 Holdings, Inc. has a 1 year low of $55.97 and a 1 year high of $112.82. The stock has a 50-day moving average price of $77.30 and a two-hundred day moving average price of $90.04.

Q2 (NYSE:QTWO) last released its earnings results on Wednesday, February 12th. The technology company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.30). Q2 had a negative net margin of 5.53% and a positive return on equity of 0.85%. Equities analysts forecast that Q2 Holdings, Inc. will post 0.67 EPS for the current fiscal year.

Insider Activity

In other Q2 news, CEO Matthew P. Flake sold 56,799 shares of the company’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $78.28, for a total value of $4,446,225.72. Following the transaction, the chief executive officer now directly owns 453,849 shares in the company, valued at $35,527,299.72. The trade was a 11.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James Offerdahl sold 1,000 shares of the firm’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $87.96, for a total transaction of $87,960.00. Following the sale, the director now owns 17,241 shares of the company’s stock, valued at approximately $1,516,518.36. This represents a 5.48 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 193,858 shares of company stock valued at $14,853,965. 3.00% of the stock is owned by insiders.

About Q2

Q2 Holdings, Inc provides cloud-based digital solutions to regional and community financial institutions in the United States. The company offers Digital Banking Platform, an end-to-end digital banking platform supports its financial institution customers in their delivery of unified digital banking services across digital channels.