Principal Financial Group Inc. Boosts Stake in Q2 Holdings, Inc. (NYSE:QTWO)

Principal Financial Group Inc. increased its position in shares of Q2 Holdings, Inc. (NYSE:QTWO - Free Report) by 38.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 176,695 shares of the technology company's stock after acquiring an additional 49,233 shares during the period. Principal Financial Group Inc. owned approximately 0.29% of Q2 worth $14,095,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the company. SG Americas Securities LLC bought a new position in shares of Q2 in the 1st quarter worth $173,000. Swiss National Bank boosted its holdings in shares of Q2 by 0.5% in the 1st quarter. Swiss National Bank now owns 115,700 shares of the technology company's stock worth $6,081,000 after purchasing an additional 600 shares in the last quarter. ProShare Advisors LLC increased its position in shares of Q2 by 7.3% during the 1st quarter. ProShare Advisors LLC now owns 11,019 shares of the technology company's stock valued at $579,000 after purchasing an additional 747 shares during the last quarter. State Board of Administration of Florida Retirement System increased its position in shares of Q2 by 25.2% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 20,341 shares of the technology company's stock valued at $1,069,000 after purchasing an additional 4,090 shares during the last quarter. Finally, Edgestream Partners L.P. bought a new stake in Q2 in the 1st quarter worth approximately $281,000.

Q2 Stock Performance

QTWO traded down $0.71 during mid-day trading on Friday, reaching $97.12. 702,265 shares of the company traded hands, compared to its average volume of 709,207. The company's fifty day moving average price is $83.13 and its 200-day moving average price is $71.22. Q2 Holdings, Inc. has a 52-week low of $34.59 and a 52-week high of $105.00. The company has a quick ratio of 2.50, a current ratio of 2.50 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $5.87 billion, a P/E ratio of -101.17 and a beta of 1.58.

Analyst Ratings Changes

A number of brokerages have commented on QTWO. DA Davidson increased their price target on shares of Q2 from $76.00 to $86.00 and gave the company a "neutral" rating in a research report on Monday, November 11th. Needham & Company LLC lifted their target price on shares of Q2 from $90.00 to $120.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Truist Financial reiterated a "buy" rating and issued a $100.00 price objective (up previously from $78.00) on shares of Q2 in a report on Thursday, November 7th. Piper Sandler increased their target price on Q2 from $74.00 to $93.00 and gave the company a "neutral" rating in a report on Thursday, November 7th. Finally, Stifel Nicolaus boosted their price objective on shares of Q2 from $65.00 to $85.00 and gave the company a "buy" rating in a research report on Thursday, August 1st. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $91.50.

Insider Activity

In other news, Director James Offerdahl sold 1,013 shares of the business's stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $73.97, for a total value of $74,931.61. Following the completion of the sale, the director now owns 18,789 shares in the company, valued at approximately $1,389,822.33. The trade was a 5.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jeffrey T. Diehl sold 28,005 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $75.25, for a total value of $2,107,376.25. Following the sale, the director now directly owns 397,702 shares in the company, valued at $29,927,075.50. This trade represents a 6.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 30,963 shares of company stock worth $2,321,659 over the last quarter. Insiders own 3.00% of the company's stock.

Q2 Company Profile

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.