Fred Alger Management LLC Reduces Stock Holdings in Q2 Holdings, Inc. (NYSE:QTWO)

Fred Alger Management LLC trimmed its position in shares of Q2 Holdings, Inc. (NYSE:QTWO - Free Report) by 5.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 828,138 shares of the technology company's stock after selling 47,265 shares during the period. Fred Alger Management LLC owned about 1.37% of Q2 worth $66,061,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Captrust Financial Advisors increased its stake in Q2 by 20.1% in the third quarter. Captrust Financial Advisors now owns 4,892 shares of the technology company's stock worth $390,000 after purchasing an additional 820 shares during the period. Rockefeller Capital Management L.P. bought a new position in shares of Q2 in the third quarter worth about $9,847,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Q2 by 13.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,307 shares of the technology company's stock worth $1,061,000 after buying an additional 1,584 shares during the period. BNP Paribas Financial Markets lifted its holdings in Q2 by 32.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 30,720 shares of the technology company's stock valued at $2,451,000 after buying an additional 7,475 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd purchased a new stake in Q2 in the 3rd quarter valued at about $244,000.

Q2 Stock Up 0.2 %

QTWO traded up $0.25 during trading on Friday, hitting $104.74. The stock had a trading volume of 258,717 shares, compared to its average volume of 596,407. The stock has a 50 day simple moving average of $88.85 and a two-hundred day simple moving average of $74.14. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.50 and a current ratio of 2.50. Q2 Holdings, Inc. has a twelve month low of $35.20 and a twelve month high of $108.00. The company has a market capitalization of $6.33 billion, a PE ratio of -109.10 and a beta of 1.58.

Analyst Ratings Changes

Several analysts have recently weighed in on QTWO shares. Compass Point lifted their price target on shares of Q2 from $91.00 to $107.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. Citigroup lowered Q2 from a "buy" rating to a "neutral" rating and lifted their target price for the company from $72.00 to $90.00 in a research report on Friday, October 18th. The Goldman Sachs Group increased their price target on Q2 from $86.00 to $103.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. DA Davidson lifted their price objective on Q2 from $76.00 to $86.00 and gave the company a "neutral" rating in a report on Monday, November 11th. Finally, Piper Sandler increased their target price on shares of Q2 from $74.00 to $93.00 and gave the stock a "neutral" rating in a report on Thursday, November 7th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Q2 has an average rating of "Moderate Buy" and a consensus price target of $91.50.

Insider Activity

In other news, CRO Michael A. Volanoski sold 1,428 shares of the business's stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $71.93, for a total transaction of $102,716.04. Following the sale, the executive now directly owns 227,672 shares of the company's stock, valued at $16,376,446.96. The trade was a 0.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Michael S. Kerr sold 517 shares of the firm's stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $70.86, for a total value of $36,634.62. Following the completion of the transaction, the general counsel now owns 61,130 shares of the company's stock, valued at $4,331,671.80. This trade represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,493 shares of company stock worth $196,863. 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.