SPS Commerce (SPSC)
Connects retailers and trading partners through managed EDI, analytics, product data, and compliance workflows.
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Runs a cloud supply-chain network that automates order, invoice, item, and sell-through data exchanges for retailers and their trading partners. Subscription services generate most revenue, led by Fulfillment and complemented by Analytics, Assortment, Relationship Management, E-Invoicing, and Revenue Recovery.
Connects retailers, brands, distributors, manufacturers, and logistics providers through a cloud supply-chain network that standardizes trading-partner rules and data exchanges. Fulfillment automates order-to-invoice workflows; Analytics normalizes sell-through data; Assortment syndicates item information; Relationship Management handles supplier onboarding and scorecards; E-Invoicing supports cross-border compliance; and Revenue Recovery manages retail deductions. Most revenue comes from subscription-based recurring services.
Serves a customer base concentrated in the United States, with operations and infrastructure across North America, Europe, and Australia. Its full-service model combines shared multi-tenant software with teams that configure connections, monitor transactions, resolve exceptions, and maintain compliance logic. Delivery depends on reliable access to third-party data centers, cloud services, and telecommunications infrastructure.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 19, 2026 | Needham | Reiterate | Rating: —Target: $75 | Target: $100 |
| Jul 31, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $57 | Target: $59 |
| Jul 31, 2026 | D.A. Davidson | Target | Target: $55 | Target: $65 |
| Jul 31, 2026 | Stifel Nicolaus | Target | Target: $60 | Target: $70 |
| Jul 21, 2026 | Morgan Stanley | Downgrade | Target: $70 | Target: $57 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $173.2M · Total debt $6.3M · Total assets $1.13B · Shareholders' equity $938.5M
- Revenue
- $197.8M
- Operating income
- $31.9M
- Net income
- $6.9M
No dividends on record.
| Institutions | 109.94% | 39.58M shares | |
|---|---|---|---|
| 322 holders · as of Jun 30, 2026 | |||
| Insiders | 2.45% | 883.2K shares | |
| 15 holders · as of Jun 1, 2026 | |||
| Adds to | 112.39% | ||
36.00M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 112.39%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 16.48% | 5.93M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 8.10% | 2.91M | as of Jun 30, 2026 |
Disciplined Growth Investors Inc /MNInstitution | 5.90% | 2.12M | as of Jun 30, 2026 |
Conestoga Capital Advisors, LLC.Institution | 5.19% | 1.87M | filed Jan 6, 2021 |
Neuberger Berman Group LLCInstitution | 4.95% | 1.78M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 7, 2026 | Marty M. Reaume | director | −1,000 | $57.03 |
| Apr 7, 2026 | Marty M. Reaume | director | −1,000 | $57.90 |
| Mar 9, 2026 | Marty M. Reaume | director | −1,000 | $62.73 |
| Feb 24, 2026 | Jamie Thingelstad | officer: EVP, Chief Technology Officer | −2,418 | $54.94 |
| Feb 20, 2026 | Kimberly K. Nelson | officer: EVP & CFO | −6,300 | $58.66 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| SPS Commerce | $80.74 | −1.11% | $2.94B | 39.4 | 15.9 | 3.8 | +5.6% |
| OpenText | $22.90 | −0.78% | $5.60B | 5.1 | 5.9 | 0.6 | +0.6% |
| IBM | $231.77 | −0.07% | $218.51B | 20.5 | 18.2 | 3.2 | +1.1% |
| The Descartes Systems Group | $78.16 | −1.54% | $6.80B | 36.8 | 31.5 | 8.8 | +10.7% |
| SAP (ADR) | $209.92 | +0.33% | $243.79B | 26.8 | 23.0 | 5.6 | +5.8% |
| Oracle | $150.12 | +1.05% | $427.95B | 23.3 | 17.6 | 6.0 | +29.6% |
| Median | 23.3 | 18.2 | 5.6 | +5.8% |