Q2 Holdings

QTWO • NYSE

Q2 Holdings is a software - application company in the technology sector on NYSE, led by Matthew P. Flake, with a market cap of $4.7B. As of Q3 2025, 106% of shares are held by 324 institutional investors, with BlackRock, Inc. as the largest holder at 15.48%.

Chief Executive OfficerMatthew P. Flake

Market Cap$4.7B

Software - Application

Technology

Employees2.3K

Websiteq2ebanking.com

Country

United States of America

Overview

Overview of institutional ownership in QTWO as of Q3 2025 with a market cap of $4.5B

All Institutions

Institutions: 324
Value Held: $4.8B
Shares Held: 66.4M
Avg Position: $14.8M
Median Position: $1.1M

Hedge Funds

Hedge Funds: 36
Value Held: $298.6M
Shares Held: 4.1M
Avg Position: $8.3M
Median Position: $1.5M

Ownership Breakdown

Institutional (non-HF)

99.77%

$4.5B

Hedge Funds

6.61%

$298.6M

Retail & Other

Based on market cap of $4.5B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in QTWO as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BlackRock, Inc. Institution	-	$699.9M 0.01% of portfolio	15.48% 9.7M shares	Q1 2015 Held for 10y 8m	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$572.8M 0.01% of portfolio	12.67% 7.9M shares	Q2 2014 Held for 11y 5m	$6.69T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$175.5M 0.01% of portfolio	3.88% 2.4M shares	Q2 2014 Held for 11y 5m	$2.88T
WASATCH ADVISORS INC Long Only Manager	Michael Kenneth Yeates CEO	$156.2M 0.84% of portfolio	3.46% 2.2M shares	Q1 2018 Held for 7y 8m	$18.6B
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC Long Only Manager	Brent Walker Gledhill CEO	$155.0M 0.40% of portfolio	3.43% 2.1M shares	Q4 2024 Held for 11 months	$38.7B
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Long Only Manager	Edward Murray Maloney CEO	$147.6M 0.05% of portfolio	3.27% 2.0M shares	Q2 2016 Held for 9y 5m	$322.72B
Conestoga Capital Advisors, LLC Long Only Manager	Joseph Francis Monahan Partner	$139.4M 2.24% of portfolio	3.08% 1.9M shares	Q2 2020 Held for 5y 5m	$6.2B
N North Reef Capital Management LP Hedge Fund•Long/Short	Daniel Mariano Locasto COO	$122.3M 5.72% of portfolio	2.71% 1.7M shares	Q2 2022 Held for 3y 5m	$2.1B
Capital Research Global Investors RIA/Wealth	Maria Alejandra Herrera CIO	$122.1M 0.02% of portfolio	2.70% 1.7M shares	Q3 2024 Held for 1y 2m	$532.36B
M MACQUARIE GROUP LTD Institution	-	$119.4M 0.14% of portfolio	2.64% 1.6M shares	Q2 2015 Held for 10y 5m	$82.9B

Net Capital Flow

Institutional buying and selling activity for QTWO in Q3 2025

Traded: +$430.1M
Buyers: 186
Sellers: 162
Total Bought: +$918.4M
Total Sold: −$488.3M
Avg Position: $12.5M

Biggest Buyers

Institution	Net Bought	Current Position
B BlackRock, Inc. Institution	+$276.8M +3.8M shares	$699.9M 9.7M shares
VANGUARD GROUP INC Institution	+$68.2M +941.7K shares	$572.8M 7.9M shares
N North Reef Capital Management LP Hedge Fund•Long/Short	+$61.5M +849.5K shares	$122.3M 1.7M shares
STATE STREET CORP Institution	+$60.1M +829.9K shares	$175.5M 2.4M shares
UBS Group AG Institution	+$56.6M +782.2K shares	$73.1M 1.0M shares
D D. E. Shaw & Co., Inc. Institution	+$39.3M +543.5K shares	$41.8M 577.5K shares
Marshall Wace LLP Institution	+$36.7M +506.8K shares	$38.5M 531.7K shares
GOLDMAN SACHS GROUP INC Institution	+$20.2M +278.4K shares	$52.8M 729.0K shares
PRINCIPAL FINANCIAL GROUP INC Institution	+$18.2M +251.8K shares	$21.9M 301.9K shares
P PUBLIC SECTOR PENSION INVESTMENT BOARD Institution	+$17.6M +243.5K shares	$17.6M 243.5K shares

Biggest Sellers

Institution	Net Sold	Current Position
AMERIPRISE FINANCIAL INC Institution	−$50.7M −700.8K shares	$29.2M 403.9K shares
FMR LLC Institution	−$50.6M −699.0K shares	$9.4M 130.0K shares
LORD, ABBETT & CO. LLC Long Only Manager	−$48.1M −513.8K shares	Sold Off 0 shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$27.6M −294.7K shares	Sold Off 0 shares
BROWN CAPITAL MANAGEMENT LLC Long Only Manager	−$25.4M −350.5K shares	$58.1M 803.2K shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	−$24.9M −344.2K shares	$17.2M 237.4K shares
JPMORGAN CHASE & CO Institution	−$17.3M −238.6K shares	$26.4M 364.0K shares
JENNISON ASSOCIATES LLC Long Only Manager	−$16.8M −231.5K shares	$80.4M 1.1M shares
P Perpetual Ltd Institution	−$13.2M −182.9K shares	$32.6M 450.5K shares
B BNP PARIBAS ARBITRAGE, SA Institution	−$13.0M −179.9K shares	$3.2M 44.6K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited QTWO in Q3 2025

New Positions: 39
New Value: $40.1M
Exited Positions: 61
Exited Value: $145.3M

New Positions

Institution	Position Value
P PUBLIC SECTOR PENSION INVESTMENT BOARD Institution	$17.6M 243.5K shares
Bridgewater Associates, LP Hedge Fund•Global Macro	$4.0M 55.0K shares
ZACKS INVESTMENT MANAGEMENT RIA/Wealth	$3.1M 42.4K shares
S State of Alaska, Department of Revenue Institution	$2.3M 31.4K shares
L Louisiana State Employees Retirement System Institution	$2.1M 28.7K shares
S State of Tennessee, Treasury Department Institution	$2.0M 27.1K shares
YOUSIF CAPITAL MANAGEMENT, LLC Long Only Manager	$1.4M 19.4K shares
Morningstar Investment Management LLC Long Only Manager	$1.3M 18.1K shares
O OREGON PUBLIC EMPLOYEES RETIREMENT FUND Institution	$1.0M 14.1K shares
N NEW YORK STATE TEACHERS RETIREMENT SYSTEM Institution	$977.3K 13.5K shares

Exited Positions

Institution	Previous Position
LORD, ABBETT & CO. LLC Long Only Manager	$48.1M 513.8K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$27.6M 294.7K shares
COOKSON PEIRCE & CO INC RIA/Wealth	$11.1M 118.5K shares
M M&G Plc Institution	$9.5M 101.5K shares
J JANE STREET GROUP, LLC Institution	$9.3M 99.0K shares
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$8.4M 89.4K shares
AH Lisanti Capital Growth, LLC Long Only Manager	$5.7M 60.5K shares
CASTLEARK MANAGEMENT LLC Long Only Manager	$5.3M 57.1K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$2.6M 27.3K shares
N NOMURA HOLDINGS INC Institution	$2.1M 22.1K shares

Options Activity

Institutions with the largest Call and Put options positions in QTWO as of Q3 2025

Call Positions: 7
Call Value: $41.7M
Put Positions: 5
Put Value: $8.0M

Call Positions

Institution	Position Value
R ROYAL BANK OF CANADA Institution	$34.7M 4.8K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$3.2M 436.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$1.6M 217.0 contracts
J JANE STREET GROUP, LLC Institution	$984.5K 136.0 contracts
BARCLAYS PLC Institution	$941.1K 130.0 contracts
Walleye Trading LLC RIA/Wealth	$318.5K 44.0 contracts
W WOLVERINE TRADING, LLC Institution	- - contracts

Put Positions

Institution	Position Value
R ROYAL BANK OF CANADA Institution	$6.2M 860.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$926.6K 128.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$456.1K 63.0 contracts
W WOLVERINE TRADING, LLC Institution	$392.1K 53.0 contracts
Walleye Trading LLC RIA/Wealth	$43.4K 6.0 contracts

Most Committed Institutions

Institutions with QTWO as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Tensile Capital Management LLC Hedge Fund•Value	Arthur Chiakai Young Managing Partner	7.05% $56.4M	1.25% 779.8K shares	Q2 2023 Held for 2y 5m	$800.4M
N North Reef Capital Management LP Hedge Fund•Long/Short	Daniel Mariano Locasto COO	5.72% $122.3M	2.71% 1.7M shares	Q2 2022 Held for 3y 5m	$2.1B
TREMBLANT CAPITAL GROUP Institution	Brett Edward Bruce Barakett CEO	2.70% $25.9M	0.57% 357.1K shares	Q4 2018 Held for 6y 11m	$958.1M
BROWN CAPITAL MANAGEMENT LLC Long Only Manager	Keith Allison Lee CEO	2.40% $58.1M	1.29% 803.2K shares	Q3 2018 Held for 7y 2m	$2.4B
Conestoga Capital Advisors, LLC Long Only Manager	Joseph Francis Monahan Partner	2.24% $139.4M	3.08% 1.9M shares	Q2 2020 Held for 5y 5m	$6.2B
Pembroke Management, LTD Long Only Manager	Nicolas Gilles Chevalier CEO	2.22% $22.3M	0.49% 308.5K shares	Q2 2024 Held for 1y 5m	$1.0B
S Summit Creek Advisors LLC Long Only Manager	Adam Nathan Benson Managing Partner	2.09% $14.4M	0.32% 198.4K shares	Q4 2023 Held for 1y 11m	$686.1M
EMERALD ADVISERS INC/PA Long Only Manager	Kenneth George Mertz CEO	1.17% $36.4M	0.81% 502.9K shares	Q4 2023 Held for 1y 11m	$3.1B
EMERALD MUTUAL FUND ADVISERS TRUST Long Only Manager	Stacey Lynn Sears President	1.14% $21.5M	0.48% 297.2K shares	Q4 2023 Held for 1y 11m	$1.9B
Pier Capital, LLC Long Only Manager	Jan Eric Parsons Chairman	1.04% $6.7M	0.15% 91.9K shares	Q4 2023 Held for 1y 11m	$639.8M

Hedge Fund Spotlight

Discover hedge funds investing in QTWO

Praesidium Investment Management Company, LLC

Hedge Fund • Value

Portfolio ManagerPeter Joseph Uddo

Portfolio Value: $512.7M
Positions: 13
Last Reported: Q3 2025

Sector Allocation

Position in Q2 Holdings

Market Value: $2.8M
Shares Held: 38.8K
Portfolio Weight: 0.55%
Owned Since: 2024-Q3

Top Holding	Sector	Market Value	Weight
1 Jabil JBL	Hardware, Equipment & Parts Technology	$75.8M	14.78%
2 Intapp, Inc. INTA	Software - Application Technology	$71.3M	13.91%
3 JFrog Ltd. FROG	Software - Application Technology	$70.8M	13.81%