SPS Commerce

SPSC • NASDAQ

SPS Commerce is a software - infrastructure company in the technology sector on NASDAQ, led by Chad Collins, with a market cap of $3.2B. As of Q3 2025, 102% of shares are held by 393 institutional investors, with BlackRock, Inc. as the largest holder at 14.9%.

Chief Executive OfficerChad Collins

Market Cap$3.2B

Software - Infrastructure

Technology

Employees2.5K

Websitespscommerce.com

Country

United States of America

Overview

Overview of institutional ownership in SPSC as of Q3 2025 with a market cap of $3.9B

All Institutions

Institutions: 393
Value Held: $4.0B
Shares Held: 38.5M
Avg Position: $10.2M
Median Position: $825.4K

Hedge Funds

Hedge Funds: 40
Value Held: $166.3M
Shares Held: 1.6M
Avg Position: $4.2M
Median Position: $2.3M

Ownership Breakdown

Institutional (non-HF)

97.62%

$3.9B

Hedge Funds

4.21%

$166.3M

Retail & Other

Based on market cap of $3.9B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in SPSC as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BlackRock, Inc. Institution	-	$588.2M 0.01% of portfolio	14.90% 5.6M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$514.9M 0.01% of portfolio	13.04% 4.9M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$152.1M 0.01% of portfolio	3.85% 1.5M shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
N Neuberger Berman Group LLC Institution	-	$135.4M 0.10% of portfolio	3.43% 1.3M shares	Q1 2020 Held for 5y 8m	$136.94B
NORDEA INVESTMENT MANAGEMENT AB Institution	Paul Manning CEO	$135.2M 0.12% of portfolio	3.41% 1.3M shares	Q1 2025 Held for 8 months	$114.17B
Conestoga Capital Advisors, LLC Long Only Manager	Joseph Francis Monahan Partner	$133.5M 2.14% of portfolio	3.38% 1.3M shares	≤ Q2 2013 Held for 12y 5m+	$6.2B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$101.4M 0.01% of portfolio	2.57% 973.7K shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$101.0M 0.01% of portfolio	2.56% 969.7K shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
D DISCIPLINED GROWTH INVESTORS INC /MN Long Only Manager	Ricki Lee Martin CEO	$82.5M 1.50% of portfolio	2.09% 792.5K shares	Q1 2016 Held for 9y 8m	$5.5B
FMR LLC Institution	-	$65.4M 0.00% of portfolio	1.66% 627.6K shares	Q1 2016 Held for 9y 8m	$1.92T

Net Capital Flow

Institutional buying and selling activity for SPSC in Q3 2025

Traded: +$83.7M
Buyers: 195
Sellers: 237
Total Bought: +$573.2M
Total Sold: −$489.5M
Avg Position: $8.4M

Biggest Buyers

Institution	Net Bought	Current Position
Van Berkom & Associates Inc. Long Only Manager	+$51.9M +498.2K shares	$51.9M 498.2K shares
UBS Group AG Institution	+$42.5M +408.2K shares	$47.8M 458.9K shares
B BNP Paribas Investment Partners S.A. Institution	+$38.9M +373.3K shares	$57.8M 555.3K shares
D DISCIPLINED GROWTH INVESTORS INC /MN Long Only Manager	+$38.3M +367.3K shares	$82.5M 792.5K shares
C Champlain Investment Partners, LLC Long Only Manager	+$36.7M +352.7K shares	$36.7M 352.7K shares
VANGUARD GROUP INC Institution	+$26.0M +249.4K shares	$514.9M 4.9M shares
GOLDMAN SACHS GROUP INC Institution	+$21.9M +210.4K shares	$40.7M 391.2K shares
LAZARD ASSET MANAGEMENT LLC Long Only Manager	+$20.9M +201.0K shares	$27.0M 259.3K shares
N Neuberger Berman Group LLC Institution	+$19.4M +186.7K shares	$135.4M 1.3M shares
RGM Capital, LLC Hedge Fund•Value	+$19.0M +182.8K shares	$22.8M 219.1K shares

Biggest Sellers

Institution	Net Sold	Current Position
FMR LLC Institution	−$63.2M −606.5K shares	$65.4M 627.6K shares
F FRED ALGER MANAGEMENT INC Long Only Manager	−$32.5M −312.1K shares	$18.2M 175.1K shares
F Fiera Capital Corp Institution	−$31.3M −230.0K shares	Sold Off 0 shares
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC Long Only Manager	−$29.1M −279.6K shares	$57.9M 555.6K shares
WELLINGTON MANAGEMENT CO LLP Long Only Manager	−$25.3M −185.8K shares	Sold Off 0 shares
S Squarepoint Ops LLC Hedge Fund•Quant	−$18.4M −176.8K shares	$1.8M 17.3K shares
F Fisher Asset Management, LLC Institution	−$17.9M −172.1K shares	$4.2M 40.1K shares
GENEVA CAPITAL MANAGEMENT LTD/WI Long Only Manager	−$14.5M −139.0K shares	$50.0M 480.0K shares
B BlackRock, Inc. Institution	−$12.0M −115.6K shares	$588.2M 5.6M shares
FEDERATED INVESTORS INC /PA/ Long Only Manager	−$11.1M −106.2K shares	$66.2K 636.0 shares

Entry and Exit Activity

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

New Positions: 23
New Value: $101.2M
Exited Positions: 85
Exited Value: $132.5M

New Positions

Institution	Position Value
Van Berkom & Associates Inc. Long Only Manager	$51.9M 498.2K shares
Lombard Odier Asset Management Ltd Private Equity	$19.0M 65.8K shares
LATEEF INVESTMENT MANAGEMENT, L.P. Long Only Manager	$15.4M 147.6K shares
MONTRUSCO BOLTON INVESTMENTS INC. Long Only Manager	$5.1M 49.4K shares
Sone Capital Management, LLC Hedge Fund•Multi-Strategy	$4.3M 40.9K shares
SUMMIT WEALTH GROUP LLC / CO RIA/Wealth	$1.6M 9.6K shares
FIRST FINANCIAL BANKSHARES INC Institution	$1.1M 11.0K shares
CAPSTONE INVESTMENT ADVISORS, LLC Hedge Fund•Multi-Strategy	$679.9K 6.5K shares
B Bridgefront Capital, LLC Hedge Fund•Quant	$519.6K 5.0K shares
Diversified Trust Co RIA/Wealth	$418.5K 4.0K shares

Exited Positions

Institution	Previous Position
F Fiera Capital Corp Institution	$31.3M 230.0K shares
WELLINGTON MANAGEMENT CO LLP Long Only Manager	$25.3M 185.8K shares
LOOMIS SAYLES & CO L P Long Only Manager	$11.0M 80.5K shares
M M&G Plc Institution	$10.7M 78.9K shares
A AXIOM INTERNATIONAL INVESTORS LLC /DE Long Only Manager	$4.4M 32.3K shares
Stanley-Laman Group, Ltd. RIA/Wealth	$3.9M 28.6K shares
ALGERT COLDIRON INVESTORS LLC Hedge Fund•Quant	$3.7M 27.0K shares
H HSBC HOLDINGS PLC Institution	$3.4M 25.5K shares
Nicholas Investment Partners, LP Long Only Manager	$2.4M 18.0K shares
Susquehanna Portfolio Strategies, LLC Private Equity	$2.4M 17.9K shares

Options Activity

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

Call Positions: 3
Call Value: $10.6M
Put Positions: 3
Put Value: $3.0M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$9.9M 954.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$687.3K 66.0 contracts
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	- - contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$2.6M 247.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$468.6K 45.0 contracts
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	- - contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Conestoga Capital Advisors, LLC Long Only Manager	Joseph Francis Monahan Partner	2.14% $133.5M	3.38% 1.3M shares	≤ Q2 2013 Held for 12y 5m+	$6.2B
S Summit Creek Advisors LLC Long Only Manager	Joseph John Docter Managing Partner	2.05% $14.0M	0.36% 134.8K shares	Q4 2018 Held for 6y 11m	$686.1M
Palisades Investment Partners, LLC RIA/Wealth	Quinn R. Stills Managing Partner	2.01% $5.1M	0.13% 49.1K shares	Q2 2024 Held for 1y 5m	$254.6M
LATEEF INVESTMENT MANAGEMENT, L.P. Long Only Manager	Quoc Kinh Tran Chairman	1.84% $15.4M	0.39% 147.6K shares	Q3 2025 Held for 2 months	$836.6M
GRANAHAN INVESTMENT MANAGEMENT INC/MA Long Only Manager	Jane Moran White CEO	1.69% $41.3M	1.05% 396.8K shares	≤ Q2 2013 Held for 12y 5m+	$2.4B
D DISCIPLINED GROWTH INVESTORS INC /MN Long Only Manager	Ricki Lee Martin CEO	1.50% $82.5M	2.09% 792.5K shares	Q1 2016 Held for 9y 8m	$5.5B
Van Berkom & Associates Inc. Long Only Manager	Joannes Sebastian Van Berkom CEO	1.47% $51.9M	1.31% 498.2K shares	Q3 2025 Held for 2 months	$3.5B
Grandeur Peak Global Advisors, LLC Long Only Manager	Blake Harold Walker CEO	1.40% $10.5M	0.26% 100.4K shares	Q3 2024 Held for 1y 2m	$745.4M
BUCKHEAD CAPITAL MANAGEMENT LLC Long Only Manager	John Dodgen Swanson Member	1.36% $3.7M	0.09% 35.9K shares	Q2 2025 Held for 5 months	$275.1M
Lombard Odier Asset Management Ltd Private Equity	Jr. Thomas Smith President	1.21% $19.0M	0.17% 65.8K shares	Q3 2025 Held for 2 months	$1.6B