Millennium Management LLC cut its position in Q2 Holdings Inc (NYSE:QTWO) by 61.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,212 shares of the technology company’s stock after selling 24,330 shares during the period. Millennium Management LLC’s holdings in Q2 were worth $868,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in the business. SG Americas Securities LLC bought a new position in shares of Q2 in the second quarter worth about $132,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Q2 in the second quarter worth about $200,000. Brick & Kyle Associates bought a new position in shares of Q2 in the second quarter worth about $228,000. Trexquant Investment LP bought a new position in shares of Q2 in the second quarter worth about $267,000. Finally, Amalgamated Bank bought a new position in shares of Q2 in the second quarter worth about $319,000. Hedge funds and other institutional investors own 93.17% of the company’s stock.
In other Q2 news, Director Jeffrey T. Diehl sold 1,000,000 shares of the company’s stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $58.25, for a total value of $58,250,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider William M. Furrer sold 10,062 shares of the company’s stock in a transaction that occurred on Tuesday, October 2nd. The shares were sold at an average price of $56.58, for a total transaction of $569,307.96. Following the completion of the sale, the insider now directly owns 79,686 shares of the company’s stock, valued at approximately $4,508,633.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,472,477 shares of company stock valued at $86,758,418. 17.90% of the stock is currently owned by insiders.
QTWO opened at $51.98 on Wednesday. The company has a quick ratio of 6.00, a current ratio of 6.00 and a debt-to-equity ratio of 1.12. Q2 Holdings Inc has a fifty-two week low of $36.25 and a fifty-two week high of $67.10.
Q2 (NYSE:QTWO) last posted its quarterly earnings results on Tuesday, November 6th. The technology company reported $0.09 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.01 by $0.08. The business had revenue of $60.50 million during the quarter, compared to the consensus estimate of $60.18 million. Q2 had a negative net margin of 12.07% and a negative return on equity of 14.66%. Q2’s revenue for the quarter was up 20.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.03 earnings per share. On average, equities analysts forecast that Q2 Holdings Inc will post -0.53 EPS for the current fiscal year.
A number of equities analysts have weighed in on QTWO shares. Stifel Nicolaus reaffirmed a “buy” rating and issued a $68.00 target price on shares of Q2 in a research note on Thursday, August 9th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $65.00 target price on shares of Q2 in a research note on Thursday, August 9th. Loop Capital boosted their target price on shares of Q2 to $67.00 and gave the stock an “in-line” rating in a research note on Thursday, August 9th. Needham & Company LLC boosted their target price on shares of Q2 from $62.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, August 9th. Finally, Craig Hallum set a $70.00 target price on shares of Q2 and gave the stock a “buy” rating in a research note on Thursday, August 9th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Q2 has an average rating of “Hold” and an average price target of $61.00.
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Q2 Company Profile
Q2 Holdings, Inc provides cloud-based digital banking solutions to regional and community financial institutions (RCFIs) in the United States. It offers Q2online, a browser-based digital banking solution that delivers RCFI-branded digital banking capabilities; Q2 Sentinel, a security analytics solution; Q2 Corporate to support RCFIs to attract and retain larger commercial accounts; and Q2 SMART, a targeting and messaging platform.
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