Q2 (NYSE:QTWO) Upgraded by Piper Sandler to Strong-Buy Rating

Q2 (NYSE:QTWO) was upgraded by stock analysts at Piper Sandler to a “strong-buy” rating in a report issued on Thursday, Zacks reports.

Several other analysts have also recently commented on the stock. Wall Street Zen cut shares of Q2 from a “buy” rating to a “hold” rating in a research note on Saturday, August 29th. Needham & Company LLC boosted their price target on Q2 from $70.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. DA Davidson restated a “buy” rating and issued a $82.00 price target on shares of Q2 in a report on Thursday, July 23rd. Zacks Research raised Q2 from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 30th. Finally, UBS Group set a $68.00 price objective on Q2 in a report on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Q2 currently has an average rating of “Moderate Buy” and a consensus price target of $76.17.

Q2 Stock Performance

NYSE:QTWO opened at $60.91 on Thursday. The stock has a fifty day moving average price of $60.02 and a two-hundred day moving average price of $52.09. The stock has a market capitalization of $3.80 billion, a price-to-earnings ratio of 43.51 and a beta of 1.33. Q2 has a 1 year low of $40.79 and a 1 year high of $85.13.

Q2 (NYSE:QTWO) last issued its earnings results on Wednesday, July 29th. The technology company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.68 by $0.02. Q2 had a net margin of 10.87% and a return on equity of 17.04%. The company had revenue of $219.77 million for the quarter, compared to analyst estimates of $216.86 million. During the same period in the previous year, the firm earned $0.18 EPS. The business’s revenue was up 12.6% on a year-over-year basis. On average, analysts predict that Q2 will post 1.84 EPS for the current year.

Insiders Place Their Bets

In other Q2 news, insider Kimberly Rutledge sold 10,000 shares of Q2 stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $63.07, for a total transaction of $630,700.00. Following the completion of the transaction, the insider owned 113,913 shares in the company, valued at approximately $7,184,492.91. The trade was a 8.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Michael Kerr sold 636 shares of the company’s stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $60.96, for a total transaction of $38,770.56. Following the completion of the sale, the general counsel directly owned 80,739 shares in the company, valued at $4,921,849.44. This trade represents a 0.78% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 87,816 shares of company stock worth $5,740,968. Insiders own 0.88% of the company’s stock.

Institutional Investors Weigh In On Q2

Institutional investors and hedge funds have recently bought and sold shares of the stock. California State Teachers Retirement System grew its holdings in Q2 by 0.3% during the 2nd quarter. California State Teachers Retirement System now owns 55,842 shares of the technology company’s stock valued at $5,226,000 after buying an additional 194 shares during the last quarter. Maryland State Retirement & Pension System raised its holdings in shares of Q2 by 2.2% in the fourth quarter. Maryland State Retirement & Pension System now owns 9,174 shares of the technology company’s stock worth $662,000 after acquiring an additional 197 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its position in shares of Q2 by 1.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 14,300 shares of the technology company’s stock valued at $1,032,000 after acquiring an additional 200 shares in the last quarter. Advisors Asset Management Inc. lifted its position in shares of Q2 by 35.0% in the first quarter. Advisors Asset Management Inc. now owns 849 shares of the technology company’s stock valued at $68,000 after acquiring an additional 220 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Q2 during the second quarter valued at $26,000.

About Q2

Q2 Holdings, Inc provides digital transformation solutions for banks, credit unions, fintech companies and other financial institutions. Its cloud-based technology is designed to help these organizations deliver digital banking experiences across online and mobile channels while supporting customer engagement, account opening and financial product access.

The company’s offerings include digital banking software, lending and loan-origination technology, financial data and analytics tools, and solutions for payment, fraud and financial crime management.