On April 24, 2026, Conestoga Capital Advisors, LLC disclosed a major sale of SPS Commerce (NASDAQ:SPSC) shares, reducing its stake by 634,534 shares in a transaction estimated at $45.72 million based on the quarterly average price.
According to an SEC filing dated April 24, 2026, Conestoga Capital Advisors, LLC sold 634,534 shares of SPS Commerce, with an estimated transaction value of $45.72 million based on average closing prices during the quarter. The quarter-end valuation of the SPS Commerce stake decreased by $56.83 million, reflecting both the share sale and price movements during the period.
This transaction reduced SPS Commerce’s share of 13F AUM to approximately 0.01% as of March 31, 2026.
SPS Commerce provides cloud-based supply chain software, helping retailers and distributors automate and streamline fulfillment operations.
On April 24, 2026, Conestoga Capital Advisors, LLC disclosed a major sale of SPS Commerce (SPSC +1.30%) shares, reducing its stake by 634,534 shares in a transaction estimated at $45.72 million based on the quarterly average price.
What happened
According to an SEC filing dated April 24, 2026, Conestoga Capital Advisors, LLC sold 634,534 shares of SPS Commerce, with an estimated transaction value of $45.72 million based on average closing prices during the quarter. The quarter-end valuation of the SPS Commerce stake decreased by $56.83 million, reflecting both the share sale and price movements during the period.
What else to know
This transaction reduced SPS Commerce’s share of 13F AUM to approximately 0.01% as of March 31, 2026.
Top holdings after the filing:
- RBC: $233.17 million (4.7% of AUM)
- CWST: $222.51 million (4.4% of AUM)
- BCPC: $212.05 million (4.2% of AUM)
- FSV: $195.29 million (3.9% of AUM)
- ROAD: $183.80 million (3.7% of AUM)
As of April 23, 2026, shares were priced at $53.32, down 59.8% over the past year and have underperformed the S&P 500 by 92.0 percentage points.
The fund reported 113 positions and $5.01 billion in U.S. equity AUM at the end of the first quarter (the three months ending on March 31, 2026).
Company overview
| Metric | Value |
|---|---|
| Price (as of market close April 23, 2026) | $53.32 |
| Market capitalization | $2.04 billion |
| Revenue (TTM) | $751.50 million |
| Net income (TTM) | $93.34 million |
Company snapshot
- Provides cloud-based supply chain management solutions, including fulfillment automation, analytics, and vendor onboarding products
- Operates a recurring revenue model by delivering SaaS-based services that automate and optimize supply chain processes for trading partners
- Serves retailers, suppliers, grocers, distributors, and logistics firms seeking to enhance order management and supply chain visibility
SPS Commerce is a leading provider of cloud-based supply chain management software, supporting over 2,700 employees and a global customer base. The company leverages its SaaS platform to automate and streamline omnichannel order fulfillment and trading partner communications. Its solutions help businesses improve operational efficiency and compliance, positioning SPS Commerce as a key technology partner in the evolving retail and distribution landscape.
What this transaction means for investors
Conestoga Capital Advisors, an independent investment management firm based in Pennsylvania, recently disclosed the sale of approximately $45.7 million worth of SPS Commerce (SPSC) stock during the first quarter (the three months ending on March 31, 2026). Here are some key takeaways for investors.
SPSC stock has suffered over the last 18 months. During that time, shares have declined by about 71%, registering a compound annual growth rate (CAGR) of -56%. Clearly, the stock has gotten caught up in the market-wide software stock sell-off.
At any rate, SPSC continues to deliver revenue growth. Its top line has increased from $492 in 12-month revenue in 2023 to around $750 today, reflecting solid growth. In addition, the company is investing in an agentic artificial intelligence (AI) platform.
Turning to valuation, the stock has a price-to-sales (P/S) ratio of 2.8x. That’s the lowest in more than a decade and near an all-time low of 2.4x registered way back in 2010.
In summary, investors willing to value-shop in the software stock sector may want to consider SPSC given its newfound affordability and resilient revenue growth.
