SPS COMMERCE, INC.
In the published model solve dated 2026-Q2, anchored at $72.63, SPS COMMERCE, INC. (SPSC) is priced for today's economics sustained for ~6.6 years. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 11, 2026 from SEC EDGAR filings.
• SPS Commerce runs the plumbing of retail supply chains, a subscription network of more than 50,000 recurring-revenue customers where ⟦"suppliers can more easily onboard new retail customers"⟧ and ⟦"retailers can more quickly activate new suppliers"⟧ [FY2025 10-K, accession 0001092699-26-000012], yet the stock has fallen about 35% in 2026. • The immediate risk is network shrinkage at the edge: management projects a decline of up to 4,000 Amazon third-party supplier customers in 2026 after Amazo
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315 institutional managers reported holding SPSC in 13F filings for the quarter ended 2026-03-31. 50 opened new positions that quarter. Held by BlackRock, Vanguard Group, State Street, among others. On the short side, 3.3M shares were sold short as of the 2026-06-15 count, about 9% of shares outstanding (5.1 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
SPSC's share count grew 4.1% over the past five years even with $258.41M spent on repurchases. It pays no dividend. Cash returned over the past three years: $201.21M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
No open-market insider buys on file at SPSC over the trailing three years. Absence is a fact about the company, not a signal. 15 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
SPSC's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-07-28 | -0.3% | -2.3% |
| 2023-10-27 | -1.4% | +25.7% |
| 2024-02-22 | +15.6% | -7.4% |
| 2024-04-26 | +4.6% | +5.1% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
SPSC's latest 8-K filings: 2026-07-30 (items 2.02, 9.01); 2026-05-28 (items 5.07, 9.01); 2026-05-21 (items 5.02); 2026-04-30 (items 2.02, 9.01); 2026-04-14 (items 5.02, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 11, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.