Jennison Associates LLC Sells 202,034 Shares of Q2 Holdings, Inc. $QTWO

Jennison Associates LLC trimmed its position in shares of Q2 Holdings, Inc. (NYSE:QTWO) by 18.4% during the first quarter, Holdings Channel.com reports. The fund owned 894,749 shares of the technology company’s stock after selling 202,034 shares during the quarter. Jennison Associates LLC’s holdings in Q2 were worth $42,322,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in QTWO. Root Financial Partners LLC purchased a new stake in shares of Q2 in the first quarter valued at about $25,000. Headlands Technologies LLC purchased a new position in Q2 during the second quarter worth about $26,000. Measured Wealth Private Client Group LLC bought a new stake in Q2 in the 3rd quarter worth about $26,000. Caitong International Asset Management Co. Ltd bought a new stake in Q2 in the 4th quarter worth about $27,000. Finally, Quarry LP increased its stake in Q2 by 92.5% in the 3rd quarter. Quarry LP now owns 697 shares of the technology company’s stock valued at $50,000 after buying an additional 335 shares during the last quarter.

Analyst Ratings Changes

QTWO has been the topic of several recent analyst reports. Robert W. Baird set a $74.00 target price on shares of Q2 in a research report on Thursday, April 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $70.00 price target on shares of Q2 in a research report on Thursday, April 30th. Stifel Nicolaus set a $70.00 price target on Q2 in a report on Thursday, April 30th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Q2 in a report on Tuesday, April 21st. Finally, Wall Street Zen cut Q2 from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Seven equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Q2 has an average rating of “Moderate Buy” and an average price target of $73.45.

Q2 Stock Performance

Shares of QTWO stock opened at $55.55 on Tuesday. The firm has a market cap of $3.48 billion, a price-to-earnings ratio of 49.60 and a beta of 1.33. Q2 Holdings, Inc. has a 52 week low of $40.79 and a 52 week high of $92.66. The firm’s 50-day simple moving average is $47.62 and its two-hundred day simple moving average is $52.24.

Q2 (NYSE:QTWO) last released its earnings results on Wednesday, April 29th. The technology company reported $0.63 earnings per share for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.08). The company had revenue of $216.51 million for the quarter, compared to the consensus estimate of $214.40 million. Q2 had a net margin of 8.99% and a return on equity of 14.68%. The firm’s revenue was up 14.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.07 earnings per share. Analysts forecast that Q2 Holdings, Inc. will post 1.64 earnings per share for the current year.

Q2 Profile

Q2 Holdings, Inc develops and delivers cloud-based digital banking solutions that enable banks and credit unions to enhance customer and member experiences. The company’s core offerings include the Q2 Platform, a comprehensive suite of online and mobile banking applications for retail and commercial customers, as well as digital onboarding, payments, and fraud prevention tools. Q2’s platform also provides analytics and reporting capabilities designed to help financial institutions tailor products, optimize workflows, and drive engagement.

Founded in 2004 and headquartered in Austin, Texas, Q2 serves hundreds of financial institutions across the United States and Canada.