SPSC
SPS Commerce, Inc. · Technology · Software - Application
Momentum inputs (comparable managers):
holder breadth -9.5% ·
share flow -4.1% ·
net new positions -15.8%
· formula
Broad distribution: falling shares and fewer holders
All ownership figures: tracked 13F managers only, common-stock positions, reporting period Q3 2025
| Quarter | Holders | Δ | Shares | Reported value | New | Exits |
|---|---|---|---|---|---|---|
| Q2 2026 | 100 | -5 | 24.73M | $1.41B | +7 | −12 |
| Q1 2026 | 108 | -2 | 26.56M | $1.48B | +10 | −13 |
| Q4 2025 | 111 | -1 | 30.16M | $2.69B | +2 | −2 |
| Q3 2025 | 19 | -2 | 17.01M | $1.77B | +1 | −4 |
| Q2 2025 | 19 | +2 | 15.87M | $2.16B | +2 | n/a |
| Q1 2025 | 14 | +1 | 4.12M | $547.42M | +1 | n/a |
| Q4 2024 | 13 | 0 | 4.14M | $762.33M | +1 | −1 |
| Q3 2024 | 12 | -1 | 2.71M | $527.35M | +1 | −2 |
| Q2 2024 | 13 | n/a | 2.57M | $483.69M | n/a | n/a |
| # | Manager | Shares | Δ shares | Value | Their weight | Held | ||
|---|---|---|---|---|---|---|---|---|
| 1 | BlackRock ✦ (passive) | 5.65M | -2.0% | $588.19M | 0.0% | ▼ Trim | 2 | SEC ↗ ×15 |
| 2 | The Vanguard Group ✦ (passive) | 4.94M | +5.3% | $514.91M | 0.0% | ▲ Add | 2 | SEC ↗ ×5 |
| 3 | State Street Global Advisors ✦ (passive) | 1.46M | -0.4% | $152.06M | 0.0% | ▼ Trim | 4 | SEC ↗ |
| 4 | Morgan Stanley ✦ | 973.66K | n/a | $101.40M | 0.0% | n/c | 1 | SEC ↗ ×17 |
| 5 | Geode Capital Management ✦ (passive) | 969.73K | -0.6% | $101.00M | 0.0% | ▼ Trim | 6 | SEC ↗ ×2 |
| 6 | JPMorgan Chase ✦ | 929.91K | n/a | $96.84M | 0.0% | n/c | 1 | SEC ↗ ×12 |
| 7 | Fidelity (FMR) ✦ | 627.62K | -49.1% | $65.36M | 0.0% | ▼ Trim | 2 | SEC ↗ ×4 |
| 8 | Goldman Sachs Group ✦ | 391.19K | n/a | $40.74M | 0.0% | n/c | 1 | SEC ↗ ×2 |
| 9 | D. E. Shaw & Co. ✦ | 308.23K | +124.1% | $32.10M | 0.0% | ▲ Add | 6 | SEC ↗ |
| 10 | T. Rowe Price ✦ | 216.99K | +0.9% | $22.60M | 0.0% | ▲ Add | 6 | SEC ↗ ×2 |
| 11 | Capital World Investors ✦ | 214.47K | 0.0% | $22.33M | 0.0% | Held | 2 | SEC ↗ |
| 12 | Two Sigma Investments ✦ | 99.94K | +244.6% | $10.41M | 0.0% | ▲ Add | 2 | SEC ↗ |
| 13 | Millennium Management ✦ | 69.58K | -43.0% | $7.25M | 0.0% | ▼ Trim | 6 | SEC ↗ |
| 14 | Fisher Asset Management ✦ | 40.10K | -81.1% | $4.18M | 0.0% | ▼ Trim | 6 | SEC ↗ |
| 15 | Arrowstreet Capital ✦ | 33.16K | -70.5% | $3.45M | 0.0% | ▼ Trim | 6 | SEC ↗ |
| 16 | Bridgewater Associates ✦ | 29.16K | New | $3.04M | 0.0% | New | 1 | SEC ↗ |
| 17 | AQR Capital Management ✦ | 22.59K | -37.6% | $2.35M | 0.0% | ▼ Trim | 6 | SEC ↗ ×5 |
| 18 | Marshall Wace ✦ | 20.20K | +28.2% | $2.10M | 0.0% | ▲ Add | 4 | SEC ↗ ×2 |
| 19 | Gotham Asset Management ✦ | 6.86K | +23.3% | $714,296 | 0.0% | ▲ Add | 6 | SEC ↗ |
“Their weight” = the position's share of that manager's reported 13F equity value: the conviction measure. ✦ = curated manager.
New buyers
| Bridgewater Associates | $3.04M | 0.0% |
Exited
| Norges Bank | $57.54M | was 0.0% |
| Wellington Management | $25.29M | was 0.0% |
| Citadel Advisors | $2.27M | was 0.0% |
| Renaissance Technologies | $1.37M | was 0.0% |
Full-market context: across ALL 13F filers (SEC structured data, Q1 2026): 325 holders, 37.98M shares, $2.04B reported. This is a different, older period than the tracked-universe figures above and the two are never mixed.
What else this security's tracked holders most often hold: shared-ownership counts, not fundamental relationships.