Q2 (NYSE:QTWO) Price Target Raised to $60.00 at Royal Bank of Canada

Q2 (NYSE:QTWO) had its price target lifted by Royal Bank of Canada from $46.00 to $60.00 in a report issued on Thursday, Benzinga reports. The firm currently has a “sector perform” rating on the technology company’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 5.41% from the company’s current price.

QTWO has been the subject of several other reports. Piper Sandler boosted their price target on Q2 from $41.00 to $47.00 and gave the company a “neutral” rating in a report on Thursday, February 22nd. Robert W. Baird boosted their price objective on shares of Q2 from $60.00 to $65.00 and gave the company an “outperform” rating in a research note on Thursday. Canaccord Genuity Group boosted their price objective on shares of Q2 from $40.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, February 23rd. Truist Financial reissued a “buy” rating and set a $65.00 price objective (up from $60.00) on shares of Q2 in a research note on Thursday. Finally, The Goldman Sachs Group boosted their price objective on shares of Q2 from $39.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, January 23rd. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $50.80.

Q2 Price Performance

Shares of NYSE:QTWO traded up $5.19 during trading on Thursday, hitting $56.92. 371,925 shares of the stock were exchanged, compared to its average volume of 610,768. The company has a fifty day moving average price of $50.26 and a two-hundred day moving average price of $42.83. The company has a market cap of $3.36 billion, a PE ratio of -50.57 and a beta of 1.47. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 1.09. Q2 has a 12-month low of $21.21 and a 12-month high of $57.40.

Q2 (NYSE:QTWO) last issued its quarterly earnings data on Wednesday, February 21st. The technology company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.04. Q2 had a negative return on equity of 6.75% and a negative net margin of 10.47%. The firm had revenue of $162.12 million during the quarter, compared to the consensus estimate of $161.31 million. On average, analysts forecast that Q2 will post -0.05 EPS for the current year.

Insider Buying and Selling at Q2

In related news, CFO David J. Mehok sold 5,806 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $46.01, for a total transaction of $267,134.06. Following the completion of the sale, the chief financial officer now directly owns 159,085 shares in the company, valued at $7,319,500.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO David J. Mehok sold 5,806 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $46.01, for a total transaction of $267,134.06. Following the completion of the sale, the chief financial officer now directly owns 159,085 shares in the company, valued at $7,319,500.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Matthew P. Flake sold 45,000 shares of the firm’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $41.09, for a total transaction of $1,849,050.00. Following the sale, the chief executive officer now owns 473,411 shares of the company’s stock, valued at $19,452,457.99. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 337,639 shares of company stock worth $14,994,784. 3.60% of the stock is owned by company insiders.

Institutional Trading of Q2

Several hedge funds and other institutional investors have recently modified their holdings of QTWO. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Q2 by 29.0% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,439 shares of the technology company’s stock valued at $305,000 after buying an additional 2,123 shares in the last quarter. Washington Capital Management Inc. acquired a new stake in shares of Q2 in the third quarter valued at about $526,000. Oak Ridge Investments LLC acquired a new stake in shares of Q2 in the third quarter valued at about $2,906,000. Jennison Associates LLC grew its position in shares of Q2 by 147.4% in the third quarter. Jennison Associates LLC now owns 1,225,286 shares of the technology company’s stock valued at $39,540,000 after purchasing an additional 729,959 shares during the last quarter. Finally, Teacher Retirement System of Texas acquired a new stake in shares of Q2 in the third quarter valued at about $268,000.

Q2 Company Profile

Q2 Holdings, Inc provides cloud-based digital solutions to regional and community financial institutions in the United States. The company offers Digital Banking Platform, an end-to-end digital banking platform supports its financial institution customers in their delivery of unified digital banking services across digital channels.