Insider transaction details
Chadwick Collins, the Chief Executive Officer of SPS Commerce INC (NASDAQ:SPSC), sold 13,384 shares of common stock on February 20, 2026, for approximately $785128, according to a Form 4 filing with the Securities and Exchange Commission. The transaction was carried out in multiple tranches at prices spanning $58.0937 to $59.718 per share.
The filing states the sales were executed under a pre-arranged Rule 10b5-1 trading plan that Collins adopted on September 12, 2025. The 10b5-1 framework indicates the sales were planned in advance of the execution date.
Concurrent acquisition and holdings
On the same day as the sales, Collins is listed as having acquired 101,932 shares of SPS Commerce INC common stock with a reported value of $0. After recording these transactions, Collins directly owns 174,173 shares of SPS Commerce INC. The filing also notes indirect ownership of 65.166 shares through a 401(k) plan.
Stock context and valuation notes
SPSC shares are trading near their 52-week low, listed at $53.72, with the prevailing share price at $54.17. The company carries a market capitalization of $2.03 billion. An InvestingPro analysis cited in the filing indicates the stock appears undervalued on a Fair Value assessment, and mentions that more detailed Pro Research Reports covering SPSC and over 1,400 U.S. equities are available for subscribers seeking deeper context.
Earnings, revenue and analyst reaction
SPS Commerce reported fourth-quarter 2025 earnings that beat per-share estimates, delivering an actual EPS of $1.14 versus the forecasted $1.01, a 12.87% upside relative to expectations. Revenue for the quarter came in at $192.7 million, narrowly missing the forecast of $193.6 million. The modest revenue shortfall is noted as a factor contributing to cautious sentiment among market participants.
In the wake of the quarterly report, Craig-Hallum revised its rating on SPS Commerce from Buy to Hold and set a price target of $70.00. The downgrade was attributed to the company’s revenue figure falling at the low end of its guidance range and a 2026 outlook that did not meet Wall Street expectations, according to the rationale provided.
What the filings and market moves show
The Form 4 filing documents a planned insider sale executed under a 10b5-1 plan, a same-day, no-value acquisition of a large block of shares, and continued significant direct and indirect ownership by the CEO. Those ownership figures sit against a backdrop of a near-52-week low share price, mixed quarterly results and a recent analyst rating change.
Investors and market participants tracking insider activity, software and logistics-related equities, and small- to mid-cap technology companies may weigh these developments alongside the company’s financial performance and analyst commentary.