Summary
Jamie Thingelstad, the Executive Vice President and Chief Technology Officer of SPS Commerce Inc. (NASDAQ: SPSC), disclosed a series of stock sales on February 24, 2026, netting about $132,851. The dispositions were completed in multiple trades with execution prices spanning $54.35 to $55.72, according to a Form 4 filing with the Securities and Exchange Commission.
Details of the transactions and holdings
The Form 4 shows that Thingelstad sold 1,900 shares at a weighted average price of $54.7994 and 518 shares at a weighted average price of $55.4686, for a cumulative total of 2,418 shares sold on February 24. Those sales were made under a Rule 10b5-1 trading plan that the reporting person adopted on November 4, 2025.
Earlier in the same month, on February 20, 2026, Thingelstad received a restricted stock unit award that resulted in the acquisition of 23,295 shares of common stock. After accounting for the February sales and the RSU award, Thingelstad directly holds 56,344 shares of SPS Commerce. In addition to that direct ownership, Thingelstad has an indirect holding of 445.857 shares through a 401(k) plan.
Market context and company performance
SPS Commerce has been trading near a 52-week low of $53.72, with the stock down approximately 61% over the past year. The insider sales occurred against this backdrop of weak stock performance.
Financially, the company’s most recent quarter, Q4 2025, produced an earnings per share (EPS) of $1.14, which exceeded the forecasted $1.01 and represented an EPS surprise of 12.87%. Revenue for the quarter was $192.7 million, marginally below the expected $193.6 million.
Following the quarter’s release and the accompanying outlook, Craig-Hallum revised its stance on SPS Commerce, downgrading the stock from Buy to Hold and setting a price target of $70.00. The firm cited the company’s revenue landing at the low end of guidance and a 2026 outlook that came in slightly under Wall Street expectations. These developments have been cited as factors in a cautious market response.
Third-party valuation note
Analysis from InvestingPro referenced in filings indicates that SPSC may be significantly undervalued at current levels and notes the company’s strong balance sheet and a financial health score described as "GOOD." The InvestingPro entry also mentions the availability of additional proprietary insights for subscribers.
This account presents the transactions, current ownership, recent operating results, and analyst movements as reported in the relevant SEC filing and company disclosures.