SPS Commerce, Inc.
US ˙ NasdaqGS ˙ US78463M1071

SecuritySPSC / SPS Commerce, Inc.
InstitutionComerica Bank
Latest Disclosed Ownership86,035 shares
Latest Disclosed Value $ 7,668,263
Comerica Bank reports 29.42% decrease in ownership of SPSC / SPS Commerce, Inc.

On January 29, 2026 - Comerica Bank filed a 13F-HR form disclosing ownership of 86,035 shares of SPS Commerce, Inc. (US:SPSC) valued at $7,668,300 USD as of December 31, 2025. The entity filed a previous 13F-HR on November 14, 2025 disclosing 121,903 shares of SPS Commerce, Inc.. This represents a change in shares of -29.42% during the quarter. The current value of the position is $4,826,564 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-01-29 2025-12-31 13F SPS COMM COM 78463M107 86,035 -35,868 -29.42 7,668 -39.59 0.0306
2025-11-14 2025-09-30 13F SPS COMM COM 78463M107 121,903 917 0.76 12,695 -22.90 0.0478
2025-08-14 2025-06-30 13F SPS COMM COM 78463M107 120,986 203 0.17 16,465 2.70 0.0639
2025-05-14 2025-03-31 13F SPS COMM COM 78463M107 120,783 8,799 7.86 16,032 -22.19 0.0673
2025-02-14 2024-12-31 13F/A-1 SPS COMM COM 78463M107 111,984 4,349 4.04 20,604 -1.42 0.0831
2025-02-14 2024-12-31 13F SPS COMM COM 78463M107 111,984 4,349 20,604 0.0690
2024-11-14 2024-09-30 13F SPS COMM COM 78463M107 107,635 -796 -0.73 20,899 2.44 0.0827
2024-08-15 2024-06-30 13F SPS COMM COMMON 78463M107 108,431 513 0.48 20,402 2.25 0.0849
2024-05-16 2024-03-31 13F SPS COMM COMMON 78463M107 107,918 -11,121 -9.34 19,954 -13.52 0.0860
2024-02-14 2023-12-31 13F SPS COMM COMMON 78463M107 119,039 -17,860 -13.05 23,075 -1.21 0.1063
2023-11-21 2023-09-30 13F SPS COMM COMMON 78463M107 136,899 136,899 23,356 0.1216
2023-08-22 2023-06-30 13F SPS COMM COM 78463M107 0 -149,696 -100.00 0 -100.00
2023-01-26 2022-12-31 13F SPS COMM COM 78463M107 149,696 -4,666 -3.02 20 -99.90 0.1562
2022-10-28 2022-09-30 13F SPS COMM COM 78463M107 154,362 -14,217 -8.43 19,255 6.55 0.1623
2022-08-02 2022-06-30 13F SPS COMM COM 78463M107 168,579 -112 -0.07 18,072 -16.30 0.1484
2022-04-27 2022-03-31 13F SPS COMM COM 78463M107 168,691 2,589 1.56 21,591 12.27 0.1567
2022-02-18 2021-12-31 13F SPS COMM COM 78463M107 166,102 -4,187 -2.46 19,231 -31.49 0.1415
2021-11-22 2021-09-30 13F SPS COMM COM 78463M107 170,289 14,373 9.22 28,069 48.87 0.1690
2021-08-26 2021-06-30 13F SPS COMM COM 78463M107 155,916 -139 -0.09 18,855 15.38 0.1126
2021-04-28 2021-03-31 13F SPS COMM COM 78463M107 156,055 6,941 4.65 16,342 0.96 0.0975
2021-01-28 2020-12-31 13F SPS COMM COM 78463M107 149,114 7,094 5.00 16,186 31.50 0.1027
2020-10-30 2020-09-30 13F SPS COMM COM 78463M107 142,020 44,779 46.05 12,309 71.24 0.0894
2020-07-31 2020-06-30 13F SPS COMM COM 78463M107 97,241 8,226 9.24 7,188 58.26 0.0554
2020-05-01 2020-03-31 13F SPS COMM COM 78463M107 89,015 10,085 12.78 4,542 0.42 0.0417
2020-02-07 2019-12-31 13F SPS COMM COM 78463M107 78,930 -570 -0.72 4,523 16.69 0.0343
2019-10-31 2019-09-30 13F SPS COMM COM 78463M107 79,500 48,798 158.94 3,876 21.73 0.0306
2019-08-02 2019-06-30 13F SPS COMM COM 78463M107 30,702 1,188 4.03 3,184 2.22 0.0255
2019-05-02 2019-03-31 13F SPS COMM COM 78463M107 29,514 405 1.39 3,115 23.76 0.0252
2019-02-06 2018-12-31 13F SPS COMM COM 78463M107 29,109 3,343 12.97 2,517 13.74 0.0214
2018-11-01 2018-09-30 13F SPS COMM COM 78463M107 25,766 -1,441 -5.30 2,213 5.48 0.0179
2018-08-01 2018-06-30 13F SPS COMM COM 78463M107 27,207 195 0.72 2,098 18.20 0.0147
2018-05-01 2018-03-31 13F SPS COMM COM 78463M107 27,012 3,171 13.30 1,775 45.25 0.0127
2018-02-02 2017-12-31 13F SPS COMM COM 78463M107 23,841 2,493 11.68 1,222 18.18 0.0081
2017-11-06 2017-09-30 13F SPS COMM COM 78463M107 21,348 3,364 18.71 1,034 -2.08 0.0075
2017-08-03 2017-06-30 13F SPS COMM COM 78463M107 17,984 -1,014 -5.34 1,056 -1.03 0.0079
2017-05-03 2017-03-31 13F SPS COMM COM 78463M107 18,998 935 5.18 1,067 -16.31 0.0081
2017-02-08 2016-12-31 13F SPS COMM COM 78463M107 18,063 18,063 1,275 0.0101
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.