SPSC → $65.59 by Aug 15, 2026.

**TL;DR:** SPS Commerce (SPSC) is the digital plumbing that connects retailers like Walmart and Target to their 300,000 suppliers. 96% recurring revenue, 100 straight quarters of growth, $147M net cash, management buying back shares aggressively. The stock cratered 59% because Amazon policy changes are causing 4,000 small suppliers to churn from one acquired segment. I think Wall Street is overreacting to a temporary cleanup operation. Trading at $56 vs. intrinsic value of $65.59 (14% margin of safety). ## The Business …