Disciplined Growth Investors (SPSC) discloses 5.9% stake in SPS Commerce

Rhea-AI Filing Summary

Disciplined Growth Investors, Inc., a Minnesota-based investment adviser, reported beneficial ownership of 2,123,881 shares of SPS Commerce, Inc. common stock. This represents 5.9% of the class as of June 30, 2026.

The firm has sole voting power over 1,996,804 shares and sole dispositive power over all 2,123,881 shares, with no shared voting or dispositive authority. The filing is signed by Peter G. Rieke, Chief Operating & Compliance Officer.

Key Figures

Beneficial ownership: 2,123,881 shares Percent of class: 5.9% Sole voting power: 1,996,804 shares +3 more

6 metrics

Beneficial ownership 2,123,881 shares Amount of SPS Commerce common stock beneficially owned by Disciplined Growth Investors

Percent of class 5.9% Percentage of SPS Commerce common stock class beneficially owned

Sole voting power 1,996,804 shares Shares over which Disciplined Growth Investors has sole power to vote

Shared voting power 0 shares Shares over which Disciplined Growth Investors has shared voting power

Sole dispositive power 2,123,881 shares Shares over which Disciplined Growth Investors has sole power to dispose

Shared dispositive power 0 shares Shares over which Disciplined Growth Investors has shared dispositive power

Key Terms

beneficially owned, sole voting power, dispositive power

3 terms

beneficially owned financial

"Amount beneficially owned: 2,123,881"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole voting power financial

"Sole power to vote or to direct the vote: 1,996,804"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

dispositive power financial

"Sole power to dispose or to direct the disposition of: 2,123,881"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

FAQ

What percentage of SPS Commerce (SPSC) does Disciplined Growth Investors own?

Disciplined Growth Investors, Inc. reports beneficial ownership of 5.9% of SPS Commerce’s common stock, representing 2,123,881 shares as disclosed in the Schedule 13G for the position as of June 30, 2026.

How many SPS Commerce (SPSC) shares does Disciplined Growth Investors control for voting?

Disciplined Growth Investors has sole voting power over 1,996,804 shares of SPS Commerce common stock and no shared voting power, according to the ownership disclosure in the filing.

What is the total number of SPS Commerce (SPSC) shares beneficially owned by Disciplined Growth Investors?

Disciplined Growth Investors beneficially owns 2,123,881 shares of SPS Commerce common stock, with sole dispositive power over all those shares and zero shared dispositive power as reported.

Where is Disciplined Growth Investors, the SPS Commerce (SPSC) shareholder, based?

Disciplined Growth Investors, Inc. is based in Minneapolis, Minnesota, with its principal office at 150 South Fifth Street, Suite 2550, Minneapolis, MN 55402, and is organized under Minnesota law.

Who signed the SPS Commerce (SPSC) ownership report for Disciplined Growth Investors?

The ownership report was signed by Peter G. Rieke, who is identified as Chief Operating & Compliance Officer of Disciplined Growth Investors, Inc., dated August 14, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/14/2026 - 04:29 PM Accepted by SEC EDGAR 08/14/2026 - 04:21 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

SPS COMMERCE INC

(Name of Issuer)

Common Stock

(Title of Class of Securities)

78463M107

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 78463M107

1

Names of Reporting Persons

DISCIPLINED GROWTH INVESTORS INC /MN

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MINNESOTA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,996,804.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,123,881.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,123,881.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.9 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: SPS COMMERCE INC
(b)	Address of issuer's principal executive offices: 333 SOUTH SEVENTH STREET, SUITE 1000, MINNEAPOLIS, MINNESOTA, 55402
Item 2.
(a)	Name of person filing: Disciplined Growth Investors, Inc.
(b)	Address or principal business office or, if none, residence: 150 South Fifth Street Suite 2550 Minneapolis, MN 55402
(c)	Citizenship: Minnesota, USA
(d)	Title of class of securities: Common Stock
(e)	CUSIP Number(s): 78463M107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 2,123,881
(b)	Percent of class: 5.9%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,996,804
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2,123,881
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

DISCIPLINED GROWTH INVESTORS INC /MN

Signature:	Peter G. Rieke
Name/Title:	Chief Operating & Compliance Officer
Date:	08/14/2026