Is SPS Commerce (SPSC) A Smart Long-Term Buy? Conestoga Capital Advisors, a boutique, independent investment management firm, published its fourth-quarter 2020 ‘Small Cap Growth & SMid Cap Growth’ Investor Letter – a copy of which can be downloaded here. A net return of 31% was recorded by Conestoga’s Small Cap Growth fund and 19.72% return by its SMid Cap Growth Fund for the the end year 2020. Both performed below their Russell 2000 Growth and Russell 2500 Growth benchmarks that delivered a 34.63% and 25.89% return respectively. You can view the fund’s top 5 holdings to have a peek at their top bets for 2021. Conestoga Capital Advisors, in their Q4 2020 investor letter, emphasized that SPS Commerce, Inc. (NASDAQ: SPSC) is among their Small Cap Growth Fund’s top 5 leaders. SPS Commerce, Inc. is a Minneapolis, Minnesota-based software company that provides cloud-based software solutions to companies and individuals. It currently has a $3.7 billion market capitalization. Since the beginning of the year, SPSC is down -4.88%, but its 12-month gains are up 96.26%. As of March 5, the stock closed at $103.29 per share.