The divergence between small accumulators and large trimmers suggests no consensus thesis. Monitor upcoming Q4 earnings for any fundamental deterioration that may have prompted the larger sellers to reduce exposure. The lack of insider buying (no Form 4 confluences noted) weakens the bullish signal from the smaller buyers.
Executive Summary
Institutional activity in QLYS during Q3 2026 shows a mixed picture: four smaller asset managers added or doubled positions totaling $3.1M in net buying, while two larger institutional holders—Fort Washington and Robeco—trimmed or nearly exited, removing $14.6M in combined value. The net selling pressure from larger funds outweighs the accumulation by smaller advisors, suggesting cautious positioning ahead of earnings or sector headwinds.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$11.5M
▲ Buyers (4)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Wealth Enhancement Advisory Services | DOUBLED | +136% | $4.3M | $2.8M |
| Nisa Investment Advisors | ADD | +54.5% | $229.0K | $120.0K |
| Assetmark | DOUBLED | +115.9% | $150.0K | $99.0K |
| Farther Finance Advisors | ADD | +25.8% | $99.0K | $41.0K |
▼ Sellers (2)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Fort Washington Investment Advisors | TRIM | -40.8% | $50.7M | -$9.8M |
| Robeco Institutional Asset Management B.v. | NEAR_EXIT | -76.7% | $7.0M | -$4.8M |
Key Facts
- 4 buyers added $3.1M in net new positions; largest buyer (Wealth Enhancement) doubled its stake to $4.3M
- 2 sellers reduced holdings by $14.6M; Fort Washington trimmed 40.8% of its position, exiting $9.8M in value
- Net institutional flow was negative: -$11.5M (sellers $14.6M vs buyers $3.1M)
- All six institutions are asset managers; no activist, quant, or passive/index funds detected
- 13F data as of 9/30/2026 is stale by ~45 days; positions may have been adjusted since quarter-end
Financial Impact
Net institutional selling of approximately $11.5M in Q3 2026, driven by two large trims ($14.6M total) partially offset by four smaller accumulations ($3.1M total)
Risk Factors
- 13F data is 45+ days stale; the selling cluster may have already been unwound or reversed
- Fort Washington's 40.8% trim is a material reduction from a significant holder, potentially signaling a negative catalyst
- No activist or value-oriented funds in the buyer group—accumulation is from smaller, likely passive or model-driven advisors
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-QLYS-2026-Q3 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | Insider Cluster | $208.20 | awaiting T+20 | — | — |
Oct 21, 2026 5d ago | Institutional Cluster | $208.20 | awaiting T+20 | — | — |
Sep 3, 2026 7w ago | Insider Cluster | $171.65 $198.68 | ▲ +15.75% | ▲ +15.14% | — |
Aug 21, 2026 9w ago | Insider Cluster | $178.46 $183.32 | ▲ +2.72% | ▲ +1.43% | — |
Aug 4, 2026 11w ago | 8-K | $183.25 $170.83 | ▼ −6.78% | ▼ −6.18% | — |
Jul 21, 2026 13w ago | Insider Cluster | $140.23 $186.68 | ▲ +33.12% | ▲ +30.23% | — |
Jul 21, 2026 13w ago | Press Release | $143.78 $187.98 | ▲ +30.74% | ▲ +28.18% | — |
Jul 6, 2026 16w ago | Insider Cluster | $157.55 $154.89 | ▼ −1.69% | ▼ −3.02% | — |
Jun 30, 2026 16w ago | Insider Cluster | $143.44 $135.13 | ▼ −5.79% | ▼ −3.61% | — |
Jun 29, 2026 17w ago | Insider Cluster | $137.49 $134.79 | ▼ −1.96% | ▼ −0.94% | — |
US Market Status
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