What to Know About This Fund's $28 Million SaaS Stock Exit After a 15% Decline
Key Points
Wishbone Management sold its entire stake of 2,800,000 shares in Lightspeed Commerce last quarter; the estimated transaction value was $27.96 million based on quarterly average prices.
Meanwhile, the quarter-end position value decreased by $33.82 million.
The transaction represented roughly 21% of Wishbone Management's 13F reportable AUM for the quarter.
Wishbone Management reported a full exit from Lightspeed Commerce (NYSE:LSPD) as of its May 14, 2026, SEC filing, with an estimated $27.96 million sale based on quarterly average pricing.
What happened
According to a May 14, 2026, SEC filing, Wishbone Management sold its entire 2,800,000-share stake in Lightspeed Commerce (NYSE:LSPD) during the first quarter of 2026. The estimated transaction value was $27.96 million, calculated using the average closing price for the quarter. The move eliminated the position, which had previously represented a significant portion of the fund's assets.
What else to know
- Top holdings after the filing:
- NYSE:CPA: $53.68 million (39.6% of AUM)
- NASDAQ:AVT: $40.36 million (29.8% of AUM)
- NASDAQ:ROP: $31.85 million (23.5% of AUM)
- NASDAQ:MCHP: $9.69 million (7.1% of AUM)
- As of May 14, 2026, Lightspeed Commerce shares were priced at $8.81, down about 15% over the past year and underperforming the S&P 500, which is instead up about 25% in the same period.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $1.19 billion |
| Net Income (TTM) | ($691.79 million) |
| Market Capitalization | $1.2 billion |
| Price (as of market close May 14, 2026) | $8.81 |
Company Snapshot
- Lightspeed Commerce offers a cloud-based SaaS platform featuring omni-channel point-of-sale (POS), payments, analytics, inventory, and customer management solutions, along with hardware and implementation services.
- The firm generates revenue primarily through recurring software subscriptions, payment processing fees, and sales of POS hardware and related services.
- It serves small and midsize businesses, including retailers, restaurants, and golf course operators across North America, Europe, and Australia.
Lightspeed Commerce is a technology company specializing in commerce-enabling software and integrated payment solutions for small and midsize enterprises. The company leverages a scalable SaaS business model to deliver recurring revenue and operational efficiency for its clients. Its broad international footprint and comprehensive product suite position it as a competitive provider in the retail and hospitality technology market.
What this transaction means for investors
Wishbone’s exit from a previously significant position suggests that the fund may have lost confidence in how long it will take the market to reward Lightspeed's turnaround. The fund also exited other positions last quarter (Accenture and EPAM), and it bought into Microchip Technology.
Fundamentally, Lightspeed’s fiscal 2026 revenue, as reported on Thursday, climbed 14% to $1.23 billion, gross profit rose 17% to $526.9 million, and the company generated $55.5 million of operating cash flow compared with a cash outflow a year earlier. Meanwhile, the company's core growth engines, North American retail and European hospitality, continued gaining traction, with revenue up 24% and roughly 3,200 net customer locations added during the quarter.
For long-term investors, the key question is whether Lightspeed can translate improving profitability and payments adoption into sustained earnings growth. The market is being particularly brutal to software stocks, and some investors might not be willing to wait.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool recommends Copa, Lightspeed Commerce, and Roper Technologies. The Motley Fool has a disclosure policy.