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Q2 Holdings Inc. (QTWO)

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Institutional Investors' Holdings

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No.	Name	Shares	Value	% Port
1.	Vanguard Group Inc	6,970,634	$652,381,636	0.01%
2.	Blackrock, Inc.	5,845,546	$547,084,605	0.01%
3.	Invesco Ltd.	2,803,611	$262,389,950	0.04%
4.	William Blair Investment Management, Llc	1,965,859	$183,984,744	0.49%
5.	Conestoga Capital Advisors, Llc	1,928,360	$180,475,212	2.67%