Private Advisor Group LLC raised its holdings in shares of Shopify Inc (NYSE:SHOP) (TSE:SHOP) by 160.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,558 shares of the software maker’s stock after acquiring an additional 2,192 shares during the quarter. Private Advisor Group LLC’s holdings in Shopify were worth $585,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in SHOP. WCM Investment Management CA grew its stake in Shopify by 105,403.1% during the 2nd quarter. WCM Investment Management CA now owns 5,802,669 shares of the software maker’s stock valued at $846,551,000 after acquiring an additional 5,797,169 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Shopify by 23.3% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,091,315 shares of the software maker’s stock valued at $159,045,000 after buying an additional 206,325 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Shopify by 40.5% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 667,628 shares of the software maker’s stock valued at $97,387,000 after buying an additional 192,463 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Shopify by 562.8% during the 2nd quarter. Northern Trust Corp now owns 218,063 shares of the software maker’s stock valued at $31,813,000 after buying an additional 185,163 shares during the last quarter. Finally, Gilder Gagnon Howe & Co. LLC lifted its holdings in shares of Shopify by 352.5% during the 2nd quarter. Gilder Gagnon Howe & Co. LLC now owns 203,787 shares of the software maker’s stock valued at $29,730,000 after buying an additional 158,754 shares during the last quarter. 68.50% of the stock is currently owned by institutional investors.
SHOP has been the subject of several research reports. Rosenblatt Securities initiated coverage on Shopify in a report on Tuesday, September 4th. They set a “buy” rating and a $188.00 price target for the company. Wedbush initiated coverage on Shopify in a report on Thursday, September 13th. They set an “outperform” rating and a $177.00 price target for the company. Roth Capital reduced their price target on Shopify from $192.00 to $180.00 and set a “buy” rating for the company in a report on Wednesday, August 1st. Guggenheim initiated coverage on Shopify in a report on Tuesday, August 7th. They set a “buy” rating and a $180.00 price target for the company. Finally, Royal Bank of Canada lifted their price target on Shopify from $157.00 to $159.00 and gave the company a “sector perform” rating in a report on Saturday, October 27th. Seven investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $164.90.
Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Thursday, October 25th. The software maker reported $0.04 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.30) by $0.34. Shopify had a negative return on equity of 4.26% and a negative net margin of 6.93%. The firm had revenue of $270.06 million during the quarter, compared to analyst estimates of $257.17 million. Equities analysts expect that Shopify Inc will post -0.63 earnings per share for the current year.
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Shopify Company Profile
Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in Canada, the United States, the United Kingdom, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.
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