B. Riley Wealth Management Inc. purchased a new position in shares of Shopify Inc (NYSE:SHOP) (TSE:SHOP) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 2,425 shares of the software maker’s stock, valued at approximately $399,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in SHOP. Comerica Bank lifted its holdings in shares of Shopify by 61.5% in the 2nd quarter. Comerica Bank now owns 7,671 shares of the software maker’s stock valued at $1,296,000 after purchasing an additional 2,921 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of Shopify by 20.0% in the 2nd quarter. First Trust Advisors LP now owns 3,592 shares of the software maker’s stock valued at $524,000 after purchasing an additional 599 shares during the last quarter. Sei Investments Co. lifted its holdings in shares of Shopify by 7,740.7% in the 2nd quarter. Sei Investments Co. now owns 7,135 shares of the software maker’s stock valued at $1,041,000 after purchasing an additional 7,044 shares during the last quarter. First Allied Advisory Services Inc. purchased a new stake in shares of Shopify in the 2nd quarter valued at about $228,000. Finally, US Bancorp DE lifted its holdings in shares of Shopify by 327.3% in the 2nd quarter. US Bancorp DE now owns 11,854 shares of the software maker’s stock valued at $1,730,000 after purchasing an additional 9,080 shares during the last quarter. 62.64% of the stock is owned by institutional investors.
NYSE SHOP opened at $127.71 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 11.82 and a current ratio of 11.82. Shopify Inc has a 12-month low of $100.40 and a 12-month high of $176.60. The company has a market cap of $14.38 billion, a price-to-earnings ratio of -304.07 and a beta of 1.42.
Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Thursday, October 25th. The software maker reported $0.04 earnings per share (EPS) 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 company had revenue of $270.06 million for the quarter, compared to analysts’ expectations of $257.17 million. As a group, equities research analysts forecast that Shopify Inc will post -0.63 EPS for the current year.
Several analysts have recently weighed in on SHOP shares. Zacks Investment Research reissued a “buy” rating and issued a $145.00 target price on shares of Shopify in a report on Thursday, November 15th. Rosenblatt Securities started coverage on Shopify in a research report on Tuesday, September 4th. They issued a “buy” rating and a $188.00 price target on the stock. Macquarie set a $185.00 price target on Shopify and gave the company a “buy” rating in a research report on Friday, October 26th. Jefferies Financial Group started coverage on Shopify in a research report on Monday, October 1st. They issued a “hold” rating and a $175.00 price target on the stock. Finally, Wedbush started coverage on Shopify in a research report on Thursday, September 13th. They issued an “outperform” rating and a $177.00 price target on the stock. Seven investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $165.41.
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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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